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Answer was wrong. Please provide the correct answer with a brief
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10. On January 1, 2018, Sunland Company sold property to Blossom Company. There was no established...
10. On January 1, 2018, Sunland Company sold property to Blossom Company. There was no established exchange price for the property, and Blossom gave Sunland a S4700000 zero-interest- bearing note payable in 5 equal annual installments of $940000, with the first payment due December 31, 2018. The prevailing rate of interest for a note of this type is 9%. The present value of the note at 990 was $3656318 at January 1, 2018. What should be the balance of the...
On January 1, 2018, Vaughn Manufacturing sold property to Cullumber Company. There was no established exchange...
On January 1, 2018, Vaughn Manufacturing sold property to
Cullumber Company. There was no established exchange price for the
property, and Cullumber gave Vaughn a $6300000
zero-interest-bearing note payable in 5 equal annual installments
of $1260000, with the first payment due December 31, 2018. The
prevailing rate of interest for a note of this type is 9%. The
present value of the note at 9% was $4901022 at January 1, 2018.
What should be the balance of the Discount on...
On January 1, 2017, Crown Company sold property to Leary Company. There was no established exchange...
On January 1, 2017, Crown Company sold property to Leary Company. There was no established exchange price for the property, and Leary gave Crown a $400,000 zero-interest-bearing note payable, promising 5 equal annual installments of $80,000, with the first payment due December 31, 2017. The prevailing rate of interest for a note of this type is 8%. What is the carrying value of the notes payable at 12/31/17, after the first payment is made (assuming that the effective-interest method is...
Prepare the long-term receivables section of Flint’s balance sheet at December 31, 2020. Prepare a schedule...
Prepare the long-term
receivables section of Flint’s balance sheet at December 31,
2020.
Prepare a schedule showing the current portion of the long-term
receivables and accrued interest receivable that would appear in
Flint’s balance sheet at December 31, 2020.
Prepare a schedule showing interest revenue from the long-term
receivables that would appear on Flint’s income statement for the
year ended December 31, 2020.
Flint Inc. had the following long-term receivable account balances at December 31, 2019. $1,800,000 Note receivable from...
Homework
(a) On January 1, 2010, Fishbone Corporation sold a building that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbonereceived as consideration a $240,000 noninterest-bearing note due on January 1, 2013. There was no established exchange price for the building, and the note had noready market. The prevailing rate of interest for a note of this type on January 1, 2010, was 9%. At what amount should the gain from the sale of the...
I need someone to check that I did this right and explain what is wrong if...
I
need someone to check that I did this right and explain what is
wrong if anything is wrong, I have a test over it and would like to
understand it
Reversing Entries: On September1st, you issued a $36,000, 8%, 6-month note to the bank, receiving $36,000 cash. 1) Prepare the December 31 adjusting entry to accrue the interest Dec. 31 nkrst onnse aeox.08 'a 2) Prepare the December 31 closing entry Dec. 31 Ininne summ 3) Prepare the March...
Problem 7-9 Teal Inc. had the following long-term receivable account balances at December 31, 2016 Note...
Problem 7-9 Teal Inc. had the following long-term receivable account balances at December 31, 2016 Note receivable from sale of division Note receivable from officer Transactions during 2017 and other information relating to Teal's long-term receivables were as follows. 1. The $1,200,000 note receivable is dated May 1, 2016, bears interest at 10%, and represents the balance of the consideration received from the sale of Teal's electronics $1,200,000 437,000 division to New York Company. Principal payments of $400,000 plus appropriate...
Carla Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from...
Carla Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division $2,400,000 Note receivable from officer 495,100 Transactions during 2020 and other information relating to Carla's long-term receivables were as follows. 1. The $2,400,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Carla's electronics division to New York Company. Principal payments of $800,000 plus appropriate interest are...
Sheffield Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from...
Sheffield Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division $2,400,000 Note receivable from officer 495,100 Transactions during 2020 and other information relating to Sheffield’s long-term receivables were as follows. 1. The $2,400,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Sheffield’s electronics division to New York Company. Principal payments of $800,000 plus appropriate interest are...
Please help with finding the right account titles! Brief Exercise 21A-7 Your answer is partially correct....
Please help with finding the right account titles!
Brief Exercise 21A-7 Your answer is partially correct. Try again. Windsor Corporation recorded a right-of-use asset for S240 300 as a result of a finance lease on December 31, 2016. Windsor's incremental borrowing rate is 13%, and the implicit rate of the lessor was not known at the commencement of the lease. Windsor made the first lease payment of $41,440 on on December 31, 2016. The lease requires 9 annual payments. The...
10. On January 1, 2018, Sunland Company sold property to Blossom Company. There was no established exchange price for the property, and Blossom gave Sunland a S4700000 zero-interest- bearing note payable in 5 equal annual installments of $940000, with the first payment due December 31, 2018. The prevailing rate of interest for a note of this type is 9%. The present value of the note at 990 was $3656318 at January 1, 2018. What should be the balance of the...
On January 1, 2018, Vaughn Manufacturing sold property to
Cullumber Company. There was no established exchange price for the
property, and Cullumber gave Vaughn a $6300000
zero-interest-bearing note payable in 5 equal annual installments
of $1260000, with the first payment due December 31, 2018. The
prevailing rate of interest for a note of this type is 9%. The
present value of the note at 9% was $4901022 at January 1, 2018.
What should be the balance of the Discount on...
Prepare the long-term
receivables section of Flint’s balance sheet at December 31,
2020.
Prepare a schedule showing the current portion of the long-term
receivables and accrued interest receivable that would appear in
Flint’s balance sheet at December 31, 2020.
Prepare a schedule showing interest revenue from the long-term
receivables that would appear on Flint’s income statement for the
year ended December 31, 2020.
Flint Inc. had the following long-term receivable account balances at December 31, 2019. $1,800,000 Note receivable from...
I
need someone to check that I did this right and explain what is
wrong if anything is wrong, I have a test over it and would like to
understand it
Reversing Entries: On September1st, you issued a $36,000, 8%, 6-month note to the bank, receiving $36,000 cash. 1) Prepare the December 31 adjusting entry to accrue the interest Dec. 31 nkrst onnse aeox.08 'a 2) Prepare the December 31 closing entry Dec. 31 Ininne summ 3) Prepare the March...
Problem 7-9 Teal Inc. had the following long-term receivable account balances at December 31, 2016 Note receivable from sale of division Note receivable from officer Transactions during 2017 and other information relating to Teal's long-term receivables were as follows. 1. The $1,200,000 note receivable is dated May 1, 2016, bears interest at 10%, and represents the balance of the consideration received from the sale of Teal's electronics $1,200,000 437,000 division to New York Company. Principal payments of $400,000 plus appropriate...
Carla Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division $2,400,000 Note receivable from officer 495,100 Transactions during 2020 and other information relating to Carla's long-term receivables were as follows. 1. The $2,400,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Carla's electronics division to New York Company. Principal payments of $800,000 plus appropriate interest are...
Please help with finding the right account titles!
Brief Exercise 21A-7 Your answer is partially correct. Try again. Windsor Corporation recorded a right-of-use asset for S240 300 as a result of a finance lease on December 31, 2016. Windsor's incremental borrowing rate is 13%, and the implicit rate of the lessor was not known at the commencement of the lease. Windsor made the first lease payment of $41,440 on on December 31, 2016. The lease requires 9 annual payments. The...
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