On January 1, 2021,Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring...
Homework Answers
Sales revenue should be recorded as $ 20,000 in 2021 as the note s value is $ 20,000 but should record interest income separate.
SUMMARY:
$ 20,000 is the correct answer.
Add Answer to:
On
January 1, 2021,Glanville Company sold goods to Otter Corporation.
Otter signed an installment note requiring...
On January 1, 2021. Glanville Company sold goods to Otter Corporation Otter signed an installment note...
On January 1, 2021. Glanville Company sold goods to Otter Corporation Otter signed an installment note requiring payment of $21.500 annually for five years. The first payment was made on January 1, 2021. The prevailing rate of interest for this type of note at date of issuance was 10%. Glanville should record sales revenue in January 2021 of: EV_of $1 PV of S1 EVA of $1 PVA of S1, EVAD of S1 and PVAD of S1 (Use appropriate factors) from...
Analyzing Transact 1. On January 1, 2010, Ott Co. sold goods to Flynn Company. Flynn signed...
Analyzing Transact 1. On January 1, 2010, Ott Co. sold goods to Flynn Company. Flynn signed a zero-interest-bearing note requiring payment of 580,000 annually for seven years. The first payment was made on January 1, 2010. The prevailing rate of interest for this type of note at date of issuance was 10% Information on present value Ott should record sales revenue in January 2010 of
On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that...
On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a 5% interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on January 1, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%. Record the 1/1/14 transaction for Fishbone Corporation and all...
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost...
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a non-interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on December 31, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%. - What would this look like from a buyers perspective?
Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term note,...
Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term note, face amount $90,000 with time to maturity of 6 years. The interest rate is 79 and equal annual installment payments will pay off the loan after six years. a. How much is each annual installment payment? • Note: Do not use a negative sign with your answer. • Note: Round your answer to the nearest whole dollar. $ 32,131 b. Record the first installment...
Please help!!! ASAP!! On January 1, 2018, King Corporation signed a $100,000, four-year, 9% note. The...
Please help!!! ASAP!!
On January 1, 2018, King Corporation signed a $100,000, four-year, 9% note. The loan required King to make payments annually on December 31 of $25,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018 Date Accounts and Explanation...
On January 1, 2018, Young Corporation signed a $100,000, two-year, 12% note. The loan required Young...
On January 1, 2018, Young Corporation signed a $100,000, two-year, 12% note. The loan required Young to make payments annually on December 31 of $50,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018. Date Accounts and Explanation Debit Credit Jan....
On January 1, 2019, Eagle Company borrows $24,000 cash by signing a four-year, 8% installment note.
Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $24,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $7,246, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) 1 Eagle borrows $24,000 cash by signing a four-year,...
On January 1, 2019, Eagle Company borrows $25,000 cash by signing a four-year, 7% installment note....
On January 1, 2019, Eagle Company borrows $25,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $7,381, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) Record the payment of the first installment payment of interest and principal on...
1. On January 1, 2020, Jim Beam Company sold goods to a customer and received a...
1. On January 1, 2020, Jim Beam Company sold goods to a customer and received a non interest bearing installment note requiring payments of $15,000 annually for six years. The first payment was received by Jim Beam Company on January 1, 2020. The prevailing rate of interest for this type of note is 8%.The total sales revenue Jim Beam Company would record for this sale on January 1, 2020 is : A)$90,000 B) $69,343 C) $74,891 D)$15,000 2. Johnnie Walker...
On January 1, 2021. Glanville Company sold goods to Otter Corporation Otter signed an installment note requiring payment of $21.500 annually for five years. The first payment was made on January 1, 2021. The prevailing rate of interest for this type of note at date of issuance was 10%. Glanville should record sales revenue in January 2021 of: EV_of $1 PV of S1 EVA of $1 PVA of S1, EVAD of S1 and PVAD of S1 (Use appropriate factors) from...
Analyzing Transact 1. On January 1, 2010, Ott Co. sold goods to Flynn Company. Flynn signed a zero-interest-bearing note requiring payment of 580,000 annually for seven years. The first payment was made on January 1, 2010. The prevailing rate of interest for this type of note at date of issuance was 10% Information on present value Ott should record sales revenue in January 2010 of
Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term note, face amount $90,000 with time to maturity of 6 years. The interest rate is 79 and equal annual installment payments will pay off the loan after six years. a. How much is each annual installment payment? • Note: Do not use a negative sign with your answer. • Note: Round your answer to the nearest whole dollar. $ 32,131 b. Record the first installment...
Please help!!! ASAP!!
On January 1, 2018, King Corporation signed a $100,000, four-year, 9% note. The loan required King to make payments annually on December 31 of $25,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018 Date Accounts and Explanation...
On January 1, 2018, Young Corporation signed a $100,000, two-year, 12% note. The loan required Young to make payments annually on December 31 of $50,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018. Date Accounts and Explanation Debit Credit Jan....
Most questions answered within 3 hours.
-
For the following reaction, 0.128 moles of
potassium hydrogen sulfateare mixed with
0.504 moles of potassium...
asked 25 minutes ago -
1. What is the present value of $400, three years in the future
if the interest...
asked 58 minutes ago -
The labor force minus the number of employed equals the number
of unemployed.
a. True
b....
asked 3 hours ago -
Determine the mass in units of grams [g] of 0.49 moles [mol]
of a new fictitious...
asked 3 hours ago -
A horizontal mass of M=5kg is on a spring and stretched to
x=0.5m when released from...
asked 4 hours ago -
26 of 50
"I have worked at the Arizona Humane Society for ten years, and
have...
asked 5 hours ago -
Compare and contrast zero based budgeting and incremental (or
base year) budgeting.
asked 5 hours ago -
4 pts 10. Which of the following hypothesis would be MOST
difficult to test experimentally? Group...
asked 5 hours ago -
A business owner makes 1,000 items a day. Each day he or she
contributes eight hours...
asked 5 hours ago -
A
circular loop in the plane of a paper lies inca0.65 T magnetic
field pointing into...
asked 5 hours ago -
A business owner is trying to decide whether to buy, rent, or
lease office space and...
asked 5 hours ago -
Thermal Storage Solar heating of a house is much more efficient
if there is a way...
asked 5 hours ago