Homework Answers
| Option [c] is correct | ||
| Glanville Should Record Sales Revenue at : | ||
| $21,500 x 4.1699* | ||
| $ 89,652 | ||
| *PVAD of $ 1 , n=5,i=10% | ||
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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...
On January 1, 2021,Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $20,000 annually for six years. The first payment was made on January 1, 2016. The prevailing rate of interest for this type of note at date of issuance was 8%. Glanville should record sales revenue in January 2021of:
22. On January 1, 2021, Anne Teak Furniture issued $100,000 of 10% bonds, dated January 1....
22. On January 1, 2021, Anne Teak Furniture issued $100,000 of 10% bonds, dated January 1. Interest is payable semiannually on June 30 and December 31. The bonds mature in 13 years. The annual market rate for bonds of Similar risk and maturity is 12%. What was the issue price of the bonds? (EV of S1, PV of S1, EVA of $1. PVA of $1. EVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Multiple...
Pockets lent $28,000 to Lego Construction on January 1, 2021. Lego signed a three year, 4%...
Pockets lent $28,000 to Lego Construction on January 1, 2021. Lego signed a three year, 4% installment note to be paid in three equal payments at the end of each year. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount of one installment payment. (Round your final answer to the nearest whole dollar.) Installment payment
Kelly Industries issued 13% bonds, dated January 1, with a face value of $100,000 on January...
Kelly Industries issued 13% bonds, dated January 1, with a face value of $100,000 on January 1, 2021. The bonds mature in 2031 (10 years). Interest is paid semiannually on June 30 and December 31. For bonds of similar risk and maturity the market yield is 14%. What was the issue price of the bonds? FV of $1. PV of $1. EVA of S1. PVA of S1, EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables...
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
Pockets lent $26,000 to Lego Construction on January 1, 2018. Lego signed a three-year, 6% installment...
Pockets lent $26,000 to Lego Construction on January 1, 2018. Lego signed a three-year, 6% installment note to be paid in three equal payments at the end of each year. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount of one installment payment. (Round your final answer to the nearest whole dollar.)
On January 1, a company borrowed cash by Issuing a $360,000,4%, Installment note to be paid...
On January 1, a company borrowed cash by Issuing a $360,000,4%, Installment note to be paid in three equal payments at the end of each year beginning December 31 (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use appropriate factors) from the tables provided.) What would be the amount of each installment? Prepare an amortization table for the installment note. Prepare the journal entry for the second Installment payment....
18. Sand Explorers issues bonds due in 10 years with a stated interest rate of 8%...
18. Sand Explorers issues bonds due in 10 years with a stated interest rate of 8% and a face value of $190,000. Interest payments are made semi-annually. The market rate for this type of bond is 7%. Using present value tables, calculate the issue price of the bonds (EV of S1, PV of S1, EVA of 51. PVA of SI EVAD. 51 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Multiple Choice $149,966 $234.429 $190,000 $203.502. 19....
Finance Co lent $9.7 million to Corbin Construction on January 1, 2018, to construct a playground....
Finance Co lent $9.7 million to Corbin Construction on January 1, 2018, to construct a playground. Corbin signed a three year, 6% Installment note to be paid in three equal payments at the end of each year (FV of $1. PV O SLEVA O 51. PVA of $1. EVAD of S1 and PVAD of SD (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for FinanceCo's lending the funds on January 1, 2018 2. Prepare an...
FinanceCo lent $10.0 million to Corbin Construction on January 1, 2021, to construct a playground. Corbin...
FinanceCo lent $10.0 million to Corbin Construction on January 1, 2021, to construct a playground. Corbin signed a three-year, 6% installment note to be paid in three equal payments at the end of each year. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for FinanceCo’s lending the funds on January 1, 2021. 2. Prepare an amortization...
22. On January 1, 2021, Anne Teak Furniture issued $100,000 of 10% bonds, dated January 1. Interest is payable semiannually on June 30 and December 31. The bonds mature in 13 years. The annual market rate for bonds of Similar risk and maturity is 12%. What was the issue price of the bonds? (EV of S1, PV of S1, EVA of $1. PVA of $1. EVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Multiple...
Pockets lent $28,000 to Lego Construction on January 1, 2021. Lego signed a three year, 4% installment note to be paid in three equal payments at the end of each year. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount of one installment payment. (Round your final answer to the nearest whole dollar.) Installment payment
Kelly Industries issued 13% bonds, dated January 1, with a face value of $100,000 on January 1, 2021. The bonds mature in 2031 (10 years). Interest is paid semiannually on June 30 and December 31. For bonds of similar risk and maturity the market yield is 14%. What was the issue price of the bonds? FV of $1. PV of $1. EVA of S1. PVA of S1, EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables...
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, a company borrowed cash by Issuing a $360,000,4%, Installment note to be paid in three equal payments at the end of each year beginning December 31 (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use appropriate factors) from the tables provided.) What would be the amount of each installment? Prepare an amortization table for the installment note. Prepare the journal entry for the second Installment payment....
18. Sand Explorers issues bonds due in 10 years with a stated interest rate of 8% and a face value of $190,000. Interest payments are made semi-annually. The market rate for this type of bond is 7%. Using present value tables, calculate the issue price of the bonds (EV of S1, PV of S1, EVA of 51. PVA of SI EVAD. 51 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Multiple Choice $149,966 $234.429 $190,000 $203.502. 19....
Finance Co lent $9.7 million to Corbin Construction on January 1, 2018, to construct a playground. Corbin signed a three year, 6% Installment note to be paid in three equal payments at the end of each year (FV of $1. PV O SLEVA O 51. PVA of $1. EVAD of S1 and PVAD of SD (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for FinanceCo's lending the funds on January 1, 2018 2. Prepare an...
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