2. To record the payment from Seneca
Homework Answers
Answer :
1) journal entry at January 1, 2021 to record the sale :
| Date | Account | Debit | Credit |
| Jan 1, 2021 | Note receivable | $38,000 | |
| Revenue | $38,000 |
2) Journal entry at December 31, 2021 to record the payment from seneca :
| Date | Account | Debit | Credit |
| Dec 31, 2021 | cash | $41,800 | |
| Note receivable | $38,000 | ||
| Accrued Interest ($38,000 × 10%) | $3,800 |
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2. To record the payment from Seneca
Arctic Cat sold Seneca Motor Sports a shipment of...
On January 1, 2020, Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have...
On January 1, 2020, Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $44,000. Because of limited space, Seneca wanted to delay delivery until December 31, 2020 but offered to make up-front payment (in full) on January 1, 2020. Arctic agreed and as a concession reduced the sales price to $40,000 since Seneca paid 12 months in advance of delivery. So, the contract was: Seneca pays $40.000 cash to Arctic Cat on...
IU с D E А B Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles...
IU с D E А B Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles at an agreed-upon price of $38,000. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $41,800 on December 31, 2021. Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 10% Required: 1. Prepare Artic Cat's journal entries at January 1,...
A10 fx D E А B On January 1, 2020, Arctic Cat sold Seneca Motor Sports...
A10 fx D E А B On January 1, 2020, Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $44,000. Because of limited space, Seneca wanted to delay delivery until December 31, 2020 but offered to make up-front payment in full) on January 1, 2020. Arctic agreed and as a concession reduced the sales price to $40,000 since Seneca paid 12 months in advance of delivery. So, the contract was: Seneca pays...
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January...
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $46,200 on a future date. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 9%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD...
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value...
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $38,700. Seneca paid for the snowmobiles on January 1, 2021, with delivery to occur subsequently. Unless informed otherwise, assume that Arctic views the time ey component of this arrangement to be significant, and that the relevant interest rate is 5%. (FV of $1, PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from...
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value...
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $32,500. Seneca paid for the snowmobiles on January 1, 2021, with delivery to occur subsequently. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant, and that the relevant interest rate is 10%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate...
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $46,200 on a future date. Unless informed otherwise, assume tha
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $46,200 on a future date. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 9%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD...
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value...
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $30,700. Seneca paid for the snowmobiles on January 1, 2021, with delivery to occur subsequently. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant, and that the relevant interest rate is 11%. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate...
Exercise 6-13 (Algo) Time value of money for deferred revenue (L06-6] Arctic Cat sold Seneca Motor...
Exercise 6-13 (Algo) Time value of money for deferred revenue (L06-6] Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $49.800 Seneca paid for the snowmobiles on January 1, 2021, with delivery to occur subsequently Unless informed otherwise, assume that Arctic views the time honey component of this arrangement to be significant, and that the relevant interest rate is 12%, (EV of $1 PV of $1. FVA OS PVA Of $1. FVAD...
Exercise 6-13 (Algo) Time value of money for deferred revenue [LO6-6] Arctic Cat sold Seneca Motor...
Exercise 6-13 (Algo) Time value of money for deferred revenue [LO6-6] Arctic Cat sold Seneca Motor Sports a shipment of snowmobi les that have a fair market value of $31,800. Seneca paid for the snowmobiles on January 1, 2021, with delivery to occur subsequently. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant, and that the relevant interest rate is 6%. (FV of $1 PV of $1, FVA of $1...
On January 1, 2020, Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $44,000. Because of limited space, Seneca wanted to delay delivery until December 31, 2020 but offered to make up-front payment (in full) on January 1, 2020. Arctic agreed and as a concession reduced the sales price to $40,000 since Seneca paid 12 months in advance of delivery. So, the contract was: Seneca pays $40.000 cash to Arctic Cat on...
IU с D E А B Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles at an agreed-upon price of $38,000. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $41,800 on December 31, 2021. Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 10% Required: 1. Prepare Artic Cat's journal entries at January 1,...
A10 fx D E А B On January 1, 2020, Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $44,000. Because of limited space, Seneca wanted to delay delivery until December 31, 2020 but offered to make up-front payment in full) on January 1, 2020. Arctic agreed and as a concession reduced the sales price to $40,000 since Seneca paid 12 months in advance of delivery. So, the contract was: Seneca pays...
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $38,700. Seneca paid for the snowmobiles on January 1, 2021, with delivery to occur subsequently. Unless informed otherwise, assume that Arctic views the time ey component of this arrangement to be significant, and that the relevant interest rate is 5%. (FV of $1, PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from...
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $30,700. Seneca paid for the snowmobiles on January 1, 2021, with delivery to occur subsequently. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant, and that the relevant interest rate is 11%. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate...
Exercise 6-13 (Algo) Time value of money for deferred revenue (L06-6] Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $49.800 Seneca paid for the snowmobiles on January 1, 2021, with delivery to occur subsequently Unless informed otherwise, assume that Arctic views the time honey component of this arrangement to be significant, and that the relevant interest rate is 12%, (EV of $1 PV of $1. FVA OS PVA Of $1. FVAD...
Exercise 6-13 (Algo) Time value of money for deferred revenue [LO6-6] Arctic Cat sold Seneca Motor Sports a shipment of snowmobi les that have a fair market value of $31,800. Seneca paid for the snowmobiles on January 1, 2021, with delivery to occur subsequently. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant, and that the relevant interest rate is 6%. (FV of $1 PV of $1, FVA of $1...
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