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On January 2, 2020, Stellar Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $9,300, with payment due in 12 months. The fair value of the goods at the date of sale is $8,400 (cost $5,040).
Frank Ricard Inc. sells inventory on January 1st 2020 in exchange for a $2,000 note, due in 2 years (i.e., zero interest bearing). The effective interest rate for this note is 10 percent Prepare all journal entries related to note and any related interest from January 1st, through the repayment on January 1st 2022.
Larkspur Corporation issued a 4-year, $81,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $46,312. The implicit interest rate is 15%. Prepare Larkspur's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered....
Kingbird Corporation issued a 5-year, $68,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $68,000. In addition, Kingbird agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 12%. Prepare Kingbird Corporation’s January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 38,548. If no...
Monty Corporation issued a 5-year. $78.000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $38,780. The implicit interest rate is 15%. Prepare Monty's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to o decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do...
Concord Corporation issued a 5-year, $82,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $48,663. The implicit interest rate is 11%. Prepare Concord’s journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest.
Flint Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $669,100 (cost of $540,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $9,100. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Flint for the full sales price. Prepare the journal entry(les) to record the sale and related...
Blue Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $551,000 (cost of $480,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $11,000. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Blue for the full sales price. Prepare the journal entry(ies) to record the sale and related...
Waterway Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $550,100 (cost of $510,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,100. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Waterway for the full sales price. Prepare the journal entry(ies) to record the sale and related...