Homework Answers
Answers
- Answer #15
>Total repayments = $ 5009 x 5 instalments = $ 25045
>Equipment sold = $ 19485
>Total Interest revenue = 25045 – 19485 = $ 5560
Correct Answer = Option ‘B’ $ 5,560
- Answer #16
>Interest recognised = [600000 + ($ 600000 x 10%) year 1 interest] x 10% = $ 66000
>Correct Answer = Option ‘C’ $ 66,000
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0 On January 2, Year 1, Emme Co. sold equipment with a carrying amount of $480,000...
0 On January 2, Year 1, Emme Co. sold equipment with a carrying amount of $480,000 in exchange for a $600,000 non-interest bearing note due January 2, Year 4. There was no established exchange price for the equipment. The prevailing rate of interest for a note of this type at January 2, Year 1, was 10%. The present value of 1 at 10% for three periods is 0.75. In Emme's Year 1 income statement, what amount should be reported as...
5. On December 31, 2019, Woods Co. sold goods to a customer and agreed to accept...
5. On December 31, 2019, Woods Co. sold goods to a customer and agreed to accept a 3- year, $59,000 noninterest-bearing promissory note in return. The note requires the customer to make a single $59,000 payment on December 31, 2022 to settle its obligation. The relevant market rate of interest on the sale date is 6 %. How much sales revenue must Woods recognize from the December 31, 2019 transaction? $9,462 $59,000. $49,538. C. D. A. $0. В. On December...
Required: 1. Prepare the con are the consolidation and equity accounting entries for the year eaded...
Required: 1. Prepare the con are the consolidation and equity accounting entries for the year eaded 31 December 20x5 with narratives and workings). m analytical checks on the following balances as at 31 December 2015 2 Perform analytics (a) Non-controlling interests and (b) Investment in associate. P6.8 Comprehensive problem set P Co acquired a 90% OW quired a 90% ownership interest in Y Co on 1 January 20x3. At the date of acquisition, the share Joy Co was $1,000,000, and...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4 par value common stock. Blink anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its produce which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash Inventory Land $ 54,000 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 4,000 Equipment 12,000 Accumulated depreciation--equipment...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares of $4 par value common stock. It authorized 900,000 S od 900,000 share. The corporation is a merchandising business. Blink ventory system. Also Blink provides a 2-year warranty with one of its products which was first sold in October. Blink Corporation Trial Balance periodic inventory system September 30 Cr. Cash Dr. $ 54,000 14,000 Inventory Land 45,000 Plant Building 500,000 Accumulated Depreciation-plant Equipment 200,000...
0 On January 2, Year 1, Emme Co. sold equipment with a carrying amount of $480,000 in exchange for a $600,000 non-interest bearing note due January 2, Year 4. There was no established exchange price for the equipment. The prevailing rate of interest for a note of this type at January 2, Year 1, was 10%. The present value of 1 at 10% for three periods is 0.75. In Emme's Year 1 income statement, what amount should be reported as...
5. On December 31, 2019, Woods Co. sold goods to a customer and agreed to accept a 3- year, $59,000 noninterest-bearing promissory note in return. The note requires the customer to make a single $59,000 payment on December 31, 2022 to settle its obligation. The relevant market rate of interest on the sale date is 6 %. How much sales revenue must Woods recognize from the December 31, 2019 transaction? $9,462 $59,000. $49,538. C. D. A. $0. В. On December...
Required: 1. Prepare the con are the consolidation and equity accounting entries for the year eaded 31 December 20x5 with narratives and workings). m analytical checks on the following balances as at 31 December 2015 2 Perform analytics (a) Non-controlling interests and (b) Investment in associate. P6.8 Comprehensive problem set P Co acquired a 90% OW quired a 90% ownership interest in Y Co on 1 January 20x3. At the date of acquisition, the share Joy Co was $1,000,000, and...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4 par value common stock. Blink anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its produce which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash Inventory Land $ 54,000 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 4,000 Equipment 12,000 Accumulated depreciation--equipment...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares of $4 par value common stock. It authorized 900,000 S od 900,000 share. The corporation is a merchandising business. Blink ventory system. Also Blink provides a 2-year warranty with one of its products which was first sold in October. Blink Corporation Trial Balance periodic inventory system September 30 Cr. Cash Dr. $ 54,000 14,000 Inventory Land 45,000 Plant Building 500,000 Accumulated Depreciation-plant Equipment 200,000...
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