Business, 13.11.2019 00:31 Gababon

On december 31, 2016, green company finished consultation services and accepted in exchange a promissory note with a face value of $550,000, a due date of december 31, 2019, and a stated rate of 5%, with interest receivable at the end of each year. the fair value of the services is not readily determinable and the note is not readily marketable. under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%.

the following interest factors are provided: interest rate table factors for three periods 5% 10%

qs) prepare a schedule of note discount amortization for green company under the effective interest method.

date 12/31/16 12/31/17 12/31/18 12/31/19 cash interest (5%) effective interest (10%) discount amortized unamortized discount balance present value of note 27500 27500 27500 82500

future value of 1 1.15763 // 1.33100

present value of 1 0.86384// 0.75132

future value of ordinary annuity of 1 3.15250 //3.31000

present value of ordinary annuity of 1 2.72325// 2.48685

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 12:40

Acompany has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. experience suggests that 6% of outstanding receivables are uncollectible. the current credit balance (before adjustments) in the allowance for doubtful accounts is $1,200. the journal entry to record the adjustment to the allowance account includes a debit to bad debts expense for $4,800. true or false

Answers: 3

Answer

Business, 22.06.2019 15:50

Singer and mcmann are partners in a business. singer’s original capital was $40,000 and mcmann’s was $60,000. they agree to salaries of $12,000 and $18,000 for singer and mcmann respectively and 10% interest on original capital. if they agree to share remaining profits and losses on a 3: 2 ratio, what will mcmann’s share of the income be if the income for the year was $15,000?

Answers: 1

Answer

Business, 22.06.2019 18:20

Now ray has had the tires for two months and he notices that the tread has started to pull away from the tire. he has already contacted the place who sold the tires and calmly and accurately explained the problem. they didn’t him because they no longer carry that tire. so he talked with the manager and he still did not get the tire replaced. his consumer rights are being violated. pretend you are ray and write a letter to the company’s headquarters. here are some points to keep in mind when writing the letter: include your name, address, and account number, if appropriate. describe your purchase (name of product, serial numbers, date and location of purchase). state the problem and give the history of how you tried to resolve the problem. ask for a specific action. include how you can be reached.

Answers: 3

Answer

Business, 22.06.2019 20:00

Experienced problem solvers always consider both the value and units of their answer to a problem. why?

Answers: 3

Answer

You know the right answer?

On december 31, 2016, green company finished consultation services and accepted in exchange a promis...

Questions