Business, 17.02.2020 21:39 brooklyn4932
On January 1, 2017, Margaret Avery Co. borrowed and received $400,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As consideration for the zero-interest-bearing feature, Avery agrees to supply the customer’s inventory needs for the loan period at lower than the market price. The appropriate rate at which to impute interest is 8%.
(a) Prepare the journal entry to record the initial transaction on January 1, 2017.
(b) Prepare the journal entry to record any adjusting entries needed at December 31, 2017. Assume that the sales of Avery’s product to this customer occur evenly over the 3-year period.
Answers: 3
Business, 22.06.2019 05:00
Personal financial planning is the process of creating and achieving financial goals? true or false
Answers: 1
Business, 22.06.2019 09:00
Asap describe three different expenses associated with restaurants. choose one of these expenses, and discuss how a manager could handle this expense.
Answers: 1
Business, 22.06.2019 19:30
Which of the following occupations relate to a skill category of words and literacy
Answers: 1
Business, 22.06.2019 19:40
Last year ann arbor corp had $155,000 of assets, $305,000 of sales, $20,000 of net income, and a debt-to-total-assets ratio of 37.5%. the new cfo believes a new computer program will enable it to reduce costs and thus raise net income to $33,000. assets, sales, and the debt ratio would not be affected. by how much would the cost reduction improve the roe? a. 11.51%b. 12.11%c. 12.75%d. 13.42%e. 14.09%
Answers: 3
On January 1, 2017, Margaret Avery Co. borrowed and received $400,000 from a major customer evidence...
Computers and Technology, 22.07.2019 02:00
Mathematics, 22.07.2019 02:00
Mathematics, 22.07.2019 02:00
History, 22.07.2019 02:00
Mathematics, 22.07.2019 02:00
Social Studies, 22.07.2019 02:00
History, 22.07.2019 02:00