User Account

All Pages

Brown company finished consultation services and accepted

Assignment Help Financial Accounting
Reference no: EM13940593

On December 31, 2010 Brown Company finished consultation services and accepted in exchange a zero bearing promissory note with a face value of $400,000 and a due date of December 31,2013. 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 (market rate of 5% 

Factors: 

PV OF $1 (3 PERIODS 5%) .86384 

PV OF ANNUITY ( 3 PERIODS 5%) 2.72325

1) Determine the present value of the note

2) Prepare the journal entry to record the issuance of the note at December 31,2010

3) Show the year end journal entries of the next 3 years including the final entry to close the note.

 

 

Reference no: EM13940593

Questions Cloud

Prepare a report that indicates differences in audit report : Prepare a report that indicates the affect of the above cited differences in your audit report that will be widely used by stakeholders and potential stakeholders in the United States
Direct labor costs were incurred : Raw materials were issued for use in production.Direct labor costs were incurred.
Analyzes and explains the facts of the williams case : Analyzes and explains the facts in the Rose case. Describes the causes of wrongful conviction in the Rose case. Analyzes and explains the facts of the Williams case.
Information systems projects get started in organizations : How do information systems projects get started in organizations? No copy and paste, use your own words. 100 word Min.
Brown company finished consultation services and accepted : On December 31, 2010 Brown Company finished consultation services and accepted in exchange a zero bearing promissory note with a face value of $400,000. Determine the present value of the note. Prepare the journal entry to record the issuance of the ..
Function searches all files specified on the command line : Write a program Find that searches all files specified on the command line and prints out all lines containing a reserved word. For example, if you call java Find ring report.txt address.txt Homework.java, then the program might print:
Contemporary ethical issue in an area of social computing : The purpose of this task is to encourage students to explore a variety of ethical theories and apply them to a contemporary ethical issue in an area of social computing.
Analyze and evaluate marx''s contribution to sociological : Analyze and evaluate Marx's contribution to sociological theory. Keep in mind that Marx's central concern was a critical analysis of capitalist society, and include the following concepts in your discussion:
Determine the punching force required : A mild steel plate of thickness 15 mm has a 50 mm diameter hole punched in it. If the ultimate shear stress of the steel is 275 MPa, determine (a) the punching force required, (b) the compressive stress in the punch.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd