Compute renauds total interest revenue

Assignment Help Accounting Basics
Reference no: EM132545569

Question - On August 1, 2017, Renaud Company finished architectural design services and accepted in exchange a promissory note with a face value of $400,000 and a maturity date of July 31, 2022. The stated rate of interest is 8% with interest receivable each July 31 through the maturity date. An effective interest rate of 10% is implicit in the agreed-upon price. The effective amortization method is used.

Compute Renaud's total interest revenue to be recorded on the income statements during the years 2017 through 2022 approximately?

a. $128,058

b. $191,942

c. $160,000

d. $200,000

e. $190,326

Reference no: EM132545569

Questions Cloud

What is the contribution margin : The Robertson Corporation makes textbooks. Each sell for $175.00, and the variable cost per unit is $40.00. What is the contribution margin
Components of a change management project plan : Describe two components of a change management project plan.
Prepare a sustainability assessment report for tramalway : Prepare a sustainability assessment report for Tramalway Industries referring to the Consolidated Set of GRI Sustainability Reporting Standards 2016
Explain five ways the external environmental : Explain five ways the external environmental can impact change strategies.
Compute renauds total interest revenue : Compute Renaud's total interest revenue to be recorded on the income statements during the years 2017 through 2022 approximately
Five of the steps used in a communication strategy : Identify and explain five of the steps used in a communication strategy when communicating and embedding change.
Prepare the entries on stegners books to record the sale : On January 16, Molina Inc. pays the amount due. Prepare the entries on Stegner's books to record the sale and related collection
Purposes of a performance evaluation : A) Why do managers and leaders generally dislike doing performance reports?
Make adjusting entries to record estimated bad debts expense : Make the adjusting entries to record estimated bad debts expense using the (1) percentage of sales basis and (2) the percentage of receivables basis

Reviews

Write a Review

Accounting Basics Questions & Answers

  A department had 12500 units which were 20 complete in

a department had 12500 units which were 20 complete in beginning goods in process inventory. during the current period

  Based on the information above im trying to determine the

based on the information above im trying to determine the cost of goods sold. but i have no clue how do so. it seems

  A variety of heating and air-conditioning units

Climate-Control, Inc., manufactures a variety of heating and air-conditioning units. The company is currently manufacturing all of its own component parts. An outside supplier has offered to sell  a thermostat to Climate-Control for $20 per unit.

  Suppose the land sinks into the sea as a result of an

the financial condition of greyco inc. is expressed in the following accounting equationassets

  As the rate of innovation increases

As the rate of innovation increases, companies face expanding product/service lines, shorter product and service lifecycles, and more frequent product/service transitions. All of these can bring tremendous value but also pose enormous challenges a..

  What are the tax consequences for warren

He starts making monthly lease payments of $200 on June 1, 2015. What are the tax consequences for Warren in year 1 and 2

  A comparison between the canceled checks returned with the

problem 6-1 bank reconciliation lo2the following information is available to assist you in preparing a bank

  What is the balance in Accounts Receivable

If Mary's Boutique uses the direct write off method, what is the balance in Accounts Receivable at the end of 2005

  Ted and marvin brown purchased an apartment building

Ted and Marvin brown purchased an apartment building in building in 2002

  Discuss some issues and trends in global socio-cultural

what are some issues and trends in global socio-cultural issues? why must a company be sensitive to the socio-cultural

  Prescription medication expenses

The Kelleher family has health insurance coverage that pays 80 percent of out-of-hospital expenses after a $500 deductible per person. If one family member has doctor and prescription medication expenses of $1,100, what amount would the insurance ..

  Watson company has the following data work in process

watson company has the following data work in process beginning 18000 work in process ending 25000 direct labor costs

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!

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