User Account

All Pages

Determine mifflinburg farm supply note receivable balance

Assignment Help Accounting Basics
Reference no: EM133017726

Question - On January 2, 20X1, Criswell Acres purchased from Mifflinburg Farm Supply a new tractor that had a cash selling price of $109,837. As payment, Criswell gave Mifflinburg Farm Supply $25,000 in cash and a $100,000, five-year note that provided for annual interest payments at 6%. At the time of the sale, the interest rate normally charged to farms with Criswell's credit rating is 10%. Use the following links to the present value tables to calculate answers.

Required -

-Prepare Mifflinburg Farm Supply's journal entry to record the sale.

-Prepare the journal entry to record the first interest payment Mifflinburg Farm Supply received on December 31, 20X1.

-Determine the note receivable balance that Mifflinburg Farm Supply will report on December 31, 20X2.

-Determine Mifflinburg Farm Supply's note receivable balance on December 31, 20X2, assuming that the company reports notes receivable at fair value and the relevant rate of interest at that time has fallen to 8%. Assume that the December 31, 20X2, interest payment has been made.

Reference no: EM133017726

Questions Cloud

Recruiting methods : What are some recruiting methods you could use? What are some of the issues which must be taken into consideration in recruiting?
EHR Functionality : As the manager of the CTU Health Care information systems department, you are aware of the meaningful use core measure standards that all eligible professionals
At what amount should the loan receivable be recognized : Karina Bank charges Selena, Inc. 4% nonrefundable loan origination fee. At what amount should the loan receivable be initially recognized by Karina Bank
Reflect on a previous or current job or volunteer activity : Reflective practice is the ability to critically assess past experiences and learn from what happened as a process of continuous learning and improvement.
Determine mifflinburg farm supply note receivable balance : Determine Mifflinburg Farm Supply's note receivable balance on December 31, 20X2, assuming that the company reports notes receivable at fair value
What are business processes : What are business processes and how do they relate to information flows and information systems? Identify the steps performed in one of your job functions and e
Discuss need for diversity awareness in communications : Managerial skills are needed for creating and working in an interculturally sensitive organizational climate.
Identify the stakeholders involved in the criticism : Research a specific company that has dealt with public criticism from various stakeholders, and include all weblinks where you find your information. Share the
Calculate effective annual interest rate : Distinguish between Effective Annual Interest Rate (EAR) and Annual Percentage Rate (APR) and Calculate Effective Annual Interest Rate (EAR)

Reviews

Write a Review

Accounting Basics Questions & Answers

  An internal service fund the center engaged

William County opted to account for its duplication service center in an internal service fund. Previously the center had been accounted for in the county's general fund. During the first month in which it was accounted for as an internal servi..

  What is the dollar amount would record

What is the dollar amount we would record in our adjusting entry each month for depreciation of the vehicle if we use the straight-line method of depreciation?

  Define how much is the return on investment?

How much is the return on investment?

  Analyze funding opportunities for small businesses

analyze funding opportunities for small businesses including the role of the small business administration sba.then

  Financial statement analysis

ACCT212 Project 2: Financial Statement Analysis-YUM! Brands, Inc.  Description: Using the financial statements for YUM! Brands, Inc. located in Appendix A of your Textbook, you will calculate Vertical and Horizontal Analysis and the Financial Ratios ..

  To which businesses should lease and why

If your new strip mall will have 15,000 square feetof retail space available to be leased, to which businesses should you lease and why?

  Estimate the dollar value of stolen property

Use the gross profit method to estimate the dollar value of stolen property. For converting percentages to decimals use two decimal places

  Prepare one to two page document listing a minimum of five

prepare one to two page document listing a minimum of five adjusting entries to a trial balace explaining the purpose

  Discuss the impact of depreciation expense on the cash flow

Discuss the impact of depreciation expense on the cash flow analysis of a capital project. Also, discuss the types of leasing arrangements

  How much did guo pay in cash dividends

Guo Company has owners' equity of $377,600 and net income of $74,196. How much did Guo pay in cash dividends, and what were its average assets

  Compute what is the total amount invested by all stockholder

On May 15, Helena Carpet Inc., a carpet wholesaler issued. Compute what is the total amount invested (total paid-in capital) by all stockholders as of June 30?

  Journal entries of raptor corporation

On July 1, 2002, Raptor Corporation, a wholesaler of used robotic equipment, issued $7,500,000 of ten-year, 10% bonds at an effective interest rate of 12%, Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year o..

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