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Question - Sherman Painting Shop sells a tailor-made and new painting to a customer for $2,420. The cost of the painting to Sherman is $1,600 and the cash selling price of the painting is $2,000, which represents the amount that the customer would pay upon delivery for the same painting sold under otherwise identical terms and conditions as at contract inception. Sherman offers a favourable term that the consideration can be payable 24 months after delivery and Sherman also allows a return of the painting within 90 days.
REQUIRED - Discuss how Sherman should account for the contract with the customer.
Proficient-level: How are the present value and future value related? Explain why a dollar is worth more today than a dollar received a year from now.
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linden inc. had the following note and interest receivable account balances at dec. 31 2012 note receivable from sale
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on september 1 sheehan inc. signed a 5.5 mortgage installment note for 340000. the monthly payment of 2000 is due on
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