General ledger account since the acquisition

Assignment Help Financial Accounting

Reference no: EM13906927

A company has notes receivable, classified as non-current, that has a fair value of $920,000 at 12/31/14 and an acquisition cost of $710,000. Management decided at the acquisition date, to use the fair value option for this recently-acquired receivable, but has made no adjustments to the general ledger account since the acquisition.. Using the T-account template below, in T-account format: Record the acquisition cost of the Note Receivable. Label it “BAL” for balance. Record the adjusting entry, if any, at 12/31/14.

Reference no: EM13906927

Questions Cloud

What is the present worth of an income stream : Each of the following scenarios is independent. Utilize the appropriate future value or present value table, and calculate the requested amount. Then, if available, utilize the related function in an electronic spreadsheet (or financial calculator) t..

Return on common stockholders equity : If a company's bonds bear an interest rate of 8%, the tax rate is 30%, and the company's assets are generating an after-tax return of 7%, then the leverage would be a. Positive b. Negative c. Neither positive or negative d. Impossible to determin..

What is the total consumer surplus in this market : There are 100 consumers, each of whom values a concert ticket at a unique whole number dollar amount between $1 and $100. One customer is willing to pay $1, a second is willing to pay $2, a third is willing to pay $3, and so on. An unlimited numbe..

Find the esss of the given bos game : Each player in any given match can condition her action on whether she was the ?rst to suggest getting together. Assume that for any given player the probability of being the ?rst is one half. Find the ESSs of this game.

General ledger account since the acquisition : A company has notes receivable, classified as non-current, that has a fair value of $920,000 at 12/31/14 and an acquisition cost of $710,000. Management decided at the acquisition date, to use the fair value option for this recently-acquired receivab..

Prepare a production budget for both the second : Refer to information from Exercise 22 8. Each transmission requires 0.80 pounds of a key raw material.

Suitable examples using the basic operations : Briefly review Regular Expressions - the notation and the languages they represent with suitable examples using the basic operations - namely, concatenation, union , Kleene Closure.

Inventory from its suppliers on credit terms : VIM Company purchased $100,000 in inventory from its suppliers on credit terms. The company's acid-test ratio would most likely a. Increase b. Decrease c. Be unchanged d. Impossible to determine without more information

Increase working capital and increase the current ratio : If a company converts a short-term note payable into a long-term note payable, this transaction would a. Decrease working capital and increase the current ratio b. Decrease working capital and decrease the current ratio c. Decrease the current rati..

User Account

All Pages