Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Acquisition cost; noninterest bearing note:
On January 1, 2019, Byner Company purchased a used tractor. Byner paid $10,000 down and signed a noninterest bearing note requiring $25,000 to be paid on December 31, 2021. The fair value of the tractor is not determinable. An interest rate of 10% properly reflects the time value of money for this type of loan agreement. The company's fiscal year-end is December 31.
Required:
Question 1. Prepare the journal entry to record the acquisition of the tractor. Round computation to the nearest dollar.
Question 2. How much interest expense will the company include in its 2019 and 2020 income statements for this note?
Question 3. What is the amount of the liability the company will report in its 2018 and 2020 balance sheets for this note?
the bakfirn corporation a publicly traded firm has contracted with youcpanbspyour public accounting firm for an audit.
GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2016, GoodBuy sold $1,120,000 of gift cards, and $1,010,000 of the gift cards were redeemed for products. How much gift card revenue should GoodBuy recognize i..
Calculate the price and mix variance for each material used, calculate the total material yield and total material usage variance.
Why is it necessary to record journal entries after the bank reconciliation has been prepared? Which side of the bank reconciliation requires journal entries?
D&R Corp. has annual revenues of $264,000, an average contribution margin ratio of 35%, and fixed expenses of $101,200. Management is considering adding a new product to the company's product line. The new item will have $9.2 of variable costs per un..
Schuh, Inc. plans to produce 6,000 units in Month 1 and 7,000 units in Month 2. Each unit requires 3 pounds of direct materials that can be purchased for $2 per pound. At the beginning of Month 1 there are 2,000 pounds of direct materials on hand. Sc..
GST's federal-plus -tax rate is 40%. Illustrate what is the total dollar call premium required to call the old issue?
If this was a BELO plan with a pay rate of $22.00 per hour and a maximum of 53 hours, how much would Overwood be paid for 48 hours?
The appropriate standard for comparison of financial ratios probably should be the - The quick ratio is the same as current ratio except it does not consider
The machining division of ITA International has a capacity of 2,130 units. What is the minimum transfer price?
calculation of return on equity roe.midwest lumber had a profit margin of 5.1 a total assets turnover of 1.1 and an
What are the technical agendas or phases and accompanying dates for the conceptual framework convergence project between the FASB and IASB?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd