Reference no: EM132830428
Questions -
Q1. On October 1, 2021, Smash Company discounted its own note of $500,000 at 10% for 1 year. In its statement of financial position on December 31, 2021, what is the carrying amount of notes payable to be presented as current liability by Smash Company?
Q2. On January 1, 2019, Love Co. sold merchandise to Kit Store in exchange for a non-interest bearing note requiring 10 annual payments of 100,000. Kit Store made the first payment on December 31, 2019. The prevailing market interest rate for similar notes is 8%.
a. How much is the value of notes receivable as of December 31, 2020?
b. How much is the Interest income recognized during 2020?
Q3. On Dec. 31, 2021, Boss Company had a credit balance of $50,000 in its records pertaining to allowance for uncollectible accounts. Analysis of its accounts receivable on the same date revealed the following:
Age Amount % collectible
0-30 days $5,000,000 95
31-60 days 600,000 85
61-90 days 450,000 70
Over 90 days 100,000 50
Total $6,150,000
The company has written off $20, 000 of accounts receivable during 2021. How much is the allowance for uncollectible accounts to be reported on Dec. 31, 2021?
|
How society expectations are influencing managers
: Discuss specific ways managers can encourage ethical behavior in the organization. Discuss the factors that lead to ethical and unethical behavior in the organi
|
|
Compute the total stockholders equity
: During the year, the company earned net income of $325,000, Compute the total stockholders equity
|
|
Describe a commercial that originally did not wow
: Describe a commercial that originally did not wow you as a consumer, but in retrospect with your "Marketer's hat" on you now think was a good commercial
|
|
Evaluate the accountants argument
: What pricing would you recommend? Evaluate the accountants' argument. Would your conclusions differ if the fixed costs were $30,000 per day?
|
|
How much is the allowance for uncollectible accounts
: The company has written off $20, 000 of accounts receivable during 2021. How much is the allowance for uncollectible accounts to be reported on Dec. 31, 2021
|
|
Are dominant and aggresive to consumers in the purchase
: Are they dominant and aggresive to consumers in the purchase presentation? Which example would be the best for what is an elective, self-pay procedure?
|
|
Contrast experiences of good governance implementation
: Action research on the good governance practices of a corporate business and compare it in the education set up of good governance?
|
|
Do you know why Ralph was fired
: Do you know why Ralph was fired and Commenting on all this, one analysis concluded that "the union probably won the battle and Boeing probably wins he war.
|
|
How much is the total amount of receivables
: On January 1, 2018, a company received 2,000,000, 12% notes. The effective interest rate for similar notes is 11%. How much is the total amount of receivables
|