Reference no: EM132848879
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
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$5,000,000
|
95
|
|
31-60 days
|
600,000
|
85
|
|
61-90 days
|
450,000
|
70
|
|
Over 90 days
|
100,000
|
50
|
|
Total
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$6,150,000
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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?
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