Prepare schedules showing current receivables

Assignment Help Finance Basics

Reference no: EM1353099

Can you help me get started with this assignment?

Transactions during 2007 for Clarey Inc were as follows:

2. On April 1, 2007, Clarey sold a parcel of land to Hermes Co for $400,000 under an installment note contract. Hermes made a $100,000 down payment on April 1, 2007 and signed a 5 year 12% note for the $300,000 balance. Payments are to be made annually on April 1st for five years plus interest.

3. On January 1, 2006, Clarey exchanged equipment for a $400,000 zero-interest-bearing note due on January 1, 2009. The prevailing rate of interest for this type note was 10%. The present value factor for three period is .75.

Prepare schedules showing the following as of December 31, 2007:

a. Current receivables
b. Long-term receivables
c. Interest income
d. Accrued interest

Reference no: EM1353099

Questions Cloud

Assume that the only force acting on him during collision : A student (m= 75kg) falls freely from rest and strikes the ground. During the collision with ground, he comes to rest in a time of 0.040s.

Determination of best decision : The college of Business at tech is considering to begin an online MBA program. The initial start-up cost for calculating equipment, facilities, course development is $350,000.

Development of a childs identity : Give a description of how the development of a child's identity might be different depending on the culture in which they are raised. Provide specific examples from the two cultures you considered and references.

Explain what are the responsibilities of the council members : The City of Townscape has had an increasingly difficult time attracting and retaining qualified department heads and other high level city employees.

Prepare schedules showing current receivables : Clarey sold a parcel of land to Hermes Corporation for $400,000 under an installment note contract. Hermes made a $100,000 down payment on April 1, 2007 and signed a 5 year 12 percent note for the $300,000 balance.

Computing the value of shared secret key : You begin the session by sending Bob your calculated value of TA. Bob responds by sending you the value TB = 291. What is the value of your shared secret key?

Describe the property rights of each person and designate : Describe the property rights of each person and designate who will finally have rightful ownership of the property

Calculate the specific heat capacity of the block : A sled starts up an incline of 350 with the horizontal. The sled starts from the bottom with an initial velocity of 5 m/s. (a) How far u p the incline does it go? A second sled starts to slide from the top when the first sled starts to slide down...

Field of personality theory-humanistic or existential theory : One of the major schools of thought in the field of personality theory is humanistic/existential theory.

User Account

All Pages