User Account

All Pages

Prepare the journal entries for december

Assignment Help Accounting Basics
Reference no: EM133015552

Question - Splish Brothers Inc. provided several entertainment services to Flounder Corporation in the past. On January 1, 2020, when the receivable for the past services was due, Flounder was unable to pay the outstanding balance. Splish Brothers Inc. agreed to accept a $370,000 non-interest bearing note payable on December 31, 2021. Flounder typically could arrange this kind of financing at an interest rate of 15%.

1- Use a financial calculator, or 3. Excel functions to arrive at the amount to record the note receivable.

2- Prepare the journal entry to record this transaction for Splish Brothers Inc. on Jan 1, 2020.

???????3- Prepare the journal entries for December 31, 2020 and 2021 using the effective interest method, and assuming that Flounder pays the note on schedule.

Reference no: EM133015552

Questions Cloud

What is the pv of the quarterback contract : A famous quarterback just signed a $12.5 million contract providing $2.5 million a year for 5 years. What is the PV of the quarterback's contract
Explain about quantitative data : Explain about Quantitative Data and how have organizations used it to have a positive impact on people, place or planet. Reflect on how this new way of thinking
Determine its debt to equity ratio : BC has a net profit margin of 10.5%, TATO (Total Asset turnover ratio) of 1.75, and ROE (Return on equity) of 24.50%. Determine its debt to equity ratio
Compute shamrock earnings per common share : Net income for 2020 was $1,980,000, and dividends declared on preferred stock were $380,000. Compute Shamrock's earnings per common share
Prepare the journal entries for december : Prepare the journal entries for December 31, 2020 and 2021 using the effective interest method, and assuming that Flounder pays the note on schedule
Analyse the data provided by the supplier and produce : Analyse the data provided by the supplier and produce a poster (Size A1 - Landscape) for the management of your company with your recommendations
How much will the couple need at the end : How much will the couple need at the end of 18 years to fund Jimmy's college education for 4 years? Round your answer to a whole number
Construct an example of an opportunity cost : Explain your understanding of opportunity cost by addressing the following: Construct an example of an opportunity cost
Calculate the annual depreciation for three years : The salvage value of the machine at the end of its life span is expected to be $9,000. Calculate the annual depreciation for three years

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd