User Account

All Pages

Prepare the journal entries for the years

Assignment Help Accounting Basics
Reference no: EM133146284

Question - On December 31, 2015, Yuna Inc., a publicly traded company, that manufactures and sells equipment, sold equipment to a customer on the following terms. The selling price of the equipment which is $600,000 will be payable as follows:

15% immediately on December 31, 2015

the remaining $510,000 will be paid in 5 years on December 31, 2020

cash interest of 3% is payable annually on each December 31.

Required -

a. Prepare the journal entries for the years 2015 - 2017 assuming that the cash price of the equipment is $540,000. (Hint: The discount rate is not known.)

b. For this part only assume Yuna follows ASPE and uses the straight line method for amortization of interest. Prepare the journal entry on December 31, 2016.

Reference no: EM133146284

Questions Cloud

Protection of customer information : Discuss the issues organization's face with regards to the protection of its customer information.
Who pays for the cost of shipping : If the Ortiz Corporation purchases 100 washing machines from the Whirlpool Corporation FOB Shipping Point, who pays for the cost of shipping the machines
Federal rules of civil procedure : A new edition of the Federal Rules of Civil Procedure (FRCP) went into effect. Using a Web search tool, learn more about the FRCP.
How will this affect the original proposal of borrowing fund : However now there is going to a 3% inflation difference where GBP will have 3% more inflation than KRW. How will this affect original proposal of borrowing fund
Prepare the journal entries for the years : Prepare the journal entries for the years 2015 - 2017 assuming that the cash price of the equipment is $540,000. (Hint: The discount rate is not known.)
Big data and data mining-concept and techniques : A review paper on big data and data Mining: Concept and Techniques," the authors discuss large data, techniques for accessing it and processes of data mining
What was the amount of the check that reid supply received : Question - Reid Supply sells backpacks and other school supplies. What was the amount of the check that Reid Supply received
How comfortable would you be working in a culture : How comfortable would you be working in a culture like that of SuccessFactors, where a certain level of "niceness" is part of the job description
OSI model incorporates security measures : Each layer of the 7-layer OSI model incorporates security measures. Discuss briefly security measures at each of the 7 layers.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What amount of depreciation expense will be reported for

the accounting staff at golden mining company will soon prepareyear- end entries to the accounting system to record the

  Find out the price discrimination

Assuming that the company can price discriminate between its two types of customers, calculate the profit-maximizing price, output, and profit contribution levels. Calculate point price elasticities for each customer type at the activity levels id..

  What is the modified internal rate of return of this project

A proposed project is anticipated to cost $260,000 and is anticipated to generate net cash inflows of $37,000. What is the modified internal rate of return

  She earns a fixed hourly wage of 25 sally owes a 10 percent

sally can work up to 3120 hours each year a busy social life and sleep take up the remaining time. she earns a fixed

  What is the depreciation expense for year

On January 1, a machine with a useful life of 4 years and What is the depreciation expense for year 2 under straight-line depreciation

  Post the journal entries to general ledger accounts

Natalie realizes that her initial cash investment is not enough. Her grandmother lends her $2,000 cash, Post the journal entries to general ledger accounts

  Production and cash-outlay computations rpr inc anticipates

production and cash-outlay computations rpr inc. anticipates that 120000 units of product k will be sold during may.

  What is Tab realized gain or loss

Tab exchanges real estate used in his business along with stock for real estate to be held for investment. What is Tab realized gain or loss

  How much was aircon profit or loss on the consignment

How much was Aircon's profit or loss on the consignment? The selling expenses and the installation and delivery costs are chargeable to Aircon.

  Calculate fred net tax payable for the tax year

Fred, a resident taxpayer aged 47, has taxable income of $145,345 and reportable fringe benefits of $17,170. Calculate Fred net tax payable for the tax year

  The standard deduction last year to compute his tax liabili

Spencer Duck (SSN 277-31-7264) is single and his eight-year-old son, Mitch, lives with him nine months of the year in a rented condominium at 321 Hickory Drive in Ames, Iowa. Mitch lives with his mother, Spencer's ex-wife, during the summer mo..

  Describe how jc penney will use the generic strategy

JC Penney has faced an identity crisis in recent years. Use the best cost provider strategy. Describe how JC Penney will use this generic strategy.

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