User Account

All Pages

Prepare the necessary journal entries for sunland equipment

Assignment Help Accounting Basics
Reference no: EM131890926

Question - On October 1, 2017, Sunland Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year, $170,800, 8% note (a realistic rate of interest for a note of this type). The note required interest to be paid annually on October 1. Sunland's financial statements are prepared on a calendar-year basis.

Assuming Valco Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Sunland Equipment Company for the entire term of the note. Assume that reversing entries are not made on January 1, 2018 and January 1, 2019.

Reference no: EM131890926

Questions Cloud

What is the future value at an interest rate : What is the future value at an interest rate of 4%? 7%? 10%?
Convertible bonds for financing rather than straight bond : What are the pros and cons of using options to compensate employees-why would company choose to use convertible bonds for financing rather than straight bond?
Personal savings and investment decisions : Explain how the time value of money affects your personal savings and investment decisions. Discuss how inflation relates to the time value of money.
Fund earned investment income : A fund earned investment income of 9,200 during 1991. A deposit was made at time K during the year.
Prepare the necessary journal entries for sunland equipment : Assuming Valco Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Sunland Equipment Company for entire term of note
What would be your total real return on investment : If the inflation rate was 2.4 percent over the past year, what would be your total real return on the investment?
What is the internal rate of return for the project : Consider a project that requires an initial investment of $5.2 million at time zero. The expected net cash inflows over the five-year life of the project.
Expected one year holding period return : If the market price of a share is currently $35, what is your expected 1-year holding-period return on Xyrong stock?
What amount should be recorded as the cost of new forklift : The old forklift had cost $43,000, a 5-year useful life and a $5,000 salvage value. What amount should be recorded as the cost of the new forklift

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