The face value of the note is the one listed

Assignment Help Financial Accounting
Reference no: EM13790740

A 60-day, 10% note for $7,200, dated April 15 is received from a customer on account. The face value of the note is the one listed below.

Select the correct answer.

$7,200  

$720      

$7,320  

$7,920

Reference no: EM13790740

Questions Cloud

Net realizable value of the accounts receivable : After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $659,766 and Allowance for Doubtful Accounts has a balance of $18,550. What is the net realizable value of the accounts receivable?
How much money is in the deposit insurance fund : Would you say, overall, that the banking industry is growing stronger or weaker right now? What's happening with asset quality (i.e., the quality of loans... Look for mentions of noncurrent or past due loans)? Are banks adding to their capital levels..
Entry to record estimated uncollectible accounts receivables : Allowance for Doubtful Accounts has a credit balance of $460 at the end of the year (before adjustment), and bad debt expense is estimated at 2% of net sales. If net sales are $666,297, the amount of the adjusting entry to record the estimated uncoll..
Refine and clarify the health problem : What data did you find to support your decision? Help each other refine and clarify the health problem.
The face value of the note is the one listed : A 60-day, 10% note for $7,200, dated April 15 is received from a customer on account. The face value of the note is the one listed below.
How employee performance appraisals will be conducted : Construct a policy that details how employee performance appraisals will be conducted in the organization - Details of the appraisal process
Entry to record estimated uncollectible accounts receivables : Allowance for Doubtful Accounts has a credit balance of $460 at the end of the year (before adjustment), and bad debt expense is estimated at 2% of net sales. If net sales are $666,297, the amount of the adjusting entry to record the estimated uncoll..
What are the traits of a covenant leader : What are a narcissistic leader's traits? What are the organizational benefits and pitfalls of a narcissistic leader? Study covenant leadership. What is covenant leadership? What are the traits of a covenant leader
Use the straight-line method : Evans Equipment Co. sells new and used equipment. It uses a PERPETUAL inventory system, and its accounting period ends December 31. On December 28, 20x1, Evans purchased a used backhoe for resale, at an agreed price of$40,000.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Correct in regards to normal balances

Which of the following is not correct in regards to normal balances?

  Similarity between financial and managerial accounting1

similarity between financial and managerial accounting.1. turner corporation operates two stores alpha and beta. the

  Process costing and job-order costing

Companies that use a process-cost accounting system would establish a separate Work-in-Process Inventory account for each manufacturing department. The flow of costs through the manufacturing accounts is essentially the same in both process costing a..

  Prepare trial balance of oakland floor coverings

Prepare the trial balance of Oakland Floor Coverings at December 31, 2012 - Oakland Floor Coverings reported the following summarized data at December

  Analyzing and appraising the performance of the manager

Prepare a report that will be of more value in analyzing and appraising the performance of the manager of Department D for October. Comment on the operating results.

  What is the carrying value of the bonds

Garland Company received proceeds of $188,000 on 10-year, 6% bonds issued on January 1, 2013. The bonds had a face value of $200,000, pay interest semi-annually on June 30 and December 31. Garland uses the straight-line method of amortization. What i..

  Prepare the necessary journal entries for stone company

Prepare the necessary journal entries for Stone Company

  What is the sub-game perfect outcome for a ship

What is the sub-game perfect outcome for a ship with 100 pirates aboard? Suppose instead that a strict majority were required to pass a split

  Does grant products appear more or less solvent

Based upon this information, does Grant Products appear more or less solvent than the average company in its industry? Explain briefly.

  Prepare journal entry and ledger entry

Prepare General Journal entry, General Ledger entry and Unadjusted Trial Balance.

  How liability for outstanding premiums should be recorded

If the bowls cost Palmer Company $3 each, how much liability for outstanding premiums should be recorded at the end of 2012?

  Discounted value of expected net receipts

What is the meaning of "discounted value of expected net receipts" and what basis of valuation for Ferry's patents would be generally accepted in accounting?

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!

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