Tractor should be recorded on december at what amount

Assignment Help Financial Accounting

Reference no: EM13144175

Fishbone Corporation purchased a special tractor on December 31, 2010. The purchase agreement stipulated that Fishbone should pay $21,600 at the time of purchase and $5,600 at the end of each of the next 12 years. The tractor should be recorded on December 31, 2010, at what amount, assuming an appropriate interest rate of 11%?

Reference no: EM13144175

Questions Cloud

You need therapy : At some point in your life you may think you need therapy. At some point in your life you may think a co-worker or a family member needs therapy

Net income must be expected to warrant : The company would require $475,000 of assets, and it would be financed entirely with common stock. The investor will go forward only if she thinks the firm can provide a 13.5% return on the invested capital, which means that the firm must have a R..

What was ending inventory and cost of goods sold : Other operating costs equaled $80,000 and their tax rate is 30%. Round final answers to the nearest dollar. What was ending inventory and cost of goods sold on 12/31 under the LIFO cost flow assumption?

What total output must the cartel produce : What total output must the cartel produce in order to maintain this price and what output will an individual firm be restricted if this price is to be maintained (assume all firms are permitted to produce the same level of output)?

Tractor should be recorded on december at what amount : The tractor should be recorded on December 31, 2010, at what amount, assuming an appropriate interest rate of 11%?

Prepare a bank reconciliation : The bank statement dated May 31, 2011, showed bank service charges of $38. All checks written by the company had been processed by the ank by May 31 and were listed on the bank statement except for checks totaling $1,890.0 Prepare a bank reconcili..

How much did fishbone pay for bonds : The bonds mature on January 1, 2020, and pay interest annually beginning January 1, 2011. Fishbone purchased the bonds to yield 10%. How much did Fishbone pay for bonds?

Direct write-off method problem : A. What is bad debt expense for 2011? B. Determine the amount of accounts receivable writted off during 2011. C. If the company uses the direct write-off method, what would bad debt expense be for 2011?

Does it make any difference if the south carolina plant : Which method, as presented in your text, should be used in this instance and why? Does it make a difference if the South Carolina plant has no idle capacity?

User Account

All Pages