User Account

All Pages

What amount of interest income be included in wagner income

Assignment Help Accounting Basics
Reference no: EM131803392

Question - Wagner Company sold some machinery to Granger Company on January 1, 2007. The cash selling price would have been $568,620. Granger entered into an installment sales contract which required annual payments of $150,000, including interest at 10%, over five years. The first payment was due on December 31, 2007. What amount of interest income should be included in Wagner's 2008 income statement (the second year of the contract)?

A. $41,862

B. $15,000

C. $47,548

D. $30,000

Reference no: EM131803392

Questions Cloud

What is the initial price on each bond : a) What is the initial price on each bond? b) Assume both bonds promise interest at 10.5%. compounded semiannually, what will be the initial price at each bond
Prepare computations showing how much profits will increase : Prepare computations showing how much profits will increase or decrease if the outside supplier's offer is accepted
Determine the allocated factory overhead cost for the month : Determine the Allocated Factory Overhead cost for the month of August for Ford using the following information
Analyze the current and prospective impacts of public health : Analyze the current and prospective impacts of the public health problem. Explain why a PSA would be useful for minimizing impact of public health problem.
What amount of interest income be included in wagner income : What amount of interest income should be included in Wagner's 2008 income statement (the second year of the contract)
Compute the labor rate variance : Original production had been budgeted for 1,100 units, but only 1,000 units were actually produced. Labor standards were 7.6 hours per completed unit at a stand
What is the indicated overall rate : 1. Data for five comparable income properties that sold recently are shown below:
Determine what common measures of health can be used : Determine what common measures of health can be used for your selected problem. Determine the goals of your PSA.
How will a partner distributive share be determined : How will a partner's distributive share be determined if the partner sells one half of his or hers beginning of the year partnership interest

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