What amount of interest revenue should the company report

Assignment Help Financial Accounting
Reference no: EM132584761

Question 1: On January 1, 20X3, Gaudreau Enterprises sold goods in exchange for a $200,000, five-year, interest-free note from the purchaser. The note was repayable at $20,000 semi-annually, first due June 30, 20X3. The market rate of interest for similar notes was 6% per annum, payable semi-annually. Gaudreau prepares its financial statements in accordance with IFRS. What amount of interest revenue should the company report on its December 31, 20X3, year-end financial statements?

Option a) $ 9,790

Option b) $10,236

Option c) $10,390

Option d) $12,000

Reference no: EM132584761

Questions Cloud

Portfolio expected rate of? return : Based on the current portfolio composition and the expected rates of return given? above, what is the expected rate of return for? Barry's portfolio?
What amount should textron recognize as gross profit : In early 20X1, What amount should Textron recognize as gross profit (the profit element) for the December 31, 20X2, fiscal year?
Health Sciences and Nursing Research Proposal Assignment : Health Sciences and Nursing Research Proposal Assignment - Need to write research proposal about The impact of Health Technology Assessment
What is? unida unlevered cost of? capital : Unida Systems has 33 million shares outstanding trading for $9 per share. In? addition, Unida has $118 million in outstanding debt.
What amount of interest revenue should the company report : On January 1, 20X3,What amount of interest revenue should the company report on its December 31, 20X3, year-end financial statements?
What is annualised return : How much profit or loss would you make if you sold this bond on 7 December 2020 at a yield to maturity of 1.27%?
Researching condition through medical search engines : Explain why someone with a serious medical condition be concerned about researching his or her condition online, through medical search engines
How much interest revenue should clear water recognize : Clear Water has a December 31 fiscal year end. How much interest revenue should Clear Water recognize in the December 31, 20X3, fiscal year?
Specific recommendations you have for the organization : Identify and justify 2 specific recommendations you have for the organization. Provide an outline for change management plan to implement your 2 recommendation

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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