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1. On January 1, 2015, ABC rendered services to Z Corp. in exchange for a $105,000, 3 year note. The terms of the agreement require Z Corp. to make semi-annual installment payments of P&I with the first installment due immediately. An annual interest rate of 8% is imputed. Each payment is to be received on Jan 1 and July 1. ABC's year-end is Dec 31. 2. On January 1, 2015 ABC rendered services in exchange for a $20,000 cash down payment (this down payment is NOT a PVAD; it is simply made to reduce the amount being financed) and a 3 year $90,000, 6% note. Interest is to be remitted each June 30 and Dec 31. Principal will be remitted at maturity. This customer has a credit rating which requires that money be borrowed at 10%. 2. cont.. . Continued... For Scenario #2 above, determine the Total Interest Revenue ABC will recognize over the entire three-year lending agreement I need to answer these questions for each scenario: What amount of Service Revenue was recorded on January 1, 2015? What amount of interest revenue should be recognized on this note for the year ending December 31, 2016? What is the Carrying Value of the Note Receivable at December 31, 2016?
torrid romance publishers has total receivables of 2820 which represents 20 days sales. total assets are 70500. the
On January 1, 2011, Denozzo Builders evaluated its long-term construction contracts and decided to change them from the completed contract method of accounting to the percentage-of-completion method. Denozzo Builders will then use the completed contr..
if fixed costs are 750000 and variable costs are 80 of sales what is the break-even point in sales dollars?a. 937500b.
two planes take off at the same exact moment. they are flying across the atlantic. one leaves new york and is flying to
9preferred dividends martinez companys ledger shows the following balances on december 31 2012.5 preferred stock-10 par
carolina mills purchased 270000 in supplies this year. the supplies account increased by 10000 during the year to an
the macarthur company is a retail sporting goods store. facts regarding their operation are as follows sales are
Firms A and B are identical except for their level of debt and the interest rates they pay on debt. Each has $2 million in assets, $400,000 of EBIT, and has a 40% tax rate.
name two reasons why overhead might be under-applied in a given year and how this might be able to be prevented? what
How much gain or loss does Sam recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest?
Explain how multinational companies benefits from the convergence/ harmonization of accounting standards.
The distribution consists of $75,000 cash and property with an adjusted basis to the partnership of $20,000 and a fair market value of $25,000. Immediately before the distribution, Wendy's adjusted basis for her partnership interest is $90,000. We..
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