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What amount should be recorded as sales revenue in January

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Question - The following information pertains to Rose Company at Dec. 31, 2018:

Bank statement balance 1,000,000

Checkbook balance 1,400,000

Deposit in transit 500,000

Outstanding checks 100,000

In Rose's Dec. 31, 2018 balance sheet, cash should be reported at

On January 1, 2020, Hamid Company sold goods to Khaled Company. Khaled signed a noninterest-bearing note requiring payment of P600, 000 annually for seven years. The first payment was made on January 1, 2020.

The prevailing rate of interest for this type of note at date of issuance was 10%

PV of an ordinary annuity of I at 10% for 6 periods 4.36

PV of an ordinary annuity of I at 10% for7 periods 4.87

What amount should be recorded as sales revenue in January 2020?

Reference no: EM132906295

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