User Account

All Pages

What amount should be reported as interest income

Assignment Help Financial Accounting
Reference no: EM132924096

Question - On January 1, 2021, CPA Co. sold equipment with a carrying amount of P4,800,000 in exchange for a P6,000,000 noninterest-bearing note due January 1, 2024. There was no established price for the equipment. The prevailing rate of interest for a note of this type on January 1, 2021 was 10%. The present value of 1 at 10% for three periods is 0.75. What amount should be reported as interest income for 2021?

Reference no: EM132924096

Questions Cloud

How stepwise management assists health care providers : Explain how stepwise management assists health care providers and patients in gaining and maintaining control of the disease. Be specific.
Determine the amount of quality control cost : Suppose Acoma manufactures two products that consume 10,000 and 15,000 inspections each. Using activity rates, determine the amount of quality control cost
Determine the revised profit and loss ratio of the partners : Determine the revised profit and loss ratio of the partners, assuming there was no agreement made after the purchase was made
Identify association between risk factor and health outcome : Identify the association between the risk factor and health outcome you selected, and suggest which observational study design you feel is most appropriate.
What amount should be reported as interest income : The present value of 1 at 10% for three periods is 0.75. What amount should be reported as interest income for 2021
How do standards and regulations influence or support : How Do These Standards and Regulations Influence or Support Ethical Principles, and Influence Patient Care and Nursing Practice?
Make reports when products and services : Demonstrate the following task: Make reports when products and services do not meet the required quality standards.
What is the initial carrying amount of the loan receivable : In addition, National Bank charged Abbo Company a 4-point nonrefundable loan origination fee. What is the initial carrying amount of the loan receivable
Are three comolexity measures intercorrelated : Are three comolexity measures intercorrelated? Discuss

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!

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