Reference no: EM132588867
On 15/07/2019, "ABC" Company sold goods to customer "X" with a total value of $100,000. The customer paid 30% cash, and signed a 80 days, 12%% note for the reaming balance.
Instructions:
Based on the above given information answer the following questions, assuming the company has a fiscal year ending 31/8:
Question 1) What is the amount of sales revenue that "ABC" Company must record on August 10th, 2019?
Question 2) What is the amount of cash "ABC" Company will receive on the maturity date?
Question 3) What is the amount of interest that "ABC" Company must present on it income statement for the year ending 31/8/2019?
Question 4) On 31/8/2019, "ABC" Company must a note receivable with an amount of on its statement of financial position.
Question 5) What is the amount of interest that "ABC" Company must present on it income statement for the year ending 31/8/2020?
Question 6) On 31/8/2020, "ABC" Company must a note receivable with an amount of on its statement of financial position.
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