What is the amount of the discount on the sale

Assignment Help Accounting Basics
Reference no: EM133117847

Question - A three-year interest-bearing promissory note for $8,900 at 3.8% compounded annually is sold one year and two months before its due date at a discount rate of 7.1% compounded monthly. What is the amount of the discount on the sale?

Reference no: EM133117847

Questions Cloud

Determine the contribution margin per unit : Cloudland Company had the following information for the most recent year: Sales (17,000 units) $357,000. Determine the contribution margin PER UNIT
Describe business opportunity decision processes : Describe the business opportunity decision processes, as explored through the "Moving from Dreams to Reality and the steps included that you will take."
How much did they lose due to the decline in the bond price : The bond sells for 1023 euros, and has a par value of 1000 euros. How much did they lose due to the decline in the bond price
Enterprise risk management : What is the most important reason for an organization to use enterprise risk management?
What is the amount of the discount on the sale : A three-year interest-bearing promissory note for $8,900 at 3.8% compounded annually. What is the amount of the discount on the sale
Businesses similar or are they reaching different segments : Are the customers of these businesses similar, or are they reaching different segments?
Determine the amount in the account at the end of years : The annual rate of interest that you expect to earn in this account is 5.25%. Determine the amount in the account at the end of 20 years
What is the initial cost of investment : On December 31, 2020, the investment has a fair value of P105 per share. What is the initial cost of investment upon acquisition on June 1, 2020
What amount of dividend income should be reported : On October 15, 2020, the Skyline Company received a liquidating dividend of P100,000 from David Company. What amount of dividend income should be reported

Reviews

Write a Review

Accounting Basics Questions & Answers

  I want to make sure that i am understanding what i am doing

With the accounting rule of Assets=Liabilities+Stockholders Equity can you assist in building a ledger

  What is the carrying amount of the receivable

Question - On June 30, 2020, Vast Corp. granted a 5-year, What is the carrying amount of the receivable from the Vice-President on December 31, 2020

  Contemporary trends in global value chain management

Illustrate out the some contemporary trends in global value chain management? How does the use of a global monetary unit (e.g., Euro or single currency) affect global value chain management?

  Evaluate what is the cost of goods manufactured

The manufacturing overhead amounts to 50% of the direct labor, and the direct labor. What is the cost of goods manufactured?

  Prepare the journal entries used by Salazar company

August 17,2007 Bautista Company paid Salazar company the amount due on the note. Prepare the journal entries used by Salazar company

  Prepare journal entries for speedway to record transactions

Steven paid the note and any remaining interest. Prepare the journal entries for Speedway to record the transactions only on the dates listed above

  If inventory costs are rising which method fifo lifo or

if inventory costs are rising which method fifo lifo or weighted average cost results in the highest net income? which

  Discuss how the term affect living things and physical world

Discuss how the term affects living things and the physical world,Explain exactly how those actions will aid in safeguarding our environment in relation

  What was cheerful color direct labor cost variance

Cheerful Colors paid workers $20/hour. What was Cheerful Color's direct labor cost variance for October

  Compute the total cost of making and buying the parts

Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. Compute the total cost of making and buying the parts

  Discuss the principles section of the AICPA Code of Conduct

Discuss the principles section of the AICPA Code of Conduct. Describe the causes of fraud, detection methods, and preventative controls

  Determine Dove unappropriated retained earnings balance

Use Schedule M-2 of Form 1120 (see Example 34 in the text) to determine Dove's unappropriated retained earnings balance as of December 31, 2019

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