Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
(Zero-Interest-Bearing Note Receivable) On September 30, 2013, Rolen Machinery Co. sold a machine and accepted the customer's zero-interest-bearing note. Rolen normally makes sales on a cash basis. Since the machine was unique, its sales price was not determinable using Rolen's normal pricing practices. After receiving the first of two equal annual installments on September 30, 2014, Rolen immediately sold the note with recourse. On October 9, 2015, Rolen received notice that the note was dishonored, and it paid all amounts due. At all times prior to default, the note was reasonably expected to be paid in full.
Instructions
(a) (1) How should Rolen determine the sales price of the machine?(2) How should Rolen report the effects of the zero-interest-bearing note on its income statement for the year ended December 31, 2013? Why is this accounting presentation appropriate?(b) What are the effects of the sale of the note receivable with recourse on Rolen's income statement for the year ended December 31, 2014, and its balance sheet at December 31, 2014?(c) How should Rolen account for the effects of the note being dishonored?
a company purchase equipment for 500000 cash on july 1 2006. the estimated life is 5 years or 1000000 units salvage
we bake perfect pies company makes fruit pies using a process cost system. the dough is made in the mixing department
Accounting for uncollectible accounts (aging-of-receivables method), credit card sales, notes receivable, and accrued interest revenue
Distinguish between the two basic types of product costing systems, and identify the information that each provides.
The purpose of this assignment is to provide an opportunity to utilise your knowledge of international marketing to undertake an analysis of the overseas market condition to develop a practicable marketing plan.
Explain how the $950,000 abandonment value can be viewed as the opportunity cost of keeping the project in one year.
ki corporation produces 10000 units of k101 each week for use in the assembly of its finished products. the unit cost
Prepare the shareholders' equity section of Anaconda's comparative balance sheets at December 31, 2013 and 2012.
On June 1, 2014, MicroTel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid in 60 days with interest at 10%.
Ford recently hired twenty employees to work in various departments of the company. On the first day, all twenty had the same orientation and attended the same training and development sessions.
discuss the benefits and negatives of each criteria
party time inc buys plain mylar ballons and prints diffrent designs on them for variouse occaisions it imports the
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd