On December 31, 2017, Marigold Inc. rendered services to Beghun Corporation at an agreed price of...
On December 31, 2017, Marigold Inc. rendered services to Beghun Corporation at an agreed price of $107,044, accepting $42,500 down and agreeing to accept the balance in four equal installments of $21,250 receivable each December 31. An assumed interest rate of 12% is imputed.
|
Prepare the entries that would be recorded by Marigold Inc. for the sale on December 31, 2017. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) I know Cash Dr 42500 |
Homework Answers
| Particulars | Debit | Credit |
| Cash | 42500 | |
| Notes receivables (21250*4years) | 85000 | |
| Service revenue | 107044 | |
| Discount on notes receivables (42500+85000-107044) | 20456 |
Add Answer to:
On December 31, 2017, Marigold Inc. rendered services to Beghun
Corporation at an agreed price of...
On December 31, 2020, Kingbird Inc. rendered services to Beghun Corporation at an agreed price of...
On December 31, 2020, Kingbird Inc. rendered services to Beghun Corporation at an agreed price of $118,390, accepting $45,800 down and agreeing to accept the balance in four equal installments of $22,900 receivable each December 31. An assumed interest rate of 10% is imputed. Prepare an amortization schedule. Assume that the effective-interest method is used for amortization purposes. (Round answers to 0 decimal places, e.g. 5,275.) December 31, 2020 Schedule of Note Discount Amortization Interest Discount Revenue Amortized Cash Received...
On December 31, 2017, BLANK Inc. rendered services to BLANK Corporation at an agreed price of...
On December 31, 2017, BLANK Inc. rendered services to BLANK
Corporation at an agreed price of $109,448, accepting $42,900 down
and agreeing to accept the balance in four equal installments of
$21,450 receivable each December 31. An assumed interest rate of
11% is imputed.
Prepare an amortization schedule. Assume that the
effective-interest method is used for amortization purposes.
December 31, 2017
Schedule of Note Discount Amortization
Date
Cash
Received
Interest
Revenue
Carrying
Amount of Note
12/31/17
$
$
$
12/31/18...
On December 31, 2017, Green Company rendered services to End Corporation at an agreed price of...
On December 31, 2017, Green Company rendered services to End Corporation at an agreed price of $91,844.10, accepting $36,000 down and agreeing installments of $18,000 promissory note rece ivable each December 31. Under the circums tances , the note is considered to have an appropriate imputed rate of interest of 118. accept the balance in a four equal to Instructions (a) Determine the present value of the note. (b) Prepare the journal entry to for December 31, '2017.
P7.8 On December 31, 2020, Zhang Ltd. rendered services to Beggy Corp. at an agreed price...
P7.8 On December 31, 2020, Zhang Ltd. rendered services to Beggy Corp. at an agreed price of $91,844.10. In payment, Zhang accepted $36,000 cash and agreed to receive the balance in four equal instalments of $18,000 that are due each December 31. An interest rate of 11% is applicable. Instructions a. Calculate the value of the note receivable at December 31, 2020, and prepare an instalment note receivable schedule. b. Prepare the entries recorded by Zhang Ltd. for the sale...
Swifty Corporation purchased a computer on December 31 2016 for $119,700 ing $34,200 down and agreeing...
Swifty Corporation purchased a computer on December 31 2016 for $119,700 ing $34,200 down and agreeing to pay the balance in five equal installments of $17,100 payable each December 31 beginning in 2017. An assumed interest rate of 8% s mplicit in the purchase price he Purchase priced comp Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are...
On December 31, 2020, Carla Co. performed environmental consulting services for Hayduke Co. Hayduke was short...
On December 31, 2020, Carla Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Carla Co. agreed to accept a $318,100 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Carla is much more creditworthy and has various lines of credit at 5% - Your answer is partially correct. Prepare the journal entry to record the transaction of...
Exercise 7-14 On December 31, 2015, Oriole Co. performed environmental consulting services for Hayduke Co. Hayduke...
Exercise 7-14
On December 31, 2015, Oriole Co. performed environmental
consulting services for Hayduke Co. Hayduke was short of cash, and
Oriole Co. agreed to accept a $346,500 zero-interest-bearing note
due December 31, 2017, as payment in full. Hayduke is somewhat of a
credit risk and typically borrows funds at a rate of 11%. Oriole is
much more creditworthy and has various lines of credit at 6%.
Prepare the journal entry to record the transaction of December
31, 2015, for...
Marigold Corporation bought a computer on December 31, 2020, paying $35,000 down with a further $89,000...
Marigold Corporation bought a computer on December 31, 2020, paying $35,000 down with a further $89,000 payment due on December 31, 2023. An interest rate of 8% is implicit in the purchase price. Marigold uses the effective interest method and has a December 31 year end. Marigold prepares financial statements in accordance with ASPE. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a)...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $257,500 debit, and Allowance for Doubtful Accounts $1,877 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do...
At December 31, 2020, the available-for-sale debt portfolio for Marigold, Inc. is as follows. Security Cost...
At December 31, 2020, the available-for-sale debt portfolio for Marigold, Inc. is as follows. Security Cost Fair Value $31,500 $27,000 22,500 25,200 41,400 45,900 Total $95,400 $98,100 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(4,500 ) 2,700 4,500 2,700 720 $1,980 On January 20, 2021, Marigold, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value....
On December 31, 2020, Kingbird Inc. rendered services to Beghun Corporation at an agreed price of $118,390, accepting $45,800 down and agreeing to accept the balance in four equal installments of $22,900 receivable each December 31. An assumed interest rate of 10% is imputed. Prepare an amortization schedule. Assume that the effective-interest method is used for amortization purposes. (Round answers to 0 decimal places, e.g. 5,275.) December 31, 2020 Schedule of Note Discount Amortization Interest Discount Revenue Amortized Cash Received...
On December 31, 2017, BLANK Inc. rendered services to BLANK
Corporation at an agreed price of $109,448, accepting $42,900 down
and agreeing to accept the balance in four equal installments of
$21,450 receivable each December 31. An assumed interest rate of
11% is imputed.
Prepare an amortization schedule. Assume that the
effective-interest method is used for amortization purposes.
December 31, 2017
Schedule of Note Discount Amortization
Date
Cash
Received
Interest
Revenue
Carrying
Amount of Note
12/31/17
$
$
$
12/31/18...
On December 31, 2017, Green Company rendered services to End Corporation at an agreed price of $91,844.10, accepting $36,000 down and agreeing installments of $18,000 promissory note rece ivable each December 31. Under the circums tances , the note is considered to have an appropriate imputed rate of interest of 118. accept the balance in a four equal to Instructions (a) Determine the present value of the note. (b) Prepare the journal entry to for December 31, '2017.
Swifty Corporation purchased a computer on December 31 2016 for $119,700 ing $34,200 down and agreeing to pay the balance in five equal installments of $17,100 payable each December 31 beginning in 2017. An assumed interest rate of 8% s mplicit in the purchase price he Purchase priced comp Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are...
On December 31, 2020, Carla Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Carla Co. agreed to accept a $318,100 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Carla is much more creditworthy and has various lines of credit at 5% - Your answer is partially correct. Prepare the journal entry to record the transaction of...
Exercise 7-14
On December 31, 2015, Oriole Co. performed environmental
consulting services for Hayduke Co. Hayduke was short of cash, and
Oriole Co. agreed to accept a $346,500 zero-interest-bearing note
due December 31, 2017, as payment in full. Hayduke is somewhat of a
credit risk and typically borrows funds at a rate of 11%. Oriole is
much more creditworthy and has various lines of credit at 6%.
Prepare the journal entry to record the transaction of December
31, 2015, for...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $257,500 debit, and Allowance for Doubtful Accounts $1,877 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do...
At December 31, 2020, the available-for-sale debt portfolio for Marigold, Inc. is as follows. Security Cost Fair Value $31,500 $27,000 22,500 25,200 41,400 45,900 Total $95,400 $98,100 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(4,500 ) 2,700 4,500 2,700 720 $1,980 On January 20, 2021, Marigold, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value....
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago