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- Smith Corp. sells goods to Magnus for $500,000, payment due in 18 months after the goods are delivered to Magnus. The related interest is $36,000. What is the transaction price? Will Smith recognize interest expense or interest income for this transaction?Presented below are three revenue recognition situations. a. Groupo sells goods to MTN for $1,000,000, payment due at delivery. b. Groupo sells goods on account to Grifols for $800,000, payment due in 30 days. c. Groupo sells goods to Magnus for $500,000, payment due in two installments, the first installment payable in 18 months and the second payment due 6 months later. The present value of the future payments is $464,000. Indicate the transaction price for each of these situations and when revenue will be recognized.On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 9 percent interest. Required: a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? Note: For all requirements, round your answers to the nearest dollar amount. a. b. ذان C. e f. f. g. × Answer is not complete. Interest income Receivables Cash used in investing activities Interest income Cash Cash provided by operating activities Cash provided by investing activities Interest earned P ✔ >>
- anhoe Corporation made credit sales of $18,600 which are subject to 7% sales tax. The corporation also made cash sales which taled $24,503 including the 7% sales tax. ) Prepare the entry to record Ivanhoe's credit sales. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before Credit entries.) Account Titles and Explanation Accounts Receivable Debit 18600 CreditThe Company entered into the following transactions in connection with its business operations as dealer of auto supplies and related services:i. Sold second hand spare tires to Doubtful Liner (DL) in exchange for promissory note with face value of P120,000, payable after 2 years. The note bear interest of 6%, payable annually, when the prevailing rate of interest at the time of sale was 12%.ii. Rendered significant volume of auto repair services to Dispair Trading in exchange with another promissory note with face value of P210,000. The notes issued by DT is non-interest bearing, payable in 3 years and the services rendered has cash equivalent price of P175,000. How much revenue should be recognized by the Company on the year of sale?Described below are certain transactions of Pharoah Company for 2021: On May 10, the company purchased goods from Fox Company for $74,900, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. 1. On June 1, the company purchased equipment for $96,000 from Rao Company, paying $31,200 in cash and giving a one- year, 9% note for the balance. 2. On September 30, the company discounted at 11% its $220,000, one-year zero-interest-bearing note at Virginia State Bank, receiving $198,000. 3. (a) Prepare the journal entries necessary to record the transactions above using appropriate dates. Company uses the periodic inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit > >
- Ned's Sheds purchases building materials from Timbertown Lumber for $3,700 with terms of 4/15, n/30. The invoice is dated October 17. Ned's decides to send in a $2,000 partial payment. a) By what date must the partial payment be sent to take advantage of the cash discount? b) What is the net date? c) If partial payment was sent by the discount date, what is the balance still due on the order?Ayayai Corporation made credit sales of $27,000 which are subject to 5% sales tax. The corporation also made cash sales which totaled $23,940 including the 5% sales tax. Prepare the entry to record Ayayai's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Accounts Receivable Sales Revenue Sales Taxes Payable List of Accounts Debit 28350 Credit 27000 1350On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 7 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? (For all requirements, round your answers to the nearest dollar amount.) а. Int est income b. Receivables C. d. Interest income e. Cash f. g. Interest earned
- The Chair Company provides a 120-day parts-and-labor warranty on all merchandise it sells. The Chair Company estimates the warranty expense for the current period to be $1,270. During this period, a customer returned a product that cost $953 to repair. a. Show the effects of these transactions on the financial statements using a horizontal statements model. Use "+" for increase, "-" for decrease, and NA for not affected. In the Cash Flow column, indicate whether the item is an operating activity, investing activity, or financing activity. b. Prepapre the journal entries to record the warranty expense for the period and payment for the actual repair costs.VKS Company entered into the following transactions in connection with its business operations as dealer of auto supplies and related services:i. Sold second hand spare tires to VST Liner in exchange for promissory note with face value of P120,000, payable after 2 years. The note bear interest of 6%, payable annually, when the prevailing rate of interest at the time of sale was 12%.ii. Rendered significant volume of auto repair services to Dispair Trading in exchange with another promissory note with face value of P210,000. The notes issued by VST is non-interest bearing, payable in 3 years and the services rendered has cash equivalent price of P175,000. How much revenue should be recognized by VKS Company on the year of sale? (Round of present value factors to 4 decimal places, and final answer to nearest peso.)On May 1, Year 1, Benz's Sandwich Shop loaned $10,000 to Mark Henry for one year at 6 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry?