If a company purchased equipment from a supplier for $50,000 and the supplier required six annual payments of $8,667 beginning on year from the date of purchase, what is the implied interest rate. Round to the nearest percentage.
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- SorCo. Inc. has just entered into a sale agreement with a customer. The contract is for $600,000. However, the payments will be made as follows: 1 August 20X1 on date of delivery $400,000; 1 August 20X2 $100,000 and 1 August 20X3 $100,000. SorCo has estimated that the interest rate required for this customer is 8%. SorCo follows IFRS. Required: Prepare the journal entry required to record the sale on 1 August 20X1 and the receipt of cash on 1 August 20X2 and 20X3. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to the nearest whole dollar.)In accordance with IFRS 15, how much is the balance of Unearned Revenue for Premium Claims at the end of the year? In accordance with IFRS 15, assuming on the subsequent year, 750,000 units of ballpen are sold ,and the company estimates that 80% of the ballpens reaching the customers will redeem their premiums, how much is the total revenue if half were redeemed?Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000 ADD EXPLANATION THANKS
- Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 4. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000one received a loan of $51,000.00 at 3.50% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total amount of interest paid was $17,582.10.On January 1, year 1, a machine is purchased at an invoice price of $40,000 . The full purchase price is to be paid at the end of year 5. Assuming 12% compound interest, what did the machine cost if compounding is (1) annually, (2) semiannually, and (3) quarterly?
- The Highest Cost Contractors, Inc. took out an installment loan on 11/1 in the amount of $12,000 for 69 months with an annual interest rate of 5%. On 11/30, when Highest Cost Contractors makes their first monthly payment (including principal and interest), what amount will be recorded into the interest expense account? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f6 E3 f5 f7 f8 f9 f10 f11 团 & * 4 5 7 9. Y G H. K V B 8 16 F. %24Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?Using the following select financial statement information from Mover Supply Depot, compute the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Mover Supply Depot if the competition collects in approximately 65 days?
- A finance company paid a merchant $3,975 for a conditional sale contract after discounting it to yield 18% compounded monthly. If the contract is for 20 monthly payments of $256.96 following a payment-free period, what is the time interval between the date of sale and the first payment? (Round your answer to the nearest month.) _____ monthsAutomotive Excellence Inc. borrowed $18,000.00 on june 21 with an interest rate of 8.9% per annum. On july5, $6000.00 was repaid, and on august 10, $5000.00 was repaid. Automotive Excellence paid the balance of the loan on October 11. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed.Berlin Corp. reported the following data for 2021: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 ADD EXPLANATION THANKS