Sunland Company sold $131000 of goods and accepted the customer's $131000 10%, 1-year note receivable in exchange. Assuming 10% approximates the market rate of return, how much would be reported for the year ending december 31 if sales was made of june 30? $13100. $0 $3275 $6550

Sunland Company sold $131000 of goods and accepted the customer's $131000 10%, 1-year note receivable in exchange. Assuming 10% approximates the market rate of return, how much would be reported for the year ending december 31 if sales was made of june 30? $13100. $0 $3275 $6550

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Purchase price = Today's Zillow Zestimate 521500 You will pay a down payment = 15% of purchase price…

A: The purchase price is the price at which the asset is available for the customers to purchase. Down…

Q: On January 1, 2020, Molina Company sold a special machine that had a cash price of P900,000. The…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: nd in the Who are the two parties to a lease transaction? Describe the various types of leases. What…

A: Parties to lease transaction There are two parties to a lease transaction, namely, the lessor and…

Q: Information on a note receivable: Face amount P800,000 Effective Interest 14% PV of P1 @14%, n= 5…

A: The note is payable after a particular period in a lump sum without any interest payable for each…

Q: Determine the monthly payment that must be made, as well as the financial run, to acquire a Nissan…

A: List Price is $238,900 Down payment is $11,945 Annual interest rate is 14.65% Number of periods are…

Q: Maplewood Supply received a $5,250 invoice dated 4/15/20. The $5,250 included $250 freight. Terms…

A: Invoice price is a commercial document. which is issued by the seller to buyer when any goods are…

Q: How much cash is the company expected to receive on maturi

A: The company sold merchandise for ₱45,094 ₱10,000 down payment is already received so the remaining…

Q: Instructions: Answer the following questions. a. At what amount should XYZ record the equipment on…

A: The following steps are commonly involved in equipment accounting: Establish the equipment's cost,…

Q: . 2022, Clark Co. received a P3,000,000, 10% note from a customer upon baid in six equal semi-annual…

A: The time value of money implies that a sum of money is worth more now than the same sum that it will…

Q: You owe $1985.00 and $1794.00 in 5 months from now and 9 months from now respectively. What single…

A: Information Provided: Amount owed for 5 months = $1985 Amount owed for 9 months = $1794 Annual…

Q: A businessman wants to buy a truck. The dealer offers to sell the truck for either $120,000 now, or…

A: The time value of money refers to the concept that a dollar received in the future is worth less…

Q: own payment: 20% nstallment sales: P545, 000 in 2020, P785,000 in 2021, and P968,000 in 2022 Markup…

A: Realized gross profit on instalment basis is equal to the amount of cash collected X gross profit %…

Q: A note dated May 1, 2011 promises the payment of $5660 00 wath interest at 6 5% pa. compounded…

A: Given Information:A note worth $5660 issued on 2011, may 1st at 6.5% interest compounded…

Q: Please Help

A: Step 1: Calculate the rate of gross profit on 2019 installment salesa. Calculate the gross…

Q: On January 1, 20X9, Fast Bank made a P2,000,000, 8% loan. The P160,00O interest is receivable at the…

A: Given: Carrying value of Loan=$2,000,000Rate of loan =8%Interest receivable every year =$160,000PV…

Q: 2% compounded annually, calcula O a. P 455,875.00

A: The given problem can be solved using PV function in excel. PV function computes loan amount (price…

Q: A £12,000 T-bill is purchased at a 4.05% discount rate for 40 weeks. Find the maturity value of the…

A: t bills are sold at discount to par is face value equals to its maturity value.

Q: XYZ, Inc. has purchased new equipment. The contract with the manufacturer requires XYZ to make a…

A: An asset purchased shall be accounted for at the cash price equivalent if it involves payment by way…

Q: 1 You deposit P10 000 into a 9% account today . At the end of two years , you will deposit P30 000 .…

A: Future Value The future value is the amount that will be received at the end of a certain period.…

Q: If for the next 30 years you place OMR 3,610 in equal annual year-end-deposits into an account…

A: Future value of annual year end deposits is calculated by future value of ordinary annuity formula.…

Q: Question 1 Kumi Ltd permits its customers to pay with a credit card or to receive a percentage…

A: Solution- Cost price…

Q: An insurance company is offering monthly payments of $ 250 for the next twenty years in exchange for…

A: Monthly payments = $250Number of years = 20Payment today = $40,000To find: The rate of return on…

Q: Question 19: On 31 Dec, 2014, Merigo Co sold goods to a customer for $ 10 million, representing a…

A: Profit and loss statement also known as income statement. its consist revenue and expenes . From…

Q: In buying a farm worth P 1,500,000 cash, the purchaser pays P 500,000 cash and agrees to pay the…

A: Here, Cost of Farm is P1,500,000 Down Payment is P500,000 Semi Annual Payment is P178,118.98 First…

Q: Information on a note receivable: Face amount P800,000 Effective Interest 14% PV of P1 @14%, n= 5…

A: Lets understand the basics. When note is issued and its payable over installements then it needs to…

Q: A note dated June 1, 1995, calls for the payment of $85,000 in 6 years. On March 15, 1998, the note…

A: Present value refers to money received today being more valuable than the money will receive in…

Q: 1 2 3 4 5 6 7 8 9 10 11 12 13 A B Purchase price Down payment Trade in Amount financed Monthly…

A: Mortgage payment is done at a fixed interest rate for a fixed duration of time. Normally, the…

Q: On Jan 1, 20X1, ABC Corp received a P450,000 3-year note from a customer. The principal and interest…

A: The note seems a zero-interest note receivable. In a zero-interest note receivable the interest…

Q: A $100,000 168-day T-bill is purchased for $99,004 on its issue date. What simple ate of interest…

A: Given: Face value =$100000Purchase value =$99004Days to maturity =168

Q: 9. A company borrows 1,000,000 at an annual effective discount rate of 4%. The loan is to be repaid…

A: In a time value of money concept based payment stream, we have to find the value of the last…

Q: PNG se th ar ye the What is the present value of an annuity of $4,000 received at the beginning of…

A: Payment = p = $4000Time = t = 8Discount Rate = r = 9%Payment Type = at the beginning

Q: ← Automotive Excellence Inc. borrowed $19,000.00 on April 8 with an interest rate of 5.9% per annum…

A: Amount due is amount of loan plus amount of interest accumulated on that date.Interest on loan=loan…

Q: Honda is selling a 2014 Accord Coupe EX M for $30,057 including freight, PDI and all applicable…

A: The future value is the amount of money on a future date. It can be calculated using the time value…

Q: е раут what is the present value of the furniture payments?

A: Given : 3 annual year payments - $1,000 Discount rate = 6%

Q: As a result of a slowdown in operations, Mercantile Stores is offering to employees who have been…

A: Present value (PV) is defined as the current or present value of all future sums of cash flow or…

Q: Q19 Compute the present value of an $1,450 payment made in 10 years when the discount rate is 12…

A: Solution:- When an amount is invested somewhere, it earns interest on it. The payment initially made…

Q: Hot Issue Company sold its machine with a carrying amount of P2,000,000 in exchange for P2,500,000…

A: Present Value of Annuity Due (PVAD): It is the value calculated at the end of the number of periods…

Q: What is the value of before tax equity reversion if sales price is Tk. 8900000, selling expense is…

A: Sales price = Tk. 8900000 Selling expense = 20% of sales = 20% x Tk.…

Q: Bibimbap Company received from a customer a on-year, P500,000 note bearing annua nterest of 8%.…

A: Solution: Formula Sheet: Answer Sheet:

Q: owance of P194,400. Cash of P32,400 was paid in paid in ten monthly installments due at the end of…

A: The gross profit ratio (GP ratio) is a financial statistic that divides a company's gross profit by…

Q: Fill in the missing information 1. Find the missing information 2. Monetary Value: Round up the…

A: A promissory note refers to the financial instrument which is in writing where one party promises to…

Question

$13100.

$3275

$6550

Definition Definition Percentage gain or loss from a specific investment over time. The rate of return is the difference between the closing and initial values of an investment divided by the initial value of the investment. The closing value includes any intermediate cash flows such as dividends or interest amounts.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Calculation of interest

VIEW

Step 2: Conclusion

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

25 A company purchases a piece of machinery by issuing a $300,000 five-year note payable. The stated and effective annual interest rates are both 6%, and monthly installment payments are $5,800. What is the balance in the Notes Payable account after two payments have been made? $288,400 O $291,379 $295,700 $300,000 NEXT > BOOKMARK
Give typing answer with explanation and conclusion YG Corporation recently issued 270-day commercial paper with a face value of $2,000,000 and a simple interest rate of 11 percent. The company paid a transaction fee equal to 0.4 percent of the issue, which was taken out of the issue amount before the company received any funds. Assuming there are 360 days in a year, what is the commercial paper's effective annual rate (rEAR)? a. 17.51% b. 11.99% c. 12.56% d. 12.63% e. 12.82%
What's the present value of $15,000 discounted back 5 years if the appropriate interest rate is 4.3%, compounded semiannually? Oa. $18,555.60 Ob. $9,845.74 Oc. $12,152.61 Od. $12,125.72 Oe. $13,486.50
LUCAS BORROWED PHP 1,000 FROM WATER-ME-LOAN AAND PROMISES TO PAY THIS WITH LEVEL MONTHLY AMORTIZATION PAYMENTS FOR 10 MONTHS AT INTEREST RATE I PER MONTH YOU ARE GIVEN THE PARTIAL TABLE BELOW. t Pt B₂ 0 1 2 ४ন + t فی 4737.47 5 6 7 ४ q 10 1.000.00 249.36 F657.33
please help answer
ST Trucking just signed a $3.8 million contract. The contract calls for a payment of $1.1 million today, $1.3 million one year from today, and $1.4 million two years from today. What is this contract worth today at a discount rate of 8.7 percent? O a. $3,202,223.89 b. $2,108,001.32 c. $3,202,840.91 d. $3,783,648.48 e. $3,480,817.37
PROBLEM 1 On December 31, 2023, JFG Company, a financing institution, lent P4,000,000 to MFG Company due 3 years after. The loan is supported by an 8% note receivable. Transaction costs incurred to originate the loan amounted to P248,000. P374,000 was chargeable to MFG as origination fees. Interest on the loan is collectible at the end of each year. The yield rate on the loan after considering the direct origination fees and origination costs incurred is 9.25%. JFG was able to collect interest as it became due at the end of 2024. During 2025, however, due to MFG Company's business deterioration and due to political instability and faltering global economy, the company was not able to collect amounts due at the end of 2025. After reviewing all available evidence at December 31, 2025, JFG determined that it was probable that MFG would pay back only P3,400,000 collectible as follows: December 31, 2027 December 31, 2028 December 31, 2029 December 31, 2030 P1,400,000 1,000,000 600,000…
M3
Compute for the bank's income if a client will purchase USD375,000 @ P50.76 = $1 based on P50.30 benchmark or based rate. a. P172,500 b. P17,500 c. P1,725 d. P17,250
Quarterly interest = 10000*4%/4 = 100 Quarterly nominal interest rate = 4%/4 = 1% n = 16*4 = 64 quarters Ms Jonesillhe willing to pay:- 100 (PIA,1%,64) + 10000*(P/F,1%,64) 10 0007 000*0.528971 4710.287 + 5289.71 9999.99 = 100000
List Price: P100,000 Trade Discount: 20%, 10% What is the Invoice Price?
Happy Company sold a machine in exchange for a P750,000, 5-year, 14% note; interest is payable annually. How much is the total amount of interest collected for this note for 5 years? tart How much cash will be collected at the end of the term of the note? ssments ( Previous rences fessors