Frank Ricard Inc. sells inventory on January 1st 2020 in exchange for a $2,000 note, due in 2 years (i. e., zero interest bearing). The effective interest rate for this note is 10 percent.
1. Prepare all journal entries related to note and any related interest from January 1st, through the repayment on January 1st 2022.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Frank Ricard Inc. sells inventory on January 1st 2020 in exchange for a $2,000 note, due in 2 years (i. e., zero interest bearing). The ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The Sisyphean Company's common stock is currently trading for $25.50 per share. The stock is expected to pay a $2.80 dividend at the end of the year and the Sisyphean Company's equity cost of capital (i. e., r) is 10%.
Answers (2)
Which of the following activities would be most likely to be accomplished using sampling? a. Sorting a file to identify the largest items. b. Scanning for unusual transactions. c. Selecting items and tracing back to source documents. d.
Answers (1)
Prather Inc. has sales of $100,000, sales returns of $5,000, cost of goods sold of $60,000, and selling expenses of $3,000. Calculate gross profit.
Answers (1)
What is an example of an internal risk for a company? A. political disturbances B. employee turnover C. new market entrants D. natural calamities E. currency rate changes
Answers (1)
When economists refer to "demand," they are speaking of:a) how much everyone wants of all products bought and sold in the nation. a schedule of amounts of a product that buyers would purchase at alternative prices in a given time period.
Answers (1)
New Questions in Business
Tracy company, a manufacturer of air conditioners, sold 100 units to thomas company on november 17, 2013. the units have a list price of $500 each, but thomas was given a 30% trade discount. the terms of the sale were 2/10, n/30.
Answers (1)
The Hamada Company sales for 2018 totaled $150,000 and purchases totaled $95,000. Selected January 1, 2018, balances were: accounts receivable, $18,000; inventory, $14,000; and accounts payable, $12,000.
Answers (1)
Jim is evaluating project that will pay him $5,000 per year for 5 years, and then cost him $4,000 per year for 12 years. Jim's opportunity cost of capital for this project is 18 percent.
Answers (1)
The type of financial aid which provides money for a job on campus is called
Answers (1)
Can people who are adjudged mentally incompetent by the court ever enter into a valid contract?
Answers (1)