ln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $4,600 on each September 30, beginning on September 30, 2024. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.)   Required: Calculate the amount at which

Q: On January 1, 2019, Carson Inc sold used equipment with a cost of S15,000 and a carrying amount of…

A: ANSWER   On January 1, 2019, Carson Inc sold used equipment with a cost of S15,000 and a…

Q: Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2018. Payment was…

A: Given information is: Lincoln Company purchased merchandise from Grandville Corp. on September 30,…

Q: Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made…

A: The question is based on the concept of Financial Management.

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A: Prepare the journal entries for Parnevik on March 1, 2020:

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A: Present value:

Q: Fame Company has an 8% note receivable dated June 30, 2019 in the original amount of P 1,500,000.…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Braddock Inc. had the following long-term receivable account balances at December 31, 2019. Note…

A: BRADDOCK INC.…

Q: On January 2, 2021, Integrity Co. sold merchandise to Honesty, Inc. for P2,500,000. The cost of…

A: The installment sales method recognizes revenue and income proportionately as cash is collected. The…

Q: On October 1, 2020, Brosnan Company sells (factors) $800,000 of receivables to Nation Factors, Inc.…

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A: The question is related to sale of goods on installment. In the given question the goods were sold…

Q: Grouper Inc. had the following long-term receivable account balances at December 31, 2019. Note…

A: For entry 4 : Installment due = $ 45125 - ($ 140000*12%) = $ 28325

Q: On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a…

A: Present value:   The value of today’s amount to be paid or received in the future at a compound…

Q: On December 28, 2018, Tristar Communications sold 10 units of its new satellite uplink system to…

A: Cash discount: The merchandisers offer a reduction in sales price on initial sales, to accelerate…

Q: A 180-day promissory note was issued by FDNACCT Co. on November 1, 2021 in exchange of goods bought…

A: Interest income is the amount of money received as an interest either from an investment, bonds, or…

Q: HILO CORP. had the following long-term receivable account balances at December 31, 2019 Note…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: WALNUT Department Store sells gift certificates, redeemable for store merchandise that expires one…

A: Unearned revenues are those revenues which are received in advance by the business but that will be…

Q: Daniels Company engaged in the following transactions during 2020: a. Purchased $25,000 of…

A: Since there is not anywhere mentioned any bank transaction so it is clearly understood that all…

Q: FDNACCT Co. purchased merchandise and issued a twelve-month promissory note with 8% interest and…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

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A: Adjusting entries are the journal entries passed to correct the previously recorded transaction or…

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A:

Q: On January 2, 2020, a public company sells machinery for $620,000. The in-store list price on the…

A: Notes receivable = Sale price of machinery - cash received = 620000 - 104000 = $516,000

Q: On March 31, 2020, the CHICAGO BULLS Corporation issued a P3, 000, 000 12% promissory note for…

A: Interest expense from January 1 2021 to March 31 2021 = Amount payable x rate of interest x no. of…

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A: Step 1: a. Compute the discount on notes payable as follows:

Q: oninterest bearing note requiring five annual payments of P500,000. The first payment was made on…

A: A noninterest bearing note is the one that does not carry any interest component but is transacted…

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A: Introduction:- Calculation of the total interest income to be recorded by Harmony Corp. during 2020…

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Q: On December 31, 2019, Carboro Textile Company had shortterm debe in the form of notes payable…

A: Balance sheet shows the financial position of the company.

Q: On February 1, 2021, MARIGOLD Company factored receivables with a carrying amount of ₱300,000 to…

A: Loss on factor = Accounts receivable x finance charge

Q: n July 1, 2021, A Company sold goods to a customer for P540,000 in exchange for a 4-year, 12%…

A: solution given Face value of note 894697.80 Life 4 years Interest rate 12%…

Q: Shlee Corporation issued a 4-year, $60,000, zero-interest-bearing note to Garcia Company on January…

A: Calculation of discount on note payable:

Q: On June 1, 2019, Cooper Company purchased inventory costing $93,000 by signing a 6%, nine-month,…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On January 1, 2018, The Barrett Company purchased merchandise from a supplier. Payment was a…

A: Given values: Note period = 5 years. Annual payment = $ 20000 Lump sum payment = $ 100000

Q: On January 1, 2021, Whitney Company sold the following merchandise inventory: Buyer Mode of payment…

A: Note Receivable: It is a written Promise The promise is for receiving  a specific amount of cash on…

Q: January 1, 2021, Hopper Company sold merchandise costing P150,000 to Eleven , who issued a…

A: Sale price = P250000 merchandise costing P150,000  Gross profit is P100000 Gross profit ratio=…

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A: Journal is the book of original entry in which all the financial transactions of the business are…

Q: AAA Company sells gift certificates that expire one year after their issuance. Information on gift…

A: Unearned revenue is the revenue received in advance. it must be shown in liabilities but not to be…

Q: On February 1, 2021, MARIGOLD Company factored receivables with a carrying amount of ₱300,000 to…

A: Receivables is also known as accounts receivable which refers to the amount of debt owed to a firm…

Q: Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made…

A: Time value     of money: Time value of money refers to the concept that the value of money available…

Q: ring notes payable . Principal is due in three equal payments every December 31 beginning on…

A: It carry defined rate of interest and repayable after certain period of time. Non interest bearing…

Q: On February 1, 2021, MARIGOLD Company factored receivables with a carrying amount of ₱300,000 to…

A: Factoring is the technique where the accounts or note receivables has been sold by company to any…

Q: Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made…

A: Let 2021 be year 0 First annual payment in year 2024 (year 3) = A3 = $4200 Total payments = 6 r = 8%

Q: 1. WALNUT Department Store sells gift certificates, redeemable for store merchandise that expires…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Straight Industries purchased a large piece of equipment from Curvy Company on January 1, 2019.…

A: Interest accrued for 2019 = Present value of note x rate of interest x no. of years = $252715 x 10%…

Q: On January 1, 2019, Fulton Inc. enters into a contract with Gibson to deliver goods. Gibson pays…

A: The journal entries for Fulton Inc. are shown as below:     Working Notes: Computation of…

Q: On january 1, 2020, scatter co. acquired inventory with a list price of p1,300,000 and a cash price…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry…

Q: On February 1, 2021, MARIGOLD Company factored receivables with a carrying amount of ₱300,000 to…

A: Given Information: Receivables with a carrying amount = ₱300,000 Finance charges = 3% Retention for…

Q: On June 30, 2021, the Esquire Company sold some merchandise to a customer for $30,000. In payment,…

A:

Q: Beverly Place received a three-year, non-interest-bearing trade note for P50,000 on January 1, 2021.…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: Clancy Co. accepted a two-year noninterest-bearing note for $1,166,400 on January 1, 2020. The note…

A:

Q: On June 30, 2021, the Esquire Company sold some merchandise to a customer for $30,000. In payment,…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…