On April 19, 2021, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment of $120,000 in five years. The applicable effective interest rate is 7%. What amount of sales revenue would Millipede recognize on April 19, 2021, for the Hartwood transaction?

Q: Green Industries purchased a machine from Cyan Corporation on October 1, 2021. In payment for the…

A: Calculate the monthly interest rate.

Q: On September 1, 2021, Speedy Lube signed a 30-year, $1,080,000 mortgage note payable to Jonstown…

A: The loan amortization table refers to the table used to calculate the principal portion and interest…

Q: On December 31, 2019, Bart Company purchased a machine in exchange for a noninterest bearing note…

A: Note payable is the amount of loan or debt that is borrowed by the business, on which regular…

Q: Use the following information to answer the next 2 questions: On January 1, 2020, Aggie Company…

A: Present value interest factor of an annuity (PVIAF) is used for calculation of present value of a…

Q: On January 1, 2021, Stoops Entertainment purchases a building for $550,000, paying $10,000 down and…

A: Lets understand the basics. For recording financial event or transaction occur during a particular…

Q: On October 1, 2020, Kingbird Equipment Company sold a pecan-harvesting machine to Valco Brothers…

A: Interest is paid on October, so From Oct 1 to Dec 31 = 3 months. Annual Interest = 169,200*8% =…

Q: On January 1, 2021, Corvallis Carnivals borrows $17,000 to purchase a delivery truck by agreeing to…

A:

Q: Company is to make an annual principal payment of P600,000 for 5 years plus interest at 8%. The…

A: Impairment=Carrying value of loan-present value of cash flows

Q: On April 1, 2021, John Vaughn purchased appliances from the Acme Appliance Company for $1,200. In…

A:

Q: On January 1, 2021, Hodge Beanery received $8,000 from the Kennedy Company in exchange for a coffee…

A: Meaning of Deferred Revenue Deferred Revenue refer as the advance revenue which the company will…

Q: On January 1, 2020, Happy Inc. sold a hot tub to Monica, receiving a two-year, noninterest-bearing…

A:

Q: On January 1, 2021, Hestia Bank extended a 12%, P1,000,000 loan to Ares, Inc. Principal is due on…

A: Amount of loan is P1,000,000. Rate 12%

Q: On January 1, 2020, Billy Company sold equipment that originally cost $5,000,000 to Selecta Company.…

A: It is the amount of difference between the face value of the bond issued and the amount actually…

Q: The Weeknd Co., a machinery dealer, sells a machine for P22,200 under a 1-year warranty contract…

A: The total warranty expenses will be the aggregate of amount for parts and labor expenses.

Q: VKS Bank loaned P5,000,000 to IntAcc1 Company on January 1, 2018. The terms of the loan require…

A: In order to determine the impairment loss, the present value of the loan is required to be…

Q: On January 1, 2021, Hosana Co. sold equipment in exchange for a P 850,000, 4 year, 11% note,…

A: Lets understand the basics. Compounded interest means interest on interest. In other words, it is a…

Q: On April 19, 2018, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising…

A:

Q: On December 31, 2019, Bart Company purchased a machine in exchange for a noninterest bearing note…

A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts…

Q: A) Brock purchases equipment that has a fair value of $50,000. Brock pays $10,000 as a downpayment,…

A: Fair Value of Equipment is $50,000 Downpayment is $10,000 Principal amount of note is $60,000 Annual…

Q: Assuming Valco Brothers Farm fulfills all the terms of the note, prepare the necessary journal…

A: Under Accrual Basis of accounting business transations are recorded as and when they occur. Here…

Q: require an annual fee of 50,000 and an interest of 1% per month. On March 1, 2020, 3,000,000 is used…

A: Interest on remaining period on purchase value in credit line Purchase value = 30,00,000 used upto…

Q: On January 1, 2020, Hamid Company sold goods to Khaled Company. Khaled signed a noninterest-bearing…

A: Present value of amount to be receved on January 1, 2020 = Intial payment + Annual payment x PV of…

Q: On January 1,2021, Josh Co. sold a machine to Groban Co. In lieu of cash payment, Groban gave josh a…

A: Depreciation: It is the gradual fall in the value of the asset due to its normal usage in the…

Q: On December 31, 2021, Boston Company purchased a machine from Helix Company in exchange for a…

A: Non bearing interest notes are capitalized at present value of future installments. Hence the…

Q: On September 1, 2018, Speedy Lube signed a 30-year, $1,080,000 mortgage note payable to Jonstown…

A:

Q: On January 1, 2019, Makakaya Co. granted a five year loan to a borrower amounting to P6,000,000. The…

A: The impairment loss on the financial assets arises if the fair value of financial assets is lower…

Q: On January 1, 2019, ABC Company sold an equipment with carrying amount of P1,500,000. The customer…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: On January 1, 2019, Zoom Bank provided a loan of P4,000,000 to D Company. Under the loan agreement,…

A: An impairment loss is the amount by which the carrying amount of an asset or a cash-generating unit…

Q: On January 1, 2018, Jimbo Enterprises purchased new equipment for its training center.  The…

A: Following are the calculation of total interest expense will pay over the life of loan:

Q: In connection with this note, how much Jane Co. would pay at March 31, 2019?

A: Given information is: Jane's Donut Co. borrowed OMR 50,000 on March 1, 2018, and signed a one-year…

Q: The Moustache Company is replacing most of the windows in its Alden factory by purchasing them under…

A: Interest expense for 2019 = face value of notes x rate of interest x period = $37,908,000 x 10% =…

Q: On January 1, 2020, Gibson Co. purchases equipment having a fair value of $200,000 by issuing a…

A: Zero coupon bonds means those bonds which were issued for money or any assets but for which no…

Q: On January 1, 2019, Wolverine Corporation borrowed $1,450,000 by signing a note from Spartan City…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: On October 1, 2020, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers…

A: Journal: Journal is the method of recording monetary business transactions in chronological order.…

Q: On January 1, 2020, Apple, gave a loan to Samsung Nokia Inc. amounting to P1,000,000 and received a…

A: A should recognize $1200,000 as impairment losses for the current year in the statement of…

Q: LINDT Corporation manufactures and sells electrical generators. On May 31, 2020, it sold an…

A: Present value of Note =  Installments x present value of an ordinary annuity of 1 for three periods…

Q: Jem Riane Delos Reyes Bank granted a loan of P3,000,000 to a borrower on January 1, 2021. The terms…

A: given, loan amount = $3000,000 which is not paid for first two years.

Q: On January 1, 2021, Tropical Paradise borrows $50,000 by agreeing to a 6%, six-year note with the…

A: A bank is a financial institution which accepts cash or deposits from customers and grants loans to…

Q: On April 1, 2021, John Vaughn purchased appliances from the Acme Appliance Company for $1,000. In…

A: Purchased Amount = $1,000 Time Period = 18 Months Annual Interest Rate = 24%

Q: LINDT Corporation manufactures and sells electrical generators. On May 31, 2020, it sold an…

A: Equal annual installment on note = 900,000/3 = 300,000 Present value of note = 300,000 * Cumulative…

Q: Use the following information for the next two questions. Funan Industries purchases new…

A: PV of notes payable=Cash price-down payment =79000-10000=69000

Q: On Dec. 31, 2020, Boss Company purchased a machine from Len Company in exchange for a noninterest…

A: Note means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: On January 1, 2020, Billy Company sold equipment that originally cost $5,000,000 to Selecta Company.…

A:

Q: On January 1, 2022 Hideki Matsuyama provides services in exchange for a $10,000 zero-interest…

A: Solution: Present value of note on Jan 1, 2022 = $10,000 * PV of 1 at 15% for 4 periods = $10,000 *…

Q: On July 1, 2020, Marin Inc. made two sales: 1.   It sold excess land in exchange for a four-year,…

A: Notes Receivables:-It is a written legal document where one party promise to another party to pay…

Q: On October 1, 2021, Oberley Corporation loans one of its employees $40,000 and accepts a 12-month,…

A: The books of accounts are maintained under the accrual basis of accounting where revenue and…