On July 27, 2011, Panda, Inc. sold goods to Small Company for P1,850,000 in exchange for a 4-year zero-interest-bearing note in the face amount of P2,832,326. The goods have an inventory cost on Panda’s books of P1,180,000. Later in the month, Small Company expects to be able to re-sell the goods for P2,040,000. How much revenue should Panda, Inc. recognize on its books on July 27, 2011?
On July 27, 2011, Panda, Inc. sold goods to Small Company for P1,850,000 in exchange for a 4-year zero-interest-bearing note in the face amount of P2,832,326. The goods have an inventory cost on Panda’s books of P1,180,000. Later in the month, Small Company expects to be able to re-sell the goods for P2,040,000. How much revenue should Panda, Inc. recognize on its books on July 27, 2011?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 15EA: Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....
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On July 27, 2011, Panda, Inc. sold goods to Small Company for P1,850,000 in exchange for a 4-year zero-interest-bearing note in the face amount of P2,832,326. The goods have an inventory cost on Panda’s books of P1,180,000. Later in the month, Small Company expects to be able to re-sell the goods for P2,040,000.
How much revenue should Panda, Inc. recognize on its books on July 27, 2011?
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