User Account

All Pages

Assume that the discounting is accounted for as a sale

Assignment Help Accounting Basics
Reference no: EM13994125

1. Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2011. The note, along with interest at 10%, is due on July 1, 2011. On February 28, 2011, Selkirk discounted the note at Unionville Bank. The bank's discount rate is 12%.

Required:

Prepare the journal entries required on February 28, 2011, to accrue interest and to record the discounting (round all calculations to the nearest dollar) for Selkirk. Assume that the discounting is accounted for as a sale.

Reference no: EM13994125

Questions Cloud

Understanding fundamental and means objectives : Understanding fundamental and means objectives are important to decision analysis and decision making. As your business has grown, you are evaluating moving your company to a larger office closer to several of your key customers and are looking at se..
Expected to utilize intuitive and critical thinking skills : In today's business environment, managers are expected to utilize intuitive and critical thinking skills on a daily basis in decision making. Why is past experience so important to managers today, and how applicable is it in decision making?
Attract more visitors outside of prime seasons : Why are tourist destinations attempting to attract more visitors outside of prime seasons?
What is the bottleneck time of the system : The three-station work cell illustrated in Figure S7.7, has a product that must go through one of the two machines at station 1 (they are parallel) before proceeding to station 2. what is the bottleneck time of the system? what is the bottleneck stat..
Assume that the discounting is accounted for as a sale : Prepare the journal entries required on February 28, 2011, to accrue interest and to record the discounting (round all calculations to the nearest dollar) for Selkirk. Assume that the discounting is accounted for as a sale.
Assume that you work for a healthcare organization : Assume that you work for a healthcare organization. Your boss would like to give you a promotion that is accompanied by an increase in your salary up to 30%, if you can prepare a meaningful summary of what you did learn in this course. The percentage..
Employees arrive randomly to use the fax machine : Employees arrive randomly to use the fax machine at an average rate of 20 per hour. This arrival process is approximated by a Poisson distribution. Employees spend an average of two minutes using the fax machine, either transmitting or receiving item..
How far from the center should the third boy : Three boys are trying to balance on a seesaw, which consists of a fulcrum rock, acting as a pivot at the center, and a very light board L = 3.60 m long, as shown in the figure above. Two boys are already on either end. One has mass m1 = 45.2 kg, a..
Diversity management-workforce planning and staffing : Select one of the following human resources functions: diversity management, workforce planning, , staffing, employee relations, labor relations, legal compliance, training, or performance management; and Discuss the relationship of that function to ..

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd