Determining the amount of interest

Assignment Help Accounting Basics
Reference no: EM13142154

Heritage company receives a 4-year, $20,000 note receivable on July 1, 2010 that does not bear interest. Interest on similar notes is 10%. Assuming that the present value of the note is $14,000 on July 1, 2010, the amount of interest that will be recorded on December 31, 2010 is:

Reference no: EM13142154

Questions Cloud

What is hydrophobic interaction chromatography : what is Hydrophobic interaction chromatography? and how do high salt, medium salts, and no salt buffers paly a role in the purification of GFP? I know that no salt brings polar amino acids to the surface of GFP and nopolar amino acids move inside ..
How many inspectors should the firm hire : The Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues. The Interior Department must believe that
Summary of freud''s stages of psychosexual development : Write A summary of Freud's stages of psychosexual development?
Show comparative income statements for williamson company : Show comparative income statements for Williamson Company, beginning with “Income before income tax,” as presented on the 2010 income statement.
Determining the amount of interest : Heritage company receives a 4-year, $20,000 note receivable on July 1, 2010 that does not bear interest. Interest on similar notes is 10%. Assuming that the present value of the note is $14,000 on July 1, 2010, the amount of interest that will be ..
Determine the molar solubility in the following : The solubility product of PbBr2 is 8.9 10-6. Determine the molar solubility in the following. (a) pure water
Computing budgeted profit at the expected volume : Compute the budgeted profit at the expected volume of 600.000 units under both the old and the new product. Compute the budgeted break-even points under both the old and the new production
What is the protein structure : Size chromatography (S.E.C.) scanned 120,000 Daltons with urea. 80,000 and 60,000 with urea and beta-meta ->4 results. What is the protein structure?
Derive the equation for s : Problem Statement: Derive the equation for S* for competitive product inhibiton. Definition of variables:

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Who is the commissioner of the irs

For the Project, you will need to submit a written research paper which answers the following questions. This Project is due by Sunday, December 9, 2012. Please read the instructions below.

  Standard using traditional costing using direct labor

Overhead applied to Standard using traditional costing using direct labor hours is

  What is the level of accounts receivables

Greene Sisters has a DSO of 20 days. The company's average daily sales are $20,000. What is the level of its accounts receivables? Assume there are 365 days in a year.

  Determining income tax return

Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year:

  What are the revenues for division b

Income from operations for Division B is $150,000, total service department charges are $400,000and operating expenses are $2,266,000. What are the revenues for Division B?

  Business income subject to us taxation

What factor(s) do U.S. taxing authorities consider to determine whether the interest is investment income not subject to U.S. taxation or business income subject to U.S. taxation?

  What steps in accepting the engagement were violated

The managing partner of the firm decides to accept the engagement. A major factor in the decision is that the firm does not have any clients in the construction industry and this will provide valuable experience. He promptly calls the president an..

  What amount should abby and co. report as adjusted beginning

Abby and Co. reported a retained earnings balance of $500,000 at December 31, 2010. In September 2011, Abby and Co. determined that insurance premiums of $90,000 for the three-year period beginning January 1, 2010, had been paid and fully expensed..

  How would you reply to the ceo

Discussion Board requirement: From financial reporting and ethical perspectives, how would you reply to the CEO? Include a discussion of the reasoning you used to support your stand on the ethical issues.

  Net income from proposed project

The required rate of return is 15 percent and the tax rate is 28 percent. What is the net income from this proposed project?

  What amount was smith entitled to claim for realty taxes

In 2009, Smith paid $6,000 to the tax collector of Big City for realty taxes on a two-family house owned by Smith's mother. Of this amount, $2,800 covered back taxes for 2008, and $3,200 covered 2009 taxes. Smith resides on the second floor of the..

  Financial accounting and managerial accounting

Which of the following is not a difference between financial accounting and managerial accounting?

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!

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