User Account

All Pages

How much is the liability of NOREEN on January

Assignment Help Accounting Basics
Reference no: EM133030458

Question - NOREEN INC, a truck dealer, sells a truck on January 1, 2019, to MENDOZA INC for P3,000,000. NOREEN agrees to repurchase the truck on December 31, 2020 for P3,630,000.

1. Assuming a 10% is imputed in the agreement, how much is the liability of NOREEN on January 1, 2019?

A. 1,500,000

B. 1,815,000

C. 3,000,000

D. 3,630,000

2. Using the information above, what is the interest expense for 2019?

A. None

B. 300,000

C. 330,000

D. 630,000

3. How much should NOREEN INC record interest and retirement of its liability to MENDOZA INC on December 31, 2020?

A. None

B. 300,000; 3,600,000

C. 330,000; 3,630,000

D. 630,000; 3,630,000

Reference no: EM133030458

Questions Cloud

Describe the Initial Public Offering process : Question - Describe the Initial Public Offering (IPO) process in the USA to include critical events and points-in-time with examples
Critically review and reflect upon your personal beliefs : Critically review and reflect upon your personal beliefs and attitudes; your workplace experiences; and the concepts that are presented in the Bachelor
How much in liquidation rights before more stakeholders : If a convertible preferred security had a two-times liquidation preference on a $10M investment. How much in liquidation rights before more stakeholders
Distinction between verbal and physical abuse : If an incident were to occur, what actions would you take? Would you make a distinction between verbal and physical abuse?
How much is the liability of NOREEN on January : NOREEN INC, a truck dealer, sells a truck on January 1, 2019, to MENDOZA INC for P3,000,000. How much is the liability of NOREEN on January
Examples of regular reports in hris : Question: What are some examples of regular reports in HRIS? (Production report, custom report and library report)
Determine the total cost that should have been recorded : On March 21, Christine, while working on Job A-1 used $27 of indirect material. Determine the total cost that should have been recorded
Analyse a communication incident : In this assessment, you are required to analyse a communication incident which you experienced: ONE event using TWO different concepts.
Find the present worth of a future payment : Question - Find the present worth of a future payment of P184,000 to be made in 14 years with an interest of 1% compounded annually

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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