Solution-What amount should be recorded as sales revenue in

What amount should be recorded as sales revenue in January

Assignment Help Accounting Basics

Reference no: EM132906295

Question - The following information pertains to Rose Company at Dec. 31, 2018:

Bank statement balance 1,000,000

Checkbook balance 1,400,000

Deposit in transit 500,000

Outstanding checks 100,000

In Rose's Dec. 31, 2018 balance sheet, cash should be reported at

On January 1, 2020, Hamid Company sold goods to Khaled Company. Khaled signed a noninterest-bearing note requiring payment of P600, 000 annually for seven years. The first payment was made on January 1, 2020.

The prevailing rate of interest for this type of note at date of issuance was 10%

PV of an ordinary annuity of I at 10% for 6 periods 4.36

PV of an ordinary annuity of I at 10% for7 periods 4.87

What amount should be recorded as sales revenue in January 2020?

Reference no: EM132906295

Questions Cloud

Hofstede cultural dimensions and globe studies : Hostage and manager. These are not two words that you would usually expect to hear spoken in the same breath. However, during the first Few months oF 2009, work

Indigenous condition that must be met by international : 1.Which of the following has had the most impact on job loss in the U.S.?

How a responsible person behave : How a Responsible person behave? Give an example How a Deliberative person behave? Give an example

What is the balance of the ugl-oci-equity account : Look for the unrealized gain or loss reported in the 2011 statement of comprehensive income related to the investment. Is it a debit or credit balance?

What amount should be recorded as sales revenue in January : The prevailing rate of interest for this type of note at date of issuance was 10%. What amount should be recorded as sales revenue in January

What kind of moral hazard problems do banks worry about : Why do large corporations find it easier to raise funds in securities markets while small businesses rely mostly on bank loans

Design of organizational structures for twitter ghana : 1. Discuss two factors that should be considered in the design of organizational structures for Twitter Ghana , in light of your understanding of organizational

Discuss public law 87-653 : Discuss Public Law 87-653, the Truth in Negotiations Act (TINA) in 1962 and what data can be used to ensure that the proposed prices are reasonable.

Discuss what cost accounting is : Discuss what cost accounting is and how it can be used to analyze variable, fixed, and semi-variable costs of a business.

User Account

All Pages

What amount should be recorded as sales revenue in January

Reference no: EM132906295

Reference no: EM132906295

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT