What is the amount of interest revenue recognized by seller

Assignment Help Accounting Basics
Reference no: EM13133535

on june 8, alton co. issued an 80,000, 6%, 120 day note payable to seller co. assume that the fiscal year seller co ends june 30. using the 360 day year in your calculations, what is the amount of interest revenue recognized by seller in following year?

Reference no: EM13133535

Questions Cloud

Discuss how the two basic requirements for accrual of a loss : The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Four of these concepts are periodicity (time periods), measurement, objectivity, and relevance.
Find nonconforming parts are produced during one-hour period : What is the probability that exactly 5 nonconforming parts are produced during a 1-hour period? What is the probability that at least 5 nonconforming parts are produced during a 1-hour period?
What is the ph : What is the pH when 100 mL of 0.1 M HCl is titrated with 50 mL of 0.2 M NaOH?
Compute depreciation expense on the machinery : Prepare the journal entry necessary to record the depreciation expense on the building in 2011. Compute depreciation expense on the machinery for 2011.
What is the amount of interest revenue recognized by seller : on june 8, alton co. issued an 80,000, 6%, 120 day note payable to seller co. assume that the fiscal year seller co ends june 30. using the 360 day year in your calculations, what is the amount of interest revenue recognized by seller in following..
How much heat is released : B2H6 + 3O2= B2O3+3H2O ; delta H=-2035 KJ how much heat is released when a mixture of 7.35 g B2H6 and 2.60 g O2 is burned?
What is their taxable income : They have charitable contributions of $2,500; deductible taxes of $4,000 and deductible mortgage interest of $7,000. They have 4 dependents. What is their taxable income?
Calculate ilex corporation tax liability : For its 2010 tax year, Ilex Corporation has ordinary income of $240,000, a short-term capital loss of $60,000, and a long-term capital gain of $20,000. Calculate Ilex Corporation's tax liability for 2010.
Find the density and median : Find the density for Z = X + Y. Verify that it integrates to 1. Find the median (the value of z for which P(Z =

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the distinctions among them

Revenues, gains, and investments by owners are all increases in net assets. What are the distinctions among them?

  What are rhonda penalties for failure to file and to pay

Rhonda, a calendar year taxpayer, filed her 2010 return on November 4, 2012. She did not obtain an extension for filing her return, and the return reflects additional income tax due of $25,000.

  Prepare an income statement

Analyze the above information and prepare an income statement for the year 2012, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement.

  Compensating nonprofit board members

Often Board and other committee volunteers for nonprofit organizaations are compensated for expenses during travel and meetings. Some think that this attracts volunteers for the wrong reasons.

  Computing contribution-margin ratio

a. Compute the selling price per unit. b. Compute the contribution-margin ratio.

  Units of production for conversion costs

All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories. The number of equivalent units of production for conversion costs for the period was:

  Historical dividend payment by the company

The Bradshaw Company's most recent dividend was $6.75. The historical dividend payment by the company shows a constant growth rate of 5 percent per year.

  Capitalized asset cost and first year depreciation

Capitalized asset cost and first year depreciation, and identifying depreciation results that meet management objectives

  Depreciation by the straight-line method

On January 1, Year 1, JIM Company purchased a machine for $550,000. It had a useful life of 10 years and no salvage value. The machine was depreciated by the straight-line method.

  Distinguish-debt security and equity security

Distinguish between a debt security and an equity security.

  Company overall net operating income

If management decides to buy part I50 from the outside supplier rather than to continue making the part, what would be the annual impact on the company's overall net operating income?

  Management assertions and quantifying materiality

What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?

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