If the discount for two year note is $700 and the cash received for interest is $900, how much is recorded as interest revenue if the straight method is used?
Answer to relevant QuestionsWhat is a “big bath”? Why might this practice help to achieve higher reported earnings? Indicate whether each of the following statements is true or false: 1. The IASB has authority for setting Canadian accounting standards. 2. All Canadian corporations must comply with international accounting standards. 3. ...In general, why should financial statement users and preparers be especially concerned about inventories?Suppose that an asset retirement liability is recorded and that the original estimates are not changed in subsequent years. Is any accounting treatment required for the liability in the intervening years until retirement? ...A FVTPL investment is carried at $ 550,000, and unrealized gains of $ 35,000 have been recorded in earnings to date. The investment is sold for $ 520,000. What gain or loss is included in earnings in the year of the sale?
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