Question: On December 1 2013 Davenport Company sold merchandise to a
On December 1, 2013, Davenport Company sold merchandise to a customer for $20,000. In payment for the merchandise, the customer signed a 6% note requiring the payment of interest and principal on March 1, 2014. How much interest revenue will the company recognize during 2013? In 2014?
Relevant QuestionsHarwell Company manufactures automobile tires. On July 15, 2013, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting for cash ...On January 1, 2013, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note receivable. The note principal plus interest is due on January 1, 2014. The 2013 income statement ...Search on the Internet for the 2010 annual report for Sanofi-Aventis . Find the accounts receivable disclosure note.Required:1. Sanofi-Aventis subtracts “impairment” from the gross value of accounts receivable to obtain ...On July 15, 2013, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms of the sale were 2/10, n/30. Nixon uses a periodic inventory system and the gross method of accounting for ...Topanga Group began operations early in 2013. Inventory purchase information for the quarter ended March 31, 2013, for Topanga’s only product is provided below. The unit costs include the cost of freight. The company uses ...
Post your question