Question

The Field Detergent Company sold merchandise to the Abel Company on June 30, 2011. Payment was made in the form of a noninterest-bearing note requiring Abel to pay $85,000 on June 30, 2013. Assume that a 10% interest rate properly reflects the time value of money in this situation.

Required:
Calculate the amount at which Field should record the note receivable and corresponding sales revenue on June 30, 2011.



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  • CreatedJune 24, 2013
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