R S T U V W On April 1, 2020, Trvgiic Equipment Supply Corp. a blow-molding...
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R S T U V W On April 1, 2020, Trvgiic Equipment Supply Corp. a blow-molding machine to a customer for $954,000. Trvgiic agreed go accept a four-year, 3.5% interest note due quarterly. Interest payments begin on June 30 and are due on September 30, December 31, and March 31 with the entire principal due on March 31, 2024. Trvgiic Equipment Supply Corp. normally incurs interest at a rate of 7.1% and the customer incurs interest at 7.8% on loans for similar periods. rate nper PMT FV 0 or 1 PV 6 points 0 Determine the following amounts that Trygiic Equipment Supply Corp. would report in its GAAP financial statements for the year ended December 31, 2020. Sales Revenue 2 points Interest Revenue 2 points Notes Receivable @ Carrying Value 2 points You must complete this amortization table using Excel formulas to support your answers above other than Sales Revenue. Income Statement Statement of Cash Flows Amortization of Balance Sheet Carrying Value Period Interest Revenue Cash Received 0 Amortization Carrying Value 6 points 0 1 2 3 Prepare the journal entries that Trvgiic Equipment Supply Corp. would record on each of the dates given. You will not use every line. 3 points per entry= 12 points DEBIT CREDIT ACCOUNT NAMES DATE 114 HR 000 2 3 Prepare the journal entries that Trygiic Equipment Supply Corp. would record on each of the dates given. You will not use every line. 3 points per entry = 12 points ACCOUNT NAMES DATE DEBIT CREDIT 1-Apr 30-Jun 30-Sep 31-Dec EEE 0 0 0 R S T U V W On April 1, 2020, Trvgiic Equipment Supply Corp. a blow-molding machine to a customer for $954,000. Trvgiic agreed go accept a four-year, 3.5% interest note due quarterly. Interest payments begin on June 30 and are due on September 30, December 31, and March 31 with the entire principal due on March 31, 2024. Trvgiic Equipment Supply Corp. normally incurs interest at a rate of 7.1% and the customer incurs interest at 7.8% on loans for similar periods. rate nper PMT FV 0 or 1 PV 6 points 0 Determine the following amounts that Trygiic Equipment Supply Corp. would report in its GAAP financial statements for the year ended December 31, 2020. Sales Revenue 2 points Interest Revenue 2 points Notes Receivable @ Carrying Value 2 points You must complete this amortization table using Excel formulas to support your answers above other than Sales Revenue. Income Statement Statement of Cash Flows Amortization of Balance Sheet Carrying Value Period Interest Revenue Cash Received 0 Amortization Carrying Value 6 points 0 1 2 3 Prepare the journal entries that Trvgiic Equipment Supply Corp. would record on each of the dates given. You will not use every line. 3 points per entry= 12 points DEBIT CREDIT ACCOUNT NAMES DATE 114 HR 000 2 3 Prepare the journal entries that Trygiic Equipment Supply Corp. would record on each of the dates given. You will not use every line. 3 points per entry = 12 points ACCOUNT NAMES DATE DEBIT CREDIT 1-Apr 30-Jun 30-Sep 31-Dec EEE 0 0 0
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Trvgiic Equipment sold the machine for 954000 which itll receive after 4 years Rate 71 This is the r... View the full answer
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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