The Field Detergent Company sold merchandise to the Abel Company on June 30, 2011. Payment was made
Question:
Required:
Calculate the amount at which Field should record the note receivable and corresponding sales revenue on June 30, 2011.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
PV 85000 82645 ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Question Posted:
Related Video
The time value of money (TVM) is the concept that the money you have in your pocket today is worth more than the same amount would be if you received it in the future because of the profit it can earn during the interim.
Students also viewed these Accounting questions
-
A conductor is made in the form of a hollow cylinder with inner and outer radii a and b, respectively. It carries a current 1 uniformly distributed over its cross section. Derive expressions for the...
-
On November 1, Year 1, Alexandria Company sold merchandise to a foreign customer for 100,000 francs with payment to be received on April 30, Year 2. At the date of sale, Alexandria Company entered...
-
On April 15, Sanborn Company sold merchandise to Barr Company for $3,000 on terms of 2/10, n/30. Assume a return of merchandise on April 20 of $600 and collection in full on April 25. What is the...
-
Record the following transactions in Journal. Post them into ledger and prepare a Trial Balance. Jan 1; Jan 2; Jan 10 Jan 15 Jan 20 Jan 28 Jan 31 Started business with cash Rs. 80,000 Bought...
-
Draw the structures (using chair conformations of pyranoses) of the following disaccharides. (a) 4-O-(-D-glucopyranosyl)-D-galactopyranose (b) -D-fructofuranosyl--D-mannopyranoside (c)...
-
Assume the CPI rose from 117 to 123 between 20052006. What was the inflation rate?
-
A customer sued a pharmacist and the drug store that employed the pharmacist (Walgreens). The pharmacist reviewed the prescription records of a customer (during her shift at work), learned that the...
-
The hospital administrator at St. Charles General must appoint head nurses to four newly established departments: urology, cardiology, orthopedics, and obstetrics. In anticipation of this staffing...
-
Question two (20mks) Building Societies Act is a well structured and balanced Organism that spells out different functions. Identify and describe the organization and management of building society...
-
In the diference between the compound interest, compounded every six months, and the simple interest on a certain sum of money at the rate of 18% per annum for one year is Rs. 54, the sum of money...
-
Determine the combined present value as of December 31, 2011, of the following four payments to be received at the end of each of the designated years, assuming an annual interest rate of 8%. Payment...
-
For each of the following situations involving single amounts, solve for the unknown (?). Assume that interest is compounded annually. (i = interest rate, and n = number ofyears) Present ValuelFuture...
-
Why is the average cash conversion cycle of European firms more than two times longer than the average cash conversion cycle of U.S. firms?
-
What factors affect the magnitude of the time value of money?
-
Could the three levels of an organizationcorporate, business unit, and functional uniteach have a different organizational structure? Why or why not?
-
Why would an organization have a large number of days cash on hand? How could its strategic plans influence this number?
-
What role does a primary key play in performing a data join?
-
What makes change so difficult for many organizations?
-
How many significant figures are in each measurement? (a) 5 10 3 m (b) 5.0005 g/mL (c) 22.9898 g (d) 0.0040 V
-
How much more interest will be earned if $5000 is invested for 6 years at 7% compounded continuously, instead of at 7% compounded quarterly?
-
Typically, cultural factors drive the differences in business etiquette encountered during international business travel. In fact, Middle Eastern cultures exhibit significant differences in business...
-
When determining the amount of cash paid for income taxes, what would be indicated by an increase in the deferred income tax liability account?
-
When determining the amount of cash paid for income taxes, what would be indicated by an increase in the deferred income tax liability account?
-
When using the indirect method of determining net cash flows from operating activities, how is bad debt expense reported? Why? What other expenses are reported in a like manner?
-
Jackie Co., a 90% owned subsidiary of Nick Inc., sold land to Nick on May 1, 2024, for $80,000. The land originally cost Jackie $85,000. Jackie reported net income of $200,000, $180,000, and $220,000...
-
The most recent financial statements for AppleBanana Co. are shown here: Income Statement Sales Costs Balance Sheet $ 200,000 130,000 Current assets Fixed assets $ 120,000 280,000 Debt Equity $...
-
With reference to the characteristics and performance of the human visual system, provide an estimate for each of the following. In each case you are expected to justify your estimate: (i) the...
Study smarter with the SolutionInn App