Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company sold goods to a customer in exchange for

A company sold goods to a customer in exchange for a 5-year, zero-interest-bearing note on...

90.2K

Verified Solution

Question

Accounting

A company sold goods to a customer in exchange for a 5-year, zero-interest-bearing note on January 1, 2021. The note has a face amount of $250,000. The company imputes a 10% interest rate on this zero-interest note transaction. Present value factor for 10% and 5 years, single sum is 0.62.

In the journal entry made on 12/31/2022, the company will record Discount on Notes Receivable by $__________.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

First five years of a business: Cost of Capital 8.00% Initial Investment $(40,000) Year 1 Cash Flows 8,000 Year...

Finance
Q

Al is twirling a ball horizontally around his head. The ball moves in a circle because there...

Physics
Q

According to Seligman, what do most people want out of life? What is positive psychology? What does...

Psychology
Q

Max travels to the star proxima centauri 4.2ly away and returns immediately. He claims that the...

Physics
Q

Identify 2 advantages and 2 disadvantages of outsourcing.

General Management
Q

1) Define the sets X ={ 1, 2, 3} and Y = {4, 5, 6}....

Advance Math
Q

Connections to biology 5 Ribozymes are RNA polymers that are found to catalyze a number...

Biology
Q

Depreciation by units of activity method A diesel powered tractor with a cost of 250...

Basic Math
Q

There are 84 shoppers in the market a salesperson surveys 35 peop What is the...

Statistics
Q

For each transformed function g x find the following a g x 2 3 x...

Calculus
Q

Andretti...

Accounting
Q

At a break-even point of 400 units sold, variable expenses were $4,000 and fixed expenses...

Accounting