Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lincoln company purchased merchandise from grandvi

Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in...

60.1K

Verified Solution

Question

Accounting

image
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $4,000 on each September 30, beginning on September 30, 2024. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 9% properly reflects the time value of money in this situation. Amount recorded

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Emma Jones is planning to move this coming summer to Oxford, MS to start her new...

Advance Math
1.2K views

Let f : N ? N and g : N ? N be the functions...

Basic Math
1.2K views

Find R and 8 given the components R 4 788 and Ry 8 008 R...

Basic Math
1.2K views

One year Perry had the lowest ERA (earned-run average, mean number of runs yielded per...

Calculus
1.2K views

Find the solution of the following pure convection problem PDE IC U 2 8 0...

Calculus
1.2K views

In a recent international sport competition the top three countries Country A Country B and...

Calculus
1.2K views

Consider f x 2 x 1 sin a Graph f with a graphing utility b...

Algebra
1.2K views

Gus analyzed data related to average salaries and years of working experience in five different...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below] Forten Company's current year...

Accounting
1.2K views

Who were the independent auditors for Woolworths in their 2023 annual report and what opinion...

Accounting
1.2K views

You have an interview for a junior management accounting role with a medium sized IT...

Accounting
1.2K views

Exercise 10-8 Utilization of a Constrained Resource [LO10-5, LO10-6] Barlow Company...