On January 1, 2015, a company purchased equipment at a contract price of $56,000. The...
50.1K
Verified Solution
Link Copied!
Question
Accounting
On January 1, 2015, a company purchased equipment at a contract price of $56,000. The company made a cash down payment of $6,000 and signed a 3 year, 6% non-interest bearing note for the balance, due on December 31, 2017. Interest is compounded annually.
- The equipment account would be debited for what amount on January 1, 2015?
- $47,981
- $47,040
- $42,000
- $41,981
- $45,920
- The carrying value of the note on December 31, 2016, after adjustment, would be
- $53,933
- $46,068
- $44,500
- $44,000
- $47,170
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.