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On July 1, 2017, Renaud Company finished architectural design services and accepted in exchange a...

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Accounting

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On July 1, 2017, Renaud Company finished architectural design services and accepted in exchange a promissory note with a face value of $300,000 and a maturity date of June 30, 2021. The stated rate of interest is 6% with interest receivable each June 30 through the maturity date. An effective interest rate of 12% is implicit in the agreed upon price. The effective amortization method is used Renaud's total interest revenue to be recorded on the income statements during the years 2017 through 2021 will be approximately Select one: a. $135,757 b. $72,000 C. $126,672 d. $134,371 e. $162,000 The following information was taken from Cody Co.'s accounting records for the year ended December 31, 2016. $15,000 35.000 430,000 Decrease in raw materials inventory Increase in finished goods inventory Raw material purchased Direct labor payroll Factory overhead Freight-out 200,000 300.000 45,000 There was no work in process inventory at the beginning or end of the year. Cody's 2016 cost of goods manufactured is! Select one: a. $980,000 b. $910,000 O c. $950,000 d. $945,000 e $880,000

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