Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 5 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Aug 2017 My Price 6.00

Cypress Oil Company

Cypress Oil Company's December 31, 2013, balance sheet listed $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes receivable balance: Note 1 Dated 8/31/2013, principal of $300,000 and interest at 10% due on 2/28/2014. Note 2 Dated 6/30/2013, principal of $150,000 and interest due 3/31/2014. Note 3 $200,000 face value noninterest-bearing note dated 9/30/2013, due 3/31/2014. Note was issued in exchange for merchandise. The company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2013. Required: 1. Determine the rate used to discount the noninterest-bearing note. Discount rate % 2. Determine the explicit interest rate on Note 2. (Do not round intermediate calculations.) Interest rate % 3. What is the amount of interest revenue that appears in the company's 2013 income statement related to these notes? (Do not round intermediate calculations.) Interest revenue $

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Maurice Tutor
(5)
Status NEW Posted 13 Aug 2017 11:08 AM My Price 6.00

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