Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 2 Days Ago
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Education

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

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 10 Sep 2017 My Price 7.00

exchange of property,

Long-Term Notes Payable

Business transactions often involve the exchange of property, goods, or services for notes or similar instruments that may stipulate no interest rate or an interest rate that varies from prevailing rates.

Required

1. When a company exchanges a note for property, goods, or services, what value does it place on the note:

a. If it bears interest at a reasonable rate and is issued in a bargained transaction entered into at arm’s

length? Explain.

b. If it bears no interest and/or is not issued in a bargained transaction entered into at arm’s length? Explain.

2. If the recorded value of a note differs from the face value:

a. Explain how the company should account for the difference.

b. Explain how the company should present this difference in the financial statements.

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Sep 2017 01:09 PM My Price 7.00

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