Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
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, 1 Day Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

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

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 7.00

Pitt Company

Notes Receivable and Income - On January 1, 2007 the Pitt Company sold a patent to Chatham, Inc., which had a carrying value on Pitt’s books of $10,000. Chatham gave Pitt a $60,000 non-interest-bearing note payable in five equal annual installments of $12,000, with the first payment due and paid on January 1, 2008. There was no established price for the patent, and the note has no ready market value. The prevailing rate of interest for a note of this type at January 1, 2007 is 12%. Information on present value and future amount factors is as follows:

Period

1

2

3

4

5

Present value of $1 at 12%

0.89

0.8

0.71

0.64

0.57

Present value of an annuity of $1 at 12%

0.89

1.69

2.4

3.04

3.6

Future amount of $1 at 12%

1.12

1.25

1.4

1.57

1.76

Future amount of an annuity of $1 at 12%

1

2.12

3.37

4.78

6.35

Required

Prepare a schedule showing the income or loss before income taxes (rounded to the nearest dollar) that Pitt should record for the years ended December 31, 2007 and 2008 as a result of the preceding facts. Show supporting computations in good form.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 11:09 AM My Price 7.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll

Not Rated(0)