Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Jun 2018 My Price 5.00

Sun Devil Inc.

Please explain how to answer the following questions. The numbers were changed to avoid violating the honor code

Part 1:

USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (2) QUESTIONS:

On March 1, 2018, Sun Devil Inc. sold goods to Bruins Company by accepting a 5-year, zero-interest-bearing note in the face amount of $1,062,939 with an imputed interest rate of 10%. Principal and interest are due at maturity. The goods have an inventory cost on Sun Devil's books of $400,000.  

a. Determine how much Sales Revenue Sun Devil should record on March 1, 2018: $________________

PV of $1 (10%, 5n) = .62092

PVOA of $ (10%, 5n) = 3.79079

 

Part 2:

Using the information presented in #10 above, determine how much Interest Revenue will be recognized as of December 31, 2018: $_________________________

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Jun 2018 10:06 PM My Price 5.00

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