Maurice Tutor

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About Maurice Tutor

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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: 407 Weeks Ago, 5 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 > Management Posted 07 Jul 2017 My Price 9.00

Unrealistic Interest Rate

Notes Receivable with Unrealistic Interest Rate On December 31, 2009, Hurly Co. performed environmental consulting services for Cascade Co. Cascade was short of cash, and Hurly Co. agreed to accept a $300,000 zero-interest-bearing note due December 31, 2011, as payment in full. Cascade is somewhat of a credit risk and typically borrows funds at a rate of 10%. Hurly is much more creditworthy and has various lines of credit at 6%.
(a) Prepare the journal entry to record the transaction of December 31, 2009, for the Hurly Co.
(b) Assuming Hurly Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2010.
(c) Assuming Hurly Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2011.
(d) Assume that Hurly Co. elects the fair value option for this note. Prepare the journal entry at December 31, 2010, if the fair value of the note is $320,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Jul 2017 06:07 PM My Price 9.00

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