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Sauron [17]
3 years ago
12

Rosewood Company made a loan of $8,600 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate

of interest. The amount of interest revenue that Rosewood would report during the years ending December 31, Year 1 and Year 2, respectively, would be:
Business
1 answer:
tatuchka [14]3 years ago
6 0

Answer:

Year 1 = $387

Year 2 = $516

Explanation:

Loan has been granted on 1 April in Year 1 i.e. for a period from 1 April to 31 December = 9 months.

Interest for year 1 @6% = $8,600 X \frac{6}{100} X\frac{9}{12}

= $387

Interest for year 2 will be from 1 January to 31 December =

$8,600 X \frac{6}{100} X \frac{12}{12} = $516

Therefore interest revenue to be reported by Rosewood Company will be as follows

Year 1 = $387

Year 2 = $516

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Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 119,000 crowns. It received payment
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Answer:

Exchange rate on September 15: 1 Crown = $0.61; 119,000 Crown = (119,000*$0.61) = $72,590.

September 30 = (119,000*0.65) = $77,350.

October 15 = (119,000*$0.60) = $71,400.

                        JOURNAL ENTRY    

Date          Account                           Debit          Credit

15-Sep Account receivable         $72,590

                      Sales                                              $72,590

                (Sale to a foreign customer for 119,000 crown Exchange rate = $0.61)

30-Sep     Account receivable $4,760

                       Foreign currency exchange gain $4,760

                        ($77,350-$72,590)

15-Oct      Foreign currency exchange loss $5,950

                        Account receivable                               $5,950

                        ($71,400-$77,350)

               Cash                                                $77,350

                        Accounts Receivable                              $77,350

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Answer:

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The performance measures associated with an airline (USA) business are;

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