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mash [69]
3 years ago
11

On January 1, 2015, Fullbright Company sold goods to Blue Dirt Company for $400,000 in exchange for a 4-year, zero-interest-bear

ing note with a face amount of $629,406 (imputed rate of 12%). The goods have an inventory cost on Fullbright’s books of $240,000. What amount of Interest Revenue should Fullbright recognize in 2015?
$ 57,352
$229,406
$ 75,529
$ 48,000
Business
1 answer:
icang [17]3 years ago
7 0

Answer:

correct option is $ 48,000

Explanation:

given data

sold good = $400,000

time = 4 year

face amount = $629,406

rate = 12%

inventory cost = $240,000

to find out

amount of Interest Revenue

solution

we find interest revenue that is express as

interest revenue = good cost × rate

interest revenue = 400,000 × 12%

interest revenue  = $48000

so correct option is $ 48,000

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Answer:

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Explanation:

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Answer:

Multiple-step income statement for the year ending December 31, year 1

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Cost of Goods Sold                           <u>($185,000)</u>

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Operating Income after Tax                                     <u>$35,200</u>

Explanation:

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