1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nadya68 [22]
3 years ago
10

On January 1, 2017, Teal Furniture Co. borrowed $6,100,000 (face value) from Gary Sinise Co., a major customer, through a zero-i

nterest-bearing note due in 4 years. Because the note was zero-interest-bearing, Teal Furniture agreed to sell furniture to this customer at lower than market price. A 10% rate of interest is normally charged on this type of loan. Prepare the journal entry to record this transaction.
Business
1 answer:
Brilliant_brown [7]3 years ago
7 0

Answer:

Explanation:

Dr Cash $6100000  

Dr Discount on notes Payable $1933620  

     Cr Notes Payable  $6100000

     Cr Unearned Revenue  $1933620

Discount on Notes Payable :

n=4

FV =6100000

I = 10%

PV= $6100000 - ($6100000 * PVIF)

= $6100000 - ($6100000 * 0.68301) = $4166382

You might be interested in
True or false In a pure market economy, the government controls most actions.
Sonbull [250]
False i hope its right
5 0
3 years ago
Read 2 more answers
Crackling Fried Chicken bought equipment on January 2, 2016, for $21,000. The equipment was expected to remain in service for fo
rjkz [21]

Answer:

Please see attachment

Explanation:

Please see attachment

5 0
3 years ago
Vertical integration allows the firm to gain market power as the firm develops the ability to save on its operations, avoid mark
Wewaii [24]
True i answered this question in class
8 0
3 years ago
From the consumer’s perspective, the elements of an imc strategy can be viewed as being either.
Stells [14]

The correct answer is Passive or Interactive.

From the consumer’s perspective, the elements of an IMC strategy can be viewed as being either Passive or Interactive.

<h3>What do you understand about the concept of IMC strategy? </h3>
  • Integrated Marketing Communication.
  • It refers to a process of combining and uniting the different parts of communication like public relations, audience analytics, social media etc. to form a brand identity that remains like a constant.
  • IMC helps the companies to work on multi-pronged marketing campaigns and identify the right audience and target that audience with right channels.
  • It helps in building trust, it is very cost effective and it helps in improving efficiency.

To learn more about IMC visit:

brainly.com/question/15290848?

#SPJ4

8 0
2 years ago
A lottery winner can take $6 million now or be paid $600,000 at the end of each of the next 16 years. The winner calculates the
Semmy [17]

Answer:

Yes, her decision was correct because of Net present value rule.

Explanation:

the net present value (NPV) applies to a series of cash flows occurring at different times.

The present value of a cash flow depends on the interval of time between now and the cash flow. It also depends on the discount rate. NPV accounts for the time value of money. It provides a method for evaluating and comparing capital projects or financial products with cash flows spread over time, as in loans, investments, payouts from insurance contracts plus many other applications.

Time value of money dictates that time affects the value of cash flows.

5 0
3 years ago
Read 2 more answers
Other questions:
  • The ledger of Mai Company includes the following accounts with normal balances: Common Stock, $9,000; Dividends, $800; Services
    13·1 answer
  • What is overdraft protection (ODP)?
    12·1 answer
  • For which customer relationship group should a company make continuous relationship investments to​ delight, engage,​ retain, an
    5·1 answer
  • An annuity will pay $1000 per year for 10 years, starting five years after today. What is the present value (PV) of this annuity
    12·1 answer
  • The cities of Tampa Bay and St. Petersburg, located on opposite sides of the Tampa Bay, are associated with what manufacturing i
    10·1 answer
  • Consider a $1000 bond that pays an annual interest rate of 8% and matures in two years. The prevailing interest rate has dropped
    12·1 answer
  • The Jones Company has decided to undertake a large project. Consequently, there is a need for additional funds. The financial ma
    15·1 answer
  • Suppose the price elasticity of demand for a product is 0.5. If a supplier wants to increase revenue, what change should it make
    14·1 answer
  • AYUDA porfa quiero sacar 10 en esto porfavor mis notas estan bajando!
    10·1 answer
  • The Outlet Mall has a cost of equity of 16.8%, a pretax cost of debt of 8.1%, and a return on assets of 14.5%. Ignore taxes. Wha
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!