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sineoko [7]
3 years ago
5

On January 1, year 2, Connor Corporation signed a $100,000 noninterest-bearing note due in three years at a discount rate of 10%

. Connor elects to use the fair value option for reporting its financial liabilities. On December 31, year 2, Connor's credit rating and risk factors indicated that the rate of interest applicable to its borrowings was 9%. The present value factors at 10% and 9% are presented below. PV factor 10%, 3 periods .751 PV factor 10%, 2 periods .826 PV factor 10%, 1 period .909 PV factor 9%, 3 periods .772 PV factor 9%, 2 periods .842 PV factor 9%, 1 period .917 At what amount should Connor present the note on the December 31, year 2 balance sheet?
Business
1 answer:
zaharov [31]3 years ago
7 0

Answer:

$84,200

Explanation:

The computation of the amount that should be presented the note as on Dec 31 for year 2 is shown below:

= PV factor 9%, 2 periods × non-interest bearing note amount

= 0.842 × $100,000

= $84,200

Here we considered the 9% interest rate as it is the revalued with respect to the fair value and the same is to be considered

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8 0
3 years ago
After the amount due on a sale of $30,400, terms 2/10, n/eom, is received from a customer within the discount period, the seller
Elenna [48]

Answer:

a. The amount refund owed to the customer is : $29,792

b. To record the refund and the return of merchandise:

Dr Sales returned and Allowances     $30,400

Cr Sales Discounts                              $608

Cr Cash                                                $29,792

(to record the refund of $30,400 sales with sales discount of $608 made)

Dr Merchandise Inventory                    $13,060

Cr Cost of Merchandise sold               $13,060

(to record the impact of the $30,400 sales refund on cost of merchandise sold and merchandise inventory)

Explanation:

- Further explanation for sell discounts calculation:

As the terms is 2/10, total discount had been given as calculated below:

$30,400 x 2% = $608.

3 0
3 years ago
While Sally is still a minor, she wrecks the car she purchased from Bally. Can she still disaffirm the contract? Must she return
patriot [66]

Answer:

If Sally is still a minor, she can disaffirm the contract and return the car to Bally. Contracts involving minors are not legally binding unless the minor reaffirms them once he/she is an adult or a parent also signs the contract.

In this case, Sally's contract is voidable by her and if she chooses to, she is able to void it. What happens after she returns the car depends on the state. Some state laws force Bally to return the money even if the car is wrecked. Other states have laws that require minors to return goods in good shape, and in this case, would allow Bally to deduct any repair expenses from the money he needs to return to Sally.

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Estion 1/5
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5 0
2 years ago
A car dealer promises to give a $5,000 bonus to the first salesperson who sells 10 cars this week. Which type of contract is thi
Annette [7]

Answer:

Unilateral contract

Explanation:

According to the given statement in the question, this is a type of a unilateral contract.

The unilateral contract is a type of contract in which only a single party makes the promises or undertakes the tasks or the responsibilities in return to the task or an act performed by the second party.

Here,

The car dealer is promising the salesperson to give bonus upon the selling of 10 cars by the salesperson.

5 0
3 years ago
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