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kaheart [24]
3 years ago
11

Frasquita acquired equipment from the manufacturer on 6/30/2018 and gave a noninterest-bearing note in exchange. frasquita is ob

ligated to pay $550,000 on 4/30/2019 to satisfy the obligation in full.if frasquita accrued interest of $15,000 on the note in its 2018 year-end financial statements, what amount would it record the equipment on its 6/30/2018 balance sheet?
Business
1 answer:
Alinara [238K]3 years ago
5 0
Since this is a noninterest-bearing note, or a zero-interest-bearing note payable, what's entered into the 6/30/2018 balance sheet is the Future Value of the equipment. The future value, or the face value, is the amount that Frasquita is obligated to pay on 4/30/2019. 

This means that $550000 is the amount recorded as a Notes Payable in the 6/30/2018 balance sheet.
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8 0
3 years ago
The management of California Corporation is considering the purchase of a new machine costing $400,000. The company's desired ra
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c. 1.14

Explanation:

Year         Cash Flow    PV Factor 10%     PV of Cash flows

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Year 1             180,000         0.909                     163,620

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Year 5               90,000         0.621                       55,890

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Answer:

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