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Finger [1]
3 years ago
9

On December 31, 2020, Buffalo Company signed a $1,278,400 note to Carla Bank. The market interest rate at that time was 10%. The

stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Buffalo’s financial situation worsened. On December 31, 2022, Carla Bank determined that it was probable that the company would pay back only $767,040 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,278,400 loan.
Determine the amount of cash Buffalo received from the loan on December 31, 2020. (Round present value factors to 5 decimal places, e.g. 0.52513 and final answer to 0 decimal places, e.g. 5,275.)

Business
1 answer:
Zarrin [17]3 years ago
4 0

Answer:

Explanation:

The detailed steps and calculation is as shown in the attached files.

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Part (a) Net Income Computation:

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Cost of goods sold             <u>(</u><u>$290</u><u>)</u>

Gross Profit                          $535

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Collection from Sales                  $710

Inventory Invoices paid              ($350)

For  Everything                           <u>($290)</u>

Closing Cash balance                 $360

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