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sdas [7]
3 years ago
11

A note payable was issued in payment for services received. The services had a fair value less than the face amount of the note

payable. The note payable has no stated interest rate. How should the note payable be presented in the statement of financial position?
Business
1 answer:
Leokris [45]3 years ago
3 0

Answer:

The note payable will be presented in the financial statement at the face amount minus a discount calculated at the imputed interest rate.

Explanation:

The imputed rate is the rate at which the present value of the face amount of the note will be equal to the amount at which it is originally recorded.  

Notes issued or received in exchange for goods or services that do not bear interest at a fair rate are reported at an amount equal to the fair value of the note, the fair value of the goods or services, or the present value of the note using a fair interest rate, whichever is more readily determinable.  

The difference between the recorded amount and the face value is considered a discount and the applicable interest rate regardless of which method is used to value the note.

Because of this, the note is reported at its face amount minus a discount calculated at the imputed interest rate.

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__________ is the only variable which will decrease the amount brought to the market (quantity supplied) if all other variables
svetlana [45]
Demand should be right since its the public's demand what gets put out in the market for them to consume.
8 0
3 years ago
Mary's Mugs produces and sells various types of ceramic mugs. The business began operations on January 1, year 1, and its costs
vova2212 [387]

Answer:

Explanation:

a.

Direct Material cost per unit = Cost of Direct materials/ units produced = $3400/17000 mugs = $0.20 per mug

Direct material used per mug = 0.40 pounds

Direct material cost per pound = $0.20 / 0.40 = $0.50 per round

Direct material inventory = 3400 * $0.50 = $1700

b. Compute the finished goods ending inventory in units on December 31, year 1.

Finished Goods inventory (in units) = Finished goods inventory / manufacturing cost per unit

Manufacturing cost per unit = (Direct material + Direct Labour + Indirect manufacturing cost)/Units Produced

= ($3400+$25280+$1140+$4180)/17000 = $2 per unit

Finished Goods inventory (in unit) :

Year 1 = $6,000/$2 = 3000 units

c. Compute the selling price per unit.

Selling price per unit = Revenues / units sold

Units sold = Units produced - units in the ending finished goods inventory = 17000-3000 = 14000

Selling price per unit = $52,500/14000 = $3.75

d.Compute the operating profit (loss) for year 1

Operating income for the year :

Revenues  $52,500

Cost of goods sold (14000*$2)  (28000 )

-----------------------------------------------------------------

Gross Margin                          $24,500

Less marketing and administrative cost:  

Variable cost ($2,350)  

Fixed cost ($11,800)

-----------------------------------------

                                                  ($14,150)

Operating Profit  $10,350

7 0
3 years ago
On January 1, Mumford purchased 10% of Heller's common stock. On September 1, it purchased another 30% of Heller's common stock.
professor190 [17]

10% of Heller's income for January 1 to August 31, plus 40% of Heller's income for the remainder of the year.

Explanation:

In spite of a retrospective strategy, Mumford puts the 10 per cent owned by the creditor firm together with the 30% purchased on Sep 1 which accounts for 40 per cent of the sales of Heller.

Retrospective, the committee focuses on the team members ' collaboration and looks for ways to enhance the process, based on the lessons learned in the recent work .

It is time to reflect on past events and experiences – outside the daily routine.

Retrospective thinking occurs whenever one remembers something from the past, but one can also think retrospectively about hypothetical future events, by imagining that the event has already transpired and then working backward in the mind from the future toward the present.

5 0
3 years ago
which is the value of the work actually performed up to a specific point in time, is calculated by multiplying the TBC by the pe
bearhunter [10]

Answer:

The answer is EV (Earned Value)

Explanation:

It is the value of the work actually performed, determining the earned value includes collecting data on the percent complete for each work package, then converting this percentage to a dollar amount by multiplying the TBC of the work package by the percent completed.

I hope these helps, if it does please give brainliest.

3 0
3 years ago
Gambling is something you should only do if you have discretionary income?
vichka [17]
A. Its true NOT B but its not false.
3 0
3 years ago
Read 2 more answers
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