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RideAnS [48]
3 years ago
9

On January 1, 2016, Ott Company sold goods to Fox Company. Fox signed a noninterest-bearing note requiring payment of $60,000 an

nually for seven years. The first payment was made on January 1, 2016. The prevailing rate of interest for this type of note at date of issuance was 10%. Information on present value factors is as follows: Ott should record sales revenue in January 2016 of a. $214,200 b. $261,600 c. $292,600 d. $321,600Table:Business figures are shown
Business
1 answer:
inessss [21]3 years ago
3 0

Answer:

D. 321,600.

Explanation:

Present value is the current value of a future amount that is to be received or paid out.

Given:

Present value, P = $60000

Present value of ordinary annuity for the remaining 6 years = 4.36

The Present value, PV of the note is equal to the first payment + the Present value of ordinary annuity (all at 10%) of the remaining six payments

Sales revenue = $60000 + (60,000 × 4.36)

= $60000 + $261,600

= $321,600

Thus, sales revenue of $321,600.

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b. Creamy Inc.

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In which one of the following instances is rivalry among competing sellers notmore intense?
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Answer: E.When there are so many industry rivals that the impact of any one company's actions is spread thinly across all industry members

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7 0
3 years ago
If the annual net income from a commercial property is $22,000, and the capitalization rate is 8%, what is the value of the prop
Evgesh-ka [11]

Answer: $275,000

Explanation:

Given that,

Annual net income = $22,000

Capitalization rate = 8%

Value of the property = ?

Capitalization rate = \frac{Net\ operating\ income}{Current\ property\ value}

                        8% = \frac{22,000}{Current\ property\ value}

Value of the property = \frac{22,000\times100}{8}

                                    = $275,000

8 0
3 years ago
The Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% co
PolarNik [594]

Answer:

Worley Company

                                                 Units       Completion %          Equivalent Units

                                                                                                  D. Mat       CC

Beginning work in process    2,400             35%                   2400        840  

Transferred                             10,800                                  10,800        10,800

Ending work in process          <u>1,900               60%                1900         1140</u>

<u> Total                                       15100                                      15,100       12780</u>

Worley Company

Number of Equivalent Units of Production

Whole Units    15100

Direct Materials Equivalent Units    15,100

Conversion Equivalent Units 12780

Inventory in process, beginning= Direct Materials + Conversion Costs

                                                   =       2400 +  840  = 3240

Transferred to Packing Department= Direct Materials + Conversion Costs

                                                               =    10,400 + 10400

                                                               

Inventory in process, ending =  Direct Materials + Conversion Costs

                                                 =     1900 +1410= 3310

Total=       Direct Materials + Conversion Costs= 15,100 + 12780=  27880

3 0
3 years ago
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