If a 10 percent note receivable for ($ 10,000) is created on January 1, 2009, and it

Question:

If a 10 percent note receivable for $\$ 10,000$ is created on January 1, 2009, and it has a maturity date of December 31, 2013,

a. No interest revenue will be recorded in 2009.

b. The note receivable will be classified as a current asset.

c. Interest Revenue of $\$ 1,000$ will be recorded in 2009.

d. None of the above.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamentals Of Financial Accounting

ISBN: 9780073527109

3rd Edition

Authors: Fred Phillips, Robert Libby, Patricia A Libby

See More Books

Question Posted: Apr 26, 2024 11:00 PM

See More Questions

A regression model that had an R-squared of .28 and a p value of .22 would be: A. Highly significant because it explains 28% of the observed variance in the model. B. Highly significant because it...
What is the Uniform Commercial Code (UCC)? Discuss this beyond just the definition. When is it used? Why? How? Explain in enough detail so a person with limited procurement knowledge would understand...
Requests are not usually uniformly distributed. For example, a cylinder containing the file system FAT or in odes can be expected to be accessed more frequently than a cylinder that only contains...
Briefly explain why a high level of national debt may be detrimental for economic growth.
For the following two independent cases, show the cash flows from operating activities section of the 2010 statement of cash flows using the indirect method. Case A Case B 2010 2009 2010 2009 Sales...
11. A firm has outstanding a bond with a 5-year maturity and maturity value of $50, convertible into 10 shares. There are also 20 shares outstanding. What is the price of the warrant? The share...
At the beginning of January 201X, the stockholders equity of Mountain View Corporation consisted of the following: Paid-In Capital: Common Stock, $40 par value, authorized 80,000 shares, 30,000...
On February 28, 2018, Star Theatre Inc.'s general ledger showed Cash $15,000; Land $85,000; Buildings $77,000; Equipment $20,000; Accounts Payable $12,000; Mortgage Payable $118,000; Common Shares...
In 2008, Coca-Cola Enterprises had a receivables turnover ratio of 8. 5. Which of the following could Coca-Cola do to cause the ratio to increase? a. Pursue collections more aggressively. b. Increase...
As of February 1, 2009, Krispy Kreme Doughnuts had $\$ 100,000$ of Notes Receivable due before January 31 , $2010, \$ 1,268,000$ of Accounts Receivable, and $\$ 249,000$ in its Allowance for...
Apply concepts of persuasion, influence, and impression management in organizations. LO.1
reflective account of your development as a postgraduate learner since joining SBS considering the points below. Critically reflect on one or more points below: Assessment Criteria Use a reflective...
Technology, strategy, size, and environment are among the factors that influence leaders' choice of organization structure (Schulman, 2020). The leaders must consider the technology to be used in the...
6. Answer the following briefly. a.What is the metric and its hurdle rate for an "Enterprise" to increase its enterprise value? b.What is the metric and its hurdle rate for the corporation's equity...
Name the two major preceding management theories that contributed to the development of quality management theory. Briefly explain the major concepts of each of these preceding theories that were...
922-19x 8 After finding the partial fraction decomposition. (22 + 4)(x-4) dx = dz Notice you are NOT antidifferentiating...just give the decomposition. x+6 Integrate -dx. x33x The partial fraction...
Rebek Corporation provides the following information about its defined benefit pension plan for the year 2011: Service cost ....................... $ 225,000 Contribution to the plan...
Anne is employed by Bradley Contracting Company. Bradley has a $1.3 million contract to build a small group of outbuildings in a national park. Anne alleges that Bradley Contracting has discriminated...
Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation: Performed services for $31,000 cash. Purchased $7,800 of supplies on account. A physical count...
This question is from case # 24 of book Gapenski's Cases in Healthcare Finance, Sixth Edition Select five financial and five operating Key Performance Indicators (KPIs) to be presented at future...
assume that we have only two following risk assets (stock 1&2) in the market. stock 1 - E(r) = 20%, std 20% stock 2- E(r) = 10%, std 20% the correlation coefficient between stock 1 and 2 is 0. and...

If a 10 percent note receivable for ($ 10,000) is created on January 1, 2009, and it

Question:

Step by Step Answer:

The correct answer is a No interest revenue will be recorded in 2009 When a note receivable i...View the full answer

Fundamentals Of Financial Accounting

Students also viewed these Business questions