Problem 09 (Part Level Sution) Song Inc. had the tobowing long terterable account balances at December 2010 Necrom sale of do 11.100.000 Non receivable from tim 405.200 transaction during 2020 and other information relating to songono correctes were as follow 1. The $1,800,000 notis dated May 1, 2013, tears interest and represents the balance of the cideration received from the sale of skin cronici division to work in Principal payments of $500,000 propriate interest and on May , 2020 2021 and 2022. The first principal and payment was m May 1, 2030. Collection of the installment 2 The 4600 otrovali dated December 11, 2019, bears and to due on December 11, 2022. The noix due from Sean Max president of Skyson tre and collaby 163 shares of Songs comme stock, tartis payable annually on December 1, and a test payments were in the dates through December 1, 2020. The market of common ockwa 4 pers on December 2010 On Apr 1, 2020. godt til Company in exchange for $115.000 -interest hearing tot die Api L2022. There was noted exchange price for the stand then had normalt The prevailing rate of Wrest for a note of this to pull 12020, was 125 value of 1 for two periods. (use this factor). The had a string of $40,000 atawy 1. 2020, and the main for the ended December 31, 2030. would have been 9.200 The con of the hotel romani inably u. On My L. 2020 Skod parlando Sainte Comany for $200,000 under an installment le contract, Solter made00,000 cash down payment only 1 2020, and for the $10,000 balance the way and on the rate will be able 12001 och W 1, 2014 The land could have been the chef 5700,000. The cost of the unito ang was 150.000 euch that the collection of the won the notes shest at 1000 (a) Your answer is correct Prepare the long term receivables section of Skysong's balance sheet at December 31, 2020. (Round answers to o decimal places, e.g. 5,125.) SKYSONG INC. Long-Term Receivables Section of Balance Sheet December 11, 2020 600000 Note cevabile romale or divilon 465200 Note ler om Not relation of patent 190903 110229 In contract 127822 SHOW SOLUTION LINK TO TEXT Attempts: 1 of 5 used (b) Your answer is correct Prepare a schedule showing the current portion of the long term receivables and accrued interest receivable that would appear in kosong's balance sheet at December 31, 2020 (Round answers to decimal 5.129.) SKYSONG INC. Selected Balance Sheet Balances 500000 2000 WOO OM w 49 5 w Prepare a schedule showing interest revenue from the long-term receivables that would appear on Skycong's income statement for the year ended December 31, 2020 (and answers to decimal places $125.) SKYSONG INC Interest Revenue from Long Term Receivables Problem 7-0 (Part Level Submission) Skong Inc. had the following long term receivable account balances at December 31, 2019, Note receivable from sale of division $1,800,000 Not receivable from officer 465.200 Transactions during 2020 and other information relating to Skuong's long-term receivables were as follows 1. The $1,800,000 note receivable is dated May 1, 2019, bears interest at 9% and represents the balance of the consideration received from the sale of Skysong's electronics division to New York Company, Principal payments of $600,000 plus appropriate interest are due on May 1, 2020 2021 and 2022. The first principal and interest payment was made on May 1, 2020, Collection of the note Installments is reasonably assured 2 The 5465,200 note receivable is dated December 31, 2019, bears interest at, and is due on December 31, 2022. The note is due from Sean May, president of Skysong Inc, and is collateralized by 11,630 shares of Skysong's common stock. Interests payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2020. The quoted market price of Skysong's common stock was $46 per share on December 31, 2020. 3. On April 1, 2020, Skysong sold a patent to Pennsylvania Company in exchange for a $115,000 zero interest-bearing note due on April 1, 2022. There was no established exchange price for the patent, and the note had no ready market. The prevailing rate of interest for a note of this type at April 1, 2020, was 12 The procent value of St for two periods at 125 is 0.797 (use this factor). The patent had a carrying value of $46,000 at January 1, 2020, and the amortization for the year anded December 31, 2020, would have been $9.200. The collection of the note receivable from Pennsylvania is reasonably assured 4. On July 1, 2020, Skysong sold a parcel of land to Splinter Company for $200,000 under an installment sale contract. Sprinter made a $60,000 cash down payment on July 1, 2020, and signed 4 year 12 note for the $140.000 balance. The equal annual payments of principal and interest on the note will be 345 125 payable on July 1, 2021, through July 1, 2024. The land could have been sold at an established cash price of $200,000. The cost of the land to Skysong was $150.000. Circumstances are such that the collection of the intiments on the note is reasonably assured Prepare the long-term receivables section of Skysong's balance sheet at December 31, 2020. (Round answe SKYSONG INC. Long-Term Receivables Section of Balance Sheet December 31, 2020 Note receivable from sale of division 600000 Note receivable from officer 465200 Note receivable from sale of patent 99903 Installment contract receivable 110275 Total long-term receivables 1275378 SHOW SOLUTION LINK TO TEXT Your answer is correct Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in skysong's balance sheet at December 31, 2020, [Round answers to decimal places, 5.1.20.) SKYSONG INC Selected Balance Sheet Balances December 31, 2020 Cunortlun of longamente 500000 2973 72000 7700 79700 SOU Prepare a schedule showing interest revenue from the long-term receivables that would appear on Skysong's income statement for the year ended December 31, 2020. (Round answers to decimal places. e. 5,225.) SKYSONG INC. Interest Revenue from Long Term Receivables Problem 09 (Part Level Sution) Song Inc. had the tobowing long terterable account balances at December 2010 Necrom sale of do 11.100.000 Non receivable from tim 405.200 transaction during 2020 and other information relating to songono correctes were as follow 1. The $1,800,000 notis dated May 1, 2013, tears interest and represents the balance of the cideration received from the sale of skin cronici division to work in Principal payments of $500,000 propriate interest and on May , 2020 2021 and 2022. The first principal and payment was m May 1, 2030. Collection of the installment 2 The 4600 otrovali dated December 11, 2019, bears and to due on December 11, 2022. The noix due from Sean Max president of Skyson tre and collaby 163 shares of Songs comme stock, tartis payable annually on December 1, and a test payments were in the dates through December 1, 2020. The market of common ockwa 4 pers on December 2010 On Apr 1, 2020. godt til Company in exchange for $115.000 -interest hearing tot die Api L2022. There was noted exchange price for the stand then had normalt The prevailing rate of Wrest for a note of this to pull 12020, was 125 value of 1 for two periods. (use this factor). The had a string of $40,000 atawy 1. 2020, and the main for the ended December 31, 2030. would have been 9.200 The con of the hotel romani inably u. On My L. 2020 Skod parlando Sainte Comany for $200,000 under an installment le contract, Solter made00,000 cash down payment only 1 2020, and for the $10,000 balance the way and on the rate will be able 12001 och W 1, 2014 The land could have been the chef 5700,000. The cost of the unito ang was 150.000 euch that the collection of the won the notes shest at 1000 (a) Your answer is correct Prepare the long term receivables section of Skysong's balance sheet at December 31, 2020. (Round answers to o decimal places, e.g. 5,125.) SKYSONG INC. Long-Term Receivables Section of Balance Sheet December 11, 2020 600000 Note cevabile romale or divilon 465200 Note ler om Not relation of patent 190903 110229 In contract 127822 SHOW SOLUTION LINK TO TEXT Attempts: 1 of 5 used (b) Your answer is correct Prepare a schedule showing the current portion of the long term receivables and accrued interest receivable that would appear in kosong's balance sheet at December 31, 2020 (Round answers to decimal 5.129.) SKYSONG INC. Selected Balance Sheet Balances 500000 2000 WOO OM w 49 5 w Prepare a schedule showing interest revenue from the long-term receivables that would appear on Skycong's income statement for the year ended December 31, 2020 (and answers to decimal places $125.) SKYSONG INC Interest Revenue from Long Term Receivables Problem 7-0 (Part Level Submission) Skong Inc. had the following long term receivable account balances at December 31, 2019, Note receivable from sale of division $1,800,000 Not receivable from officer 465.200 Transactions during 2020 and other information relating to Skuong's long-term receivables were as follows 1. The $1,800,000 note receivable is dated May 1, 2019, bears interest at 9% and represents the balance of the consideration received from the sale of Skysong's electronics division to New York Company, Principal payments of $600,000 plus appropriate interest are due on May 1, 2020 2021 and 2022. The first principal and interest payment was made on May 1, 2020, Collection of the note Installments is reasonably assured 2 The 5465,200 note receivable is dated December 31, 2019, bears interest at, and is due on December 31, 2022. The note is due from Sean May, president of Skysong Inc, and is collateralized by 11,630 shares of Skysong's common stock. Interests payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2020. The quoted market price of Skysong's common stock was $46 per share on December 31, 2020. 3. On April 1, 2020, Skysong sold a patent to Pennsylvania Company in exchange for a $115,000 zero interest-bearing note due on April 1, 2022. There was no established exchange price for the patent, and the note had no ready market. The prevailing rate of interest for a note of this type at April 1, 2020, was 12 The procent value of St for two periods at 125 is 0.797 (use this factor). The patent had a carrying value of $46,000 at January 1, 2020, and the amortization for the year anded December 31, 2020, would have been $9.200. The collection of the note receivable from Pennsylvania is reasonably assured 4. On July 1, 2020, Skysong sold a parcel of land to Splinter Company for $200,000 under an installment sale contract. Sprinter made a $60,000 cash down payment on July 1, 2020, and signed 4 year 12 note for the $140.000 balance. The equal annual payments of principal and interest on the note will be 345 125 payable on July 1, 2021, through July 1, 2024. The land could have been sold at an established cash price of $200,000. The cost of the land to Skysong was $150.000. Circumstances are such that the collection of the intiments on the note is reasonably assured Prepare the long-term receivables section of Skysong's balance sheet at December 31, 2020. (Round answe SKYSONG INC. Long-Term Receivables Section of Balance Sheet December 31, 2020 Note receivable from sale of division 600000 Note receivable from officer 465200 Note receivable from sale of patent 99903 Installment contract receivable 110275 Total long-term receivables 1275378 SHOW SOLUTION LINK TO TEXT Your answer is correct Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in skysong's balance sheet at December 31, 2020, [Round answers to decimal places, 5.1.20.) SKYSONG INC Selected Balance Sheet Balances December 31, 2020 Cunortlun of longamente 500000 2973 72000 7700 79700 SOU Prepare a schedule showing interest revenue from the long-term receivables that would appear on Skysong's income statement for the year ended December 31, 2020. (Round answers to decimal places. e. 5,225.) SKYSONG INC. Interest Revenue from Long Term Receivables
