Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Apr 26, 2024

Ivanhoe sells goods to Carla Vista for $490,000, payment due in two instalments: the first instalment payable in 18 months, and the second payment

Ivanhoe sells goods to Carla Vista for $490,000, payment due in two instalments: the first instalment payable in 18 months, and the second payment due 6 months later. The present value of the future payments is $475,000. Ivanhoe would recognize revenue of $ at delivery of $ method. will be earned over the next 2 years using the effective interest

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Answer Ivanhoe would recognize revenue of 475000 at the time of sale Of this amount interest revenue ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting IFRS Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

2nd Edition

1118443969, 978-1118443965

More Books

Students also viewed these Accounting questions

Question

What is the primary determinant of the scope of an investigation? Eyewitness statements detailing the loss Events that caused the loss Magnitude of the loss Cause of the loss best

Answered: 1 week ago

Question

Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...

Answered: 1 week ago

Question

★★★★★

Holmes Corporation is a leading designer and manufacturer of material handling and processing equipment for heavy industry in the United States and abroad. Its sales have more than doubled, and its...

Answered: 1 week ago

Question

★★★★★

If the rate of a plane in still air is x mph and the rate of a steady wind is 20 mph, what is the rate of the plane in each case? (a) The plane is flying into the wind (that is, into a headwind,...

Answered: 1 week ago

Question

★★★★★

On April 29, 20XX, Mr. Yan Yu deposited $850.00 in cash, $8.63 in coins, and two checks, one in the amount of $157.38, the other in the amount of $32.49. fill out Mr. Yu's deposit ticket for April...

Answered: 1 week ago

Question

★★★★★

8. Discuss the assumptions of proportionality, additivity, continuity, certainty and finite choices in the context ofLPPs.

Answered: 1 week ago

Question

★★★★★

In a two-class priority queueing model suppose that a cost of Ci per unit time is incurred for each type i customer that waits in queue, i = 1, 2. Show that type 1 customers should be given priority...

Answered: 1 week ago

Question

★★★★★

Mountain Manufacturing is considering the following capital investment proposals. Mountains requirement criteria include a maximum payback period of five years and a required rate of return of 12.5%....

Answered: 1 week ago

Question

★★★★★

By multiplying the operating leverage factor by the anticipated percentage change in volume, one can find: the anticipated change in fixed expenses the anticipated change in operating income the...

Answered: 1 week ago

Question

★★★★★

An analysis of the transactions made by J. L. Kang & Co., a certified public accounting firm, for the month of August is shown below. Each increase and decrease in stockholders' equity is explained....

Answered: 1 week ago

Question

★★★★★

JAY Ltd owner negotiated the possible sale of the broken road grader with Caymen for RM$25, 000. JAY Ltd authorized Caymen only to obtain three bids to have the engine repair work done (so that JAY...

Answered: 1 week ago

Question

★★★★★

Gamma Manufacturing has prepared the following flexible budget for October and it is in the process of interpreting the variances. F denotes a favorable variance and U denotes an unfavorable...

Answered: 1 week ago

Question

★★★★★

What is the role of the customer in service operations? A.) They facilitate collaboration between suppliers B.) They are responsible for majority of fixed costs. C.) They are a supplier of process...

Answered: 1 week ago

Question

★★★★★

A contract to purchase a year of business consulting has a base price of $25,000 but also includes a bonus of $5,000 if the company's performance metrics improve by 10%. Due to the extensive amount...

Answered: 1 week ago

Question

★★★★★

Cando Manufacturing Inc. (CMI) produces toys for small children. CMI's schedule of cost of goods manufactured for 2023 is as follows: Direct materials used $ 58,000 Direct labour 95,000 Manufacturing...

Answered: 1 week ago

Question

★★★★★

Cost of Goods Sold Beginning Inventory $63,000 Add: Purchases $25,000 Less: Purchase Discounts $2,500 Purchase Returns and Allowances $1,500 Net Purchases $21,000 Freight-in $8,000 Cost of Goods...

Answered: 1 week ago

Question

★★★★★

a) Briefly introduce class field and instance field in Java. If we are modeling a class City, indicate if the fields area and minimum-area should be a class field or an "instance field. [4 marks]...

Answered: 1 week ago

Question

★★★★★

Below is a sample of the data in the file NFLAttendance which contains the 32 teams in the National Football League, their conference affiliation, their division, and their average home attendance....

Answered: 1 week ago

Question

★★★★★

Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2014, with the following beginning balances: plan assets $$200$,000 and defined benefit obligation...

Answered: 1 week ago

Question

★★★★★

Diaz Company issued $100,000 face value, 9% coupon bonds on January 1, 2014, for $92,608 to yield 11%. The bonds mature in 5 years and pay interest annually on December

Answered: 1 week ago

Question

★★★★★

Recall from Chapter 13 that Hincapie Co. (a specialty bike-accessory manufacturer) is expecting growth in sales of some products targeted to the low-price market. Hincapie is contemplating a...

Answered: 1 week ago

Question

★★★★★

Find the equation for the line passing through (3, 6) and parallel to the line having the equation y = 5x + 8. Parallel lines have the same slope. The slope of the line we seek therefore is 5....

Answered: 1 week ago

Question

★★★★★

Find the y intercepts and the x intercepts and use them as the two points needed to graph the following linear equations: (a) y = 5x + 10 y intercept: (0, 10), x intercept: (2, 0). See Fig. 2-13. (g)...

Answered: 1 week ago

Question

★★★★★

Find the equation for the following straight lines with: (a) Slope = 7, y intercept: (0, 16) Using the slope-intercept form y = mx + b throughout, and substituting m = 7, b = 16 here, (b) Slope = 6,...

Answered: 1 week ago

Previous Question Next Question