Question
On January 1, 2019, FLOWERS Inc. rendered services in exchange for a four-year promissory note having a face value of $10,000. Interest at a rate
On January 1, 2019, FLOWERS Inc. rendered services in exchange for a four-year promissory note having a face value of $10,000. Interest at a rate of 3% is payable annually on January 1 (first payment
Jan 1, 2020). The customer has credit ratings that require it to borrow money at 8% interest.
FLOWERS uses IFRS.
Required: Show and label all calculations. (Round to the nearest dollar.)
- What would be the value of the service revenue recorded on January 1, 2019?
- Prepare the full amortization table for note.
- What is the value of the interest revenue recorded by FLOWERS in 2019?
- What is the value of the interest revenue recorded by FLOWERS in 2020?
What is the value of note / interest receivable recorded by FLOWERS at its year end of December 31, 2020
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Computers In Medical Audit A Guide Commissioned By The West Midlands Regional Health Authority
Authors: R. Tyndall, Michael Rigby, Anne McBride, Chris Shiels
2nd Edition
1853151777, 978-1853151774
