FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2021, PFY Inc. issued a 3-year, 1,000,000 noninterest-bearing note. The actual cash received is equivalent to the prevailing interest rate of 12%.

On January 1, 2021, PFY Inc. issued a 3-year, 1,000,000 noninterest-bearing note. The actual cash received is equivalent to the prevailing interest rate of 12%. What is the non-current portion of the note as of December 31, 2021 that should be presented in the balance sheet?

Step by Step Solution

★★★★★

3.46 Rating (156 Votes )

There are 3 Steps involved in it

Step: 1

AnsInterest rate12 Cash recieved as on 0101201410... 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

blur-text-image

Step: 3

blur-text-image

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

Financial Accounting in an Economic Context

Financial Accounting in an Economic Context

Authors: Jamie Pratt

10th edition

978-1-119-3061, 1119306167, 978-1119444367

More Books

Students also viewed these Finance questions

Question

★★★★★
The rules for how segments should be presented in the annual report are governed by external financial accounting rules. The information you gathered for the previous requirements would be used by...

Answered: 1 week ago

Question

★★★★★
A corporate bond has a nominal interest rate of 12 percent. This bond is not very liquid and consequently requires a 2 percent liquidity premium. The bond is of low quality and thus has a default...

Answered: 1 week ago

Question

★★★★★
The actual cash received from cash sales was $36,183, and the amount indicated by the cash register total was $36,197. Journalize the entry to record the cash receipts and cash sales.

Answered: 1 week ago

Question

★★★★★
iHerb Inc. has several herb extractor evaporators that were purchased four years ago at a price of $20,000. These machines currently require annual maintenance costs of $2,000. However, the...

Answered: 1 week ago

Question

★★★★★
Use the data from Problem. Class Interval Frequency 20under 25 ............. 8 25under 30 ............. 6 30under 35 ............. 5 35under 40 .............12 40under 45 .............15 45under 50...

Answered: 1 week ago

Question

★★★★★
Testing the null hypothesis that = 10 against > 10, a researcher obtains a sample mean of 12 with standard deviation 6 from a sample of 30 observations. Calculate the z score and the associated...

Answered: 1 week ago

Question

★★★★★
3. Have an increased awareness of the implications of existing findings for supporting psychologically-based approaches to offender assessment and rehabilitation.

Answered: 1 week ago

Question

★★★★★
Comparative financial statement data of Dangerfield, Inc. follow: 1. Market price of Dangerfields common stock: $76.67 at December 31, 2016, and $37.20 at December 31, 2015. 2. Common shares...

Answered: 1 week ago

Question

★★★★★
Jeffrey Accounting provides accounting services. During the month of November 2022 , the following transactions took place. Prepare the journal entries for the above transactions. Do not enter dollar...

Answered: 1 week ago

Question

★★★★★
Kendrick Anderson Furniture Maker, LLC creates custom tables in Atlanta. Assume that the following represents monthly information on production volume and manufacturing costs since the company...

Answered: 1 week ago

Question

★★★★★
Please fill in the multiple blanks in both spreadsheets and answer the following questions. The following information is from Bluff Run Golf Courses. The company runs three courses and the July...

Answered: 1 week ago

Question

★★★★★
Starting from your project idea, generate the complete structure of the Technical Title Project document, developing the "Preliminary or presentation section", corresponding to the contents of unit...

Answered: 1 week ago

Question

★★★★★
4.49 Mr. Williams deposits $200 in the bank at the end of each quarter. If the bank pays 6% per year. compounded quarterly. how much money will Mr. Williams have accumulated at the end of 12 years?...

Answered: 1 week ago

Question

★★★★★
Question 1 Suppose there are only two goods in the economy: Yo-yos and Marbles. Bob only cares about his consumption of Yo-yos; the more Yo-yos he has the happier he is, regardless of his consumption...

Answered: 1 week ago

Question

★★★★★
Mar Company has two decentralized divisions, X and Y. Division X has always purchased certain units from Division Y at $75 per unit. Because Division Y plans to raise the price to $100 per unit,...

Answered: 1 week ago

Question

★★★★★
Salem-Winston Corporation is emerging from reorganization proceedings under Chapter 11 of the bankruptcy laws. The company's balance sheet shows total assets of $4,500,000, liabilities subject to...

Answered: 1 week ago

Question

★★★★★
P2-7A Aduke Zhawaki is a talented musician who ru og music and playing in gigs lournalize transactions. with a variety of other musicians. Her business is operated as a proprietorship, under the name...

Answered: 1 week ago

Question

★★★★★
The landing gear of an aircraft with: mass of 2000 kg the spring-mass-damper system Consider that the runway surface is y(t) = 0.2 cos 157.08t stiffness of the spring is 5 x 105 N/m. What is the...

Answered: 1 week ago

Question

★★★★★
Earl Rix, president of Rix Driving Range and Health Club, has provided you with the following information: The stated annual interest rate on the notes is 10 percent, and interest is paid annually on...

Answered: 1 week ago

Question

★★★★★
The following balance sheet is presented for J.D.F. Company as of December 31, 2017. During 2018, J.D.F. entered into the following transactions. 1. Made credit sales of $1,350,000 and cash sales of...

Answered: 1 week ago

Question

★★★★★
The following was taken from the 2014 annual report of General Motors (dollars in millions): GM reported that it purchased $9,154 of securities in 2014 and that unrealized gains and losses were...

Answered: 1 week ago

Question

★★★★★
A distributor orders four products from a supplier. The fixed cost to place an order for one SKU is $23, and cost of each additional SKU added to the order is $3. The carrying cost rate is 24 percent...

Answered: 1 week ago

Question

★★★★★
A manager wants to purchase a new piece of processing equipment and must decide on tire number of a spare part to order with the new equipment. The spares cost $200 each, and any unused spares will...

Answered: 1 week ago

Question

★★★★★
Hall mark sells personal expression cards and gifts wrorldwride through either its own stores or other retailers. Most products are single runs. Unsold products are either discounted and sold to...

Answered: 1 week ago

Previous Question Next Question