There are 11 questions total

1. Notes Receivable.Use the following present value tables to help answer the following questions.

*Do not round any answer until your final answer.Round your final answer to the nearest whole dollar.When entering your final answer, do not use commas or $ sign.(Sorry...Canvas is very sensitive and will mark your answer incorrect due to rounding and punctuation.)Due to possible rounding differences, all answer solutions are programmed as acceptable that are+/- 1.For example, if the correct answer is $54,372, all possible answer solutions that would be accepted would be 54,371, 54372, and 54,373.

PV of $1Periods3581012202%.94.91.85.82.79.674%.89.82.73.68.62.466%.84.74.63.56.50.318%.79.68.55.46.39.219%.77.65.50.42.36.18Present Value of anOrdinary Annuity

2%2.884.717.338.9810.5816.354%2.774.456.738.119.3813.596%2.674.216.217.368.3811.478%2.573.995.756.717.549.829%2.533.895.536.417.169.13

Part I.On April 1, 20x1, ABC Company rendered services to Sparky, Inc.in exchange for a three year, $400,000, 8% note.Payments of P&I (Principal & Interest) are due each April 1st, with the first payment due immediately.December 31st is the fiscal year end for ABC.Sparky's normal cost to borrow is 8%.

Required:Use the above information to answer the next (4) questions:

1.Determine the dollar amount of the cash payment of P&I to be remitted each April 1st:$[Question_1]2.Determine the Service Revenue ABC can recognize on April 1, 20x1.

$__________________________________________3.Determine the Total Interest Revenue that ABC will recognize on this note for the year ended December 31, 20x2.$_____________________________________4.A partial Balance Sheet needs to be prepared for this Note Receivable as of December 31, 20x1:Current Assets:

Interest Receivable$_____________________

Note Receivable$_____________________

Long-Term Investments:

Note Receivable$_____________________

Determine the dollar amount of the cash payment of P&I to be remitted each April 1st: $_______________

Question 2

0.71pts

Using the information presented in #1 above, determine the amount of Service Revenue that ABC should recognize on April 1, 20x1:

Question 3

0.71pts

Using the information presented in #1 above, determine what amount of Interest Revenue ABC should recognize from this note for the year ending December 31, 20x2.$___________________________________

Question 4

2.9pts

Using the information presented in #1 above, A partial Balance Sheet must be prepared as of December 31, 20x1:

Current Assets:

Interest Receivable$

Note Receivable (current maturity)$

Long-Term Investments:

Note Receivable$

Question 5

0.71pts

USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (4)QUESTIONS:

*For all PV calculations,use the tables presented in #1above.

On January 1, 20x1, ABC rendered services to Smith Corporation and accepted a $200,000, 5 year note.In exchange, Smith agreed to make quarterly payments of P&I at the end of each Mar, Jun, Sept and Dec, with the first payment to be made on March 31, 20x1.An interest rate of 8% is imputed.

Required:Use the information above to answer the next (4) questions:

1.Determine the amount of (1)PMT of P&I$[Question_1]2.What amount of Service Revenue should ABC recognize on January 1, 20x1?$________________________________3.What amount of Interest Revenue should ABC recognize on this note for the year ending December 31, 20x3?(Hint:Use the Short-cut method)$________________________________4.What is the Carrying Value of the Note Receivable at December 31, 20x2?(Hint:Use the short cut method)$________________________________

Required:Determine the amount of (1) PMT of P&I:$_____________________________

Question 6

0.71pts

Using the information presented in #5 above, what amount of Service Revenue should ABC recognize on January 1, 20x1?

(You must use the PV tables provided in #1 above.In this case, there should be no rounding errors.)

Question 7

0.71pts

Using the information presented in #5 above, determine the amount of Interest Revenue ABC should recognize on their Income Statement for the year endedDecember 31,20x3:$__________________________(Hint:Use the short-cut method.Also, please use the tables provided in #1 to avoid any rounding differences.)

Question 8

0.71pts

Using the information presented in #5 above, determine the carrying value of the note receivable as ofDecember 31, 20x2.$_________________________(Hint:Use the short-cut method.Please use the tables provided in #1 above to avoid any rounding differences.)

Question 9

0.71pts

USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3)QUESTIONS:

On January 1, 20x1, ABC rendered services in exchange for a $100,000, 3 year, 4% note receivable.Interest is to be paid each December 31st and principal will be remitted at maturity.The customer's normal borrowing rate is 8%.

Required:

1.Determine the amount of Service Revenue ABC can recognize on Jan 1, 20x1$_______________________________2.Determine the carrying value of the note at December 31, 20x2:$_______________________________3.Determine the Total InterestRevenue ABC will recognize over the entire 3-year lending agreement.$_______________________________

Question #1:Determine the amount of Service Revenue ABC can recognize on Jan1,20x1:$_______________

Question 10

0.71pts

Using the information presented in #9 above, determine the carrying value of the note at December 31, 20x2:

Question 1 0.71 pts Notes Receivable. Use the following present value tables to help answer the following questions. *Do not round any answer until your final answer. Round your final answer to the nearest whole dollar. When entering your final answer, do not use commas or $ sign. (Sorry.Canvas is very sensitive and will mark your answer incorrect due to rounding and punctuation.) Due to possible rounding differences, all answer solutions are programmed as acceptable that are +/- 1. For example, if the correct answer is $54,372, all possible answer solutions that would be accepted would be 54,371, 54372, and 54,373. PV of $1 Periods 3 5 8 10 12 20 2% 94 .91 .85 82 .79 67 4% 89 .82 .73 68 62 46 6% 84 .74 .63 .56 .50 .31 8% .79 .68 .55 46 .39 .21 9% 77 .65 .50 .42 36 -18 Present Value of an Ordinary Annuity 2% 288 4.71 7.33 8.98 10.58 16.35 4% 2.77 4.45 6.73 8.11 9.38 13.59 6% 2.67 421 6.21 7.36 8.38 11.47 8% 2.57 3.99 5.75 6.71 7.54 9.82 9% 2.53 3.89 5.53 6.41 7.16 9.13 Part 1. On April 1, 20x1, ABC Company rendered services to Sparky, Inc. in exchange for a three year, $400,000, 8% note. Payments of P&I (Principal & Interest) are due each April 1st, with the first payment due immediately. December 31st is the fiscal year end for ABC. Sparky's normal cost to borrow is 8%. Required: Use the above information to answer the next (4) questions: 1. Determine the dollar amount of the cash payment of P&I to be $[Question_1] remitted each April 1st:8% 2.57 3.99 5.75 6.71 7.54 9.82 9% 253 3.89 5.53 6.41 7.16 9.13 Part 1. On April 1, 20x1, ABC Company rendered services to Sparky, Inc. in exchange for a three year, $400,000, 8% note. Payments of P&I (Principal & Interest) are due each April 1st, with the first payment due immediately. December 31st is the fiscal year end for ABC. Sparky's normal cost to borrow is 8%. Required: Use the above information to answer the next (4) questions: 1. Determine the dollar amount of the cash payment of P&I to be $[Question_1] remitted each April 1st: 2. Determine the Service Revenue ABC can recognize on $ April 1, 20x1. 3. Determine the Total Interest Revenue that ABC will recognize on this note for the year ended December 31, 20x2. Current Assets: 4. Prepare a partial Balance Interest Receivable S Sheet for this Note Receivable Note Receivable S as of December 31, 20x1: Long-Term Investments: Note Receivable $ Determine the dollar amount of the cash payment of PAI to be remitted each April 1st: $D Question 2 0.71 pts Using the information presented in #1 above, determine the amount of Service Revenue that ABC should recognize on April 1, 20x1: Question 3 0.71 pts Using the information presented in #1 above, determine what amount of Interest Revenue ABC should recognize from this note for the year ending December 31, 20x2 S D Question 4 2.9 pts Using the information presented in #1 above, prepare a partial Balance Sheet as of December 31, 20x1: Current Assets: Interest Receivable Note Receivable (current maturity) $ Long-Term Investments: Note ReceivableQuestion 5 0.71 pts USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (4) QUESTIONS: *For all PV calculations, use the tables presented in #1 above. On January 1, 20x1, ABC rendered services to Smith Corporation and accepted a $200,000, 5 year note. In exchange, Smith agreed to make quarterly payments of P&I at the end of each Mar, Jun, Sept and Dec, with the first payment to be made on March 31, 20x1. An interest rate of 8% is imputed. Required: Use the information above to answer the next (4) questions: 1. Determine the amount of (1) PMT of P&I $[Question_1] 2. What amount of Service Revenue should ABC recognize on January 1, 20x1? S 3. What amount of Interest Revenue should ABC recognize on this note for the year ending December 31, 20x3? (Hint: Use the Short-cut method 4. What is the Carrying Value of the Note Receivable at December 31, 20x2? (Hint: S Use the short cut method) Required: Determine the amount of (1) PMT of P&I: $Question 6 0.71 pts Using the information presented in #5 above, what amount of Service Revenue should ABC recognize on January 1, 20x1? ( You must use the PV tables provided in #1 above. In this case, there should be no rounding errors.) Question 7 0.71 pts Using the information presented in #5 above, determine the amount of Interest Revenue ABC should recognize on their Income Statement for the year ended December 31, 20x3: S (Hint: Use the short-cut method. Also, please use the tables provided in #1 to avoid any rounding differences.) Question 8 0.71 pts Using the information presented in #5 above, determine the carrying value of the note receivable as of December 31, 20x2. $_ (Hint: Use the short-cut method. Please use the tables provided in #1 above to avoid any rounding differences.)Question 9 0.71 pts USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3) QUESTIONS: On January 1, 20x1, ABC rendered services in exchange for a $100,000, 3 year, 4% note receivable. Interest is to be paid each December 31st and principal will be remitted at maturity. The customer's normal borrowing rate is 8%. Required: 1. Determine the amount of Service Revenue ABC can recognize on Jan 1, 20x1 S 2. Determine the carrying value of the note at December 31, 20x2: S 3. Determine the Total Interest Revenue ABC will recognize over the entire 3-year lending agreement. Question #1: Determine the amount of Service Revenue ABC can recognize on Jan 1, 20x1: 5 Question 10 0.71 pts Using the information presented in #9 above, determine the carrying value of the note at December 31, 20x2:Question 10 0.71 pts Using the information presented in #9 above, determine the carrying value of the note at December 31, 20x2: Question 11 0.71 pts Using the information presented in #9 above, determine the Total Interest Revenue to be earned by ABC over the entire 3 year term: $