ullbright Company sold goods to Blue Dirt Company for $400,000 in exchange for a 4-year, zero-interest-bearing note with a face amount of $629,406 (imputed rate of 12%). The goods have an inventory cost on Fullbright’s books of $240,000. What amount of Sales Revenue should Fullbright recognize in 2017?

Answers

Answer 1

Answer:

The amount of Sales Revenue Fullbright should recognize in 2017 is $400,000

Explanation:

The total value of $629,406 of the note includes the amount of interest revenue which would be $229,406 which is gotten from (629,406-400,000). The value of sales revenue will be $400,000

The amount of Sales Revenue Fullbright should recognize in 2017 is $400,000

Related Questions

Riku Company manufactures two products. The budgeted per-unit contribution margin for each product follows: Super Supreme Sales price $ 68 $ 94 Variable cost per unit (38 ) (44 ) Contribution margin per unit $ 30 $ 50 Riku expects to incur annual fixed costs of $540,000. The relative sales mix of the products is 70 percent for Super and 30 percent for Supreme. Required Determine the total number of products (units of Super and Supreme combined) Riku must sell to break even. How many units each of Super and Supreme must Riku sell to break even?

Answers

Answer:

Super= 10,500

Supreme= 4,500

Explanation:

Giving the following information:

Spuer:

Contribution margin= $30

Sales proportion= 0.70

Supreme:

Contribution margin= $50

Sales proportion= 0.30

Fixed costs= $540,000

First, we need to calculate the break-even point in units for the whole company:

Break-even point (units)= Total fixed costs / Weighted average contribution margin

Break-even point (units)= 540,000 / (0.7*30 + 0.3*50)

Break-even point (units)= 15,000 units

Now, for each product:

Super= 15,000*0.7= 10,500

Supreme= 15,000*0.3= 4,500

On December 1, Christy Co. accepted a 60-day, 6%, $1,000 note due January 30. On December 31, the appropriate year-end adjusting entry was made. On January 30, the note was honored and paid in full. The entry to record receipt of payment on January 30 (assuming no reversing entry was made) would include a credit to: (Check all that apply.)

Answers

Answer:

Entry for the repayment involve a Debit of Note Payable of $1,060 and a Credit of Cash of $1,060.

Explanation:

By January 30 , 2 months interest would have expired and the journal entries are as follows :

December 31

Interest expense $30 (debit)

Note Payable $30 (credit)

January 30

Interest expense $30 (debit)

Note Payable $30 (credit)

Thus the repayment will be at the carrying cost of the note payable as follows :

Note Payable $1,060 (debit)

Cash $1,060 (credit)

Conclusion :

Entry for the repayment involve a Debit of Note Payable of $1,060 and a credit of Cash of $1,060.

which bear is best? Beets. Bears. Battlestar galactica.

Answers

Answer:

black bear

Explanation:

I've watched the office 10 times

Answer:

N/A

Explanation:

That's a ridiculous question.

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