On June 1, 2021, Wildhorse & Sons sold equipment to James Landscaping Service in exchange for a zero-interest bearing note with a face value of $106800, with payment due in 12 months. The fair value of the equipment on the date of sale was $90000. The amount of revenue to be recognized on this transaction in 2021 is
a. $106800.
b. $16800.
c. $90000.
d. $90000 sales revenue and $9800 interest revenue.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On June 1, 2021, Wildhorse & Sons sold equipment to James Landscaping Service in exchange for a zero-interest bearing note with a face ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Assume that a six-firm cartel supplies 500 million units of Whatailsya energy drink at a price of $5.00 per unit. Each firm supplies an equal share of the cartel's output.
Answers (1)
How to find the area of each shape
Answers (1)
A relatively low saving rate affects productivity growth by: a. decreasing consumption spending and increasing investment in human capital. b. reducing the tax base and preventing the government from providing public goods. c.
Answers (2)
The Wall Street Journal reports that the rate on four-year Treasury securities is 2.2 percent and the rate on five-year Treasury securities is 2.9 percent.
Answers (1)
To present fairly in conformity with generally accepted accounting principles, the financial statements must: Multiple Choice Inform users of all matters that could materially affect a decision.
Answers (1)
New Questions in Business
What happens to the percentage of tax as the income that is taxed?
Answers (1)
he terms of a percentage lease state that rent is 4% of sales up to $100,000 and 2.5% of sales over $100,000. Your business plan projects monthly sales to average $270,000 per month. There is a $250 per month maintenance fee.
Answers (1)
When ann taylor, a well-known retailer of sophisticated women's clothing, started losing sales to its own loft outlets that feature moderately priced casual clothes, ann taylor was dealing with the marketing phenomenon known as _?
Answers (1)
Stefanie takes out a five year car loan and agrees to pay $ 500 every month. Stefanie takes out a five year car loan and agrees to pay $500 every month. This scenario shows how money functions as a
Answers (1)
LO 1.2Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user.
Answers (1)