On december 31 2010 green company finished consultation, Ask an Expert

Accounting

On December 31, 2010, Green Company finished consultation services and accepted in exchange a promissory note with a face value of $400,000, a due date of December 31, 2013, and a stated rate of 5%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9419318

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - effective financial reporting depends on sound

Question - Effective financial reporting depends on sound ethical behavior. Financial scandals in accounting and the businesses world have resulted in legislation to ensure adequate disclosures and honesty and integrity ...

Question - on july 1 2016 alpha company purchased for 70000

Question - On July 1, 2016, Alpha Company purchased for $70,000, equipment having a service life of eight years and an estimated residual value of $10,000. Alpha has recorded depreciation of the equipment using the strai ...

Question - on january 1 2015 canden company started to make

Question - On January 1, 2015, Canden Company started to make annual deposits in order to accumulate $1,500,000 by January 1, 2019. This fund will earn annual interest of 8%. What are the four annual deposits that Canden ...

Question income tax implication of capital investment

Question: Income Tax Implication Of Capital Investment Decisions Read the following case study: The Whitley Corporation's year-end is December 31, 2013. It is now October 1, 2013. The Whitley management team is taking a ...

Question - a bond has a 7 coupon and pays interest

Question - A bond has a 7% coupon and pays interest semi-annually. What is the amount of each interest payment if the face value of a bond is $1,000?

Question - for the year ended may 31 2015 nike inc

Question - For the year ended May 31, 2015, NIKE, Inc. financial statements included the following data: NIKE, Inc. Selected financial data Revenues 30,601 Cost of sales 16,534 Gross profit 14,067 Total selling and admin ...

Question - assume you graduate from college with 30000 in

Question - Assume you graduate from college with $30000 in student loans. If your interest rate is fixed at 5.00% APR with monthly compounding and you repay the loans over 10-year period, what will be your monthly paymen ...

Question - on january 1 grissom inc issued 10-year 4 bonds

Question - On January 1, Grissom Inc. issued 10-year, 4% bonds payable with a par value of $500,000, and received $490,000 in cash proceeds. The market rate of interest at the date of issuance was 4.5%. The bonds pay int ...

Question - kramer corp reported the following sale and

Question - Kramer Corp. reported the following sale and purchase transactions related to a specific product in January 2017: Date Transaction Quantity Unit Cost Unit Sales Price Jan 01 Beginning inventory 5 $90 Jan 03 Sa ...

Question - aa businesss lawyer charge 30 per your to meet

Question - AA business's lawyer charge $30 per your to meet with the board of directors. The business pays for the expense on the fifth of every month. By the end of the year, the board members and lawyer had met 51 hour ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert