(Answered) Question - on december 31 2015 pronghorn co performed

Accounting

Question - On December 31, 2015, Pronghorn Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Pronghorn Co. agreed to accept a $324,900 zero-interest-bearing note due December 31, 2017, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Pronghorn is much more creditworthy and has various lines of credit at 6%.

a. Prepare the journal entry to record the transaction of December 31, 2015, for the Pronghorn Co.

b. Assuming Pronghorn Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2016.

c. Assuming Pronghorn Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2017.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92506277
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - blue co reported 150000 of net income for 2017

Question - Blue Co. reported $150,000 of net income for 2017. The accountant, in preparing the statement of cash flows, noted the following items occurring during 2017 that might affect cash flows from operating activiti ...

Question - aztec company sells its product for 160 per unit

Question - Aztec Company sells its product for $160 per unit. Its actual and budgeted sales follow. Units Dollars April (actual) 3,500 $560,000 May (actual) 2,400 $384,000 June (budgeted) 5,000 $800,000 July (budgeted) 4 ...

Question - how do you find covered payroll on a schedule of

Question - How do you find covered payroll on a schedule of changes in net pension liability and related ratios chart? How do you find "New pension liability as a percentage of covered payroll"? Net change in plan fiduci ...

Questions -q1 isaiah an nba point guard is advised by his

Questions - Q1. Isaiah an NBA point guard, is advised by his physician to install a Jacuzzi in his residence since he is afflicted with a back problem incurred after years of running up and down the court. The cost of in ...

Question - stellar company manufactures equipment stellars

Question - Stellar Company manufactures equipment. Stellar's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $200,000 to $1,500,000 and are ...

Fundamentals of value creation in business assignment -

FUNDAMENTALS OF VALUE CREATION IN BUSINESS ASSIGNMENT - ACCOUNTING Requirements - 1. The following is a list of companies from the latest ASX. These companies are carefully chosen to suit this project and the learning ou ...

Question - els an s corporation reported a business loss of

Question - ELS, an S corporation, reported a business loss of $1,000,000. Ethan, ELS's sole shareholder, is involved in ELS's daily business activities and he reports $1,200,000 of taxable income from sources other than ...

Accounting information system question -1-identify two

Accounting Information System Question - 1-Identify two strategic decisions that the information in one (or more) of the example dashboards at idashboards.com can help the company make. Be specific when describing these ...

Thinking of the middle east identify where you encounter

Thinking of the Middle East, identify where you encounter products, services, or food items that should be relatively uniform and are based on standard inputs or costs. Identify the items, their standard components, and ...

Question household budget1create a simple household budget

Question: Household Budget 1. Create a simple household budget, including all income and expenses. There are various templates available online to help you do this. Find one that you feel comfortable with and that fits y ...

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