On December 31, 2021. XYZ Co. sold inventory that cost $250,000 to ABC Company for a note requiring three payments of $1
Posted: Sun Apr 17, 2022 7:05 pm
- On December 31 2021 Xyz Co Sold Inventory That Cost 250 000 To Abc Company For A Note Requiring Three Payments Of 1 1 (68.72 KiB) Viewed 18 times
- On December 31 2021 Xyz Co Sold Inventory That Cost 250 000 To Abc Company For A Note Requiring Three Payments Of 1 2 (91.81 KiB) Viewed 18 times
1. XYZ should report gross profit for this sale in December 2021 of S (5) 2. Prepare the journal entry to record XYZ Co.'s receipt of a payment on December 31, 2023. (Epts) Account Title Debit Credit For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BI U S Paragraph Arial 14px TII А I. a c 1 > 三三三三 ...
On August 31, 2021. Company ABC purchased a new machine from XYZ. The agreement stipulated that ABC make four payments of $75,000 (including interest) annually August 31. The first note payment is to be made on August 31, 2021. Assume that a market interest rate of 5% applies to this contract: Present value of an Future value of an ordinary annuity Future Value of 1 Present value of 1 Present value of an ordinary annuity 3.54595 annuity due n i 1.21551 0.82270 431013 3.72325 59 1. Record Company ABC's purchase of the machine on August 31, 2021? (6pts) Account Title Debit Credit 2. Prepare the journal entry(s) for Company ABC for year ended 12/31/23, if any, associated with the purchase of this equipment. (3 pts)
2. Prepare the journal entry(s) for Company ABC for year ended 12/31/23, if any, associated with the purchase of this equipment. (3 pts) Account Title Debit Credit 3. Record Company ABC's payment on the note for August 31, 2023 if the company does not make reversing entries? (3pts) Account Title Debit Credit 4. What is the total interest expense ABC will incur over the life of this note? (2pts) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).