Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lincoln company purchased merchandise from grandvi

Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in...

60.1K

Verified Solution

Question

Accounting

image
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $4,000 on each September 30, beginning on September 30, 2024. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 9% properly reflects the time value of money in this situation. Amount recorded

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Proposition. You and your friends are learning to play hockey, and you decide to use physics to...

Physics
Q

Which is cheaper: eating out or dining in? The mean cost of a flank steak, broccoli,...

Basic Math
Q

Problem #1 : Using separation of variables and the formalism demonstrated in class, find the general solution...

Advance Math
Q

Centarl dogma of life is DNA protein RNA O True Falco

Biology
Q

1 Point Omotion of conduction electrons due to random collisions OOO motion of conduction electrons...

Physics
Q

The half-life of Palladium-100 is 4 days. After 20 days a sample of Palladium-100 has...

Basic Math
Q

Thrift rents a compact car for $37 per day, and General rents a similar car...

Basic Math
Q

Consider the following piecewise defined function 2 x 5 5 if x 5 36 5...

Algebra
Q

last month when holiday creations, incorporated, sold 37,000 units, total sales were $148,000, total variable...

Accounting
Q

A company can be aware of an obligation, but not know how much it will...

Accounting
Q

Forecasting with the Parsimonious Method and Estimating Share Value Using the ROPI Model Following are...

Accounting
Q

Consider a project to supply Detroit with 28,000 tons of machine screws annually for automobile...

Finance