Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. y company sold inventory in exchange for a note re

Y Company sold inventory in exchange for a note receivable on January 1, Year 1....

70.2K

Verified Solution

Question

Accounting

Y Company sold inventory in exchange for a note receivable on January 1, Year 1. The note required the customer to make payments of $10,000 on February 1, Year 1, $8,000 on March 1, Year 1, and $6,000 on April 1, Year 1 based on an interest rate of 8%.

Determine the amount that Y Company should recognize as sales revenue on January 1, Year 1.

Note: Give your answer using dollar signs and commas but no decimal points (cents).

Example: $12,345

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

Case: Overshipped & Short-shipped China's Company A imported wheat from a foreign company. It was contracted \"Quantity:...

Operations Management
Q

List the steps for the Acid Fast Stain Procedure: List the steps for processing specimens for AFB...

Biology
Q

Write about 75-100 words What does BiDil have to do with personalized medicine?

Biology
Q

You drop a 2.00 kg book to a friend who stands on the ground at distance...

Physics
Q

Which of the following is NOT an enumerated power O Power to make laws O...

Biology
Q

Focal length of objective of a compound microscope is 4mm and image is formed at...

Physics
Q

Assume two satellites A B are in the same orbital plane Compute the in plane...

Basic Math
Q

Explain the difference between statistical significance and practical significance Choose the correct answer below A...

Statistics
Q

Intelligent Toys, Inc ("ITI") is a well establish toys trading company which adopts the periodic...

Accounting
Q

Materials and Labor Variances Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed...

Accounting
Q

Assume that three accountants have been selected to measure the net income of a firm...

Accounting
Q

Please explain how the highlighted "1.30" was achieved. Q3. You are convinced that...

Finance