Business, 01.10.2019 05:00 actheorian8142

At the beginning of 2013, gannon company received a three-year zero-interest-bearing $1,000 trade note. the market rate for equivalent notes was 8% at that time. gannon reported this note as a $1,000 trade note receivable on its 2013 year-end statement of financial position and $1,000 as sales revenue for 2013. what effect did this accounting for the note have on gannon's net earnings for 2013, 2014, 2015, respectively? a. overstate, overstate, understate. b. overstate, understate, understate. c. overstate, overstate, overstate. d. none of these answer choices are correct.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 09:30

Oliver's company is planning the launch of their hybrid cars. the company has included "never-before-seen" product benefits in the hybrid cars. which type of advertising should oliver's company use for the new cars?

Answers: 1

Answer

Business, 22.06.2019 13:50

Suppose portugal has 700 workers and 26,000 units of capital, and france has 18,000 workers and 700 units of capital. technology is identical in both countries. assume that wine is the capital-intensive good and cloth is the labor-intensive good. which of the following statements is correct if the nations start trading with each other? a) wages will increase in portugal.b) rental rates in france will increase.c) wages in france will decrease.d) rental rates in portugal will increase.

Answers: 2

Answer

Business, 22.06.2019 17:50

On january 1, eastern college received $1,350,000 from its students for the spring semester that it recorded in unearned tuition and fees. the term spans four months beginning on january 2 and the college spreads the revenue evenly over the months of the term. assuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on february 28?

Answers: 2

Answer

Business, 22.06.2019 21:40

Rebel technology maintains its records using cash-basis accounting. during the year, the company received cash from customers, $43,000, and paid cash for salaries, $23,500. at the beginning of the year, customers owe rebel $1,000. by the end of the year, customers owe $6,600. at the beginning of the year, rebel owes salaries of $5,600. at the end of the year, rebel owes salaries of $3,300. determine cash-basis net income and accrual-basis net income for the year.

Answers: 2

Answer

You know the right answer?

At the beginning of 2013, gannon company received a three-year zero-interest-bearing $1,000 trade no...

Questions