On January 1, 2020, Jim Beam Company sold goods to a customer and received an instalment note requiring payments of $15,000 annually for six years. The first payment was received by Jim Beam Company on January 1, 2020. The prevailing rate of interest for this type of note is 8%. The total sales revenue Jim Beam Company would record for this sale on January 1, 2020 is: A) $90,000 B) $69,343 C) $74,891 D) $15,000
On January 1, 2020, Jim Beam Company sold goods to a customer and received an instalment note requiring payments of $15,000 annually for six years. The first payment was received by Jim Beam Company on January 1, 2020. The prevailing rate of interest for this type of note is 8%. The total sales revenue Jim Beam Company would record for this sale on January 1, 2020 is: A) $90,000 B) $69,343 C) $74,891 D) $15,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2020, Jim Beam Company sold goods to a
customer and received an instalment note requiring
payments of $15,000 annually for six years. The first
payment was received by Jim Beam Company on January 1,
2020. The prevailing rate of interest for this type of note is
8%. The total sales revenue Jim Beam Company would record
for this sale on January 1, 2020 is:
A) $90,000
B) $69,343
C) $74,891
D) $15,000
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