previous question On January 1, 20X1, a company financed the sale of equipment and recorded a note receivable for the sale. The account recorded the sale at the face value and coupon rate in the below income statement Notes receivable (Face value) Tax rate Note receivable information: 430,000 30% Term of the note Coupon rate Market rate 8 years 1.2% 5.6% The note is due in equal annual payments of principle and interest. Incorrect income statement, for the year ended December 31, 20X1 Sales Interest revenue Cost of goods sold Expenses Pretax income Tax expense $1,832,200 5,160 826.300 657.800 353,260 105 978 $247.282 Net income What is correct amount of sales that should be reported on the income statement?

previous question On January 1, 20X1, a company financed the sale of equipment and recorded a note receivable for the sale. The account recorded the sale at the face value and coupon rate in the below income statement Notes receivable (Face value) Tax rate Note receivable information: 430,000 30% Term of the note Coupon rate Market rate 8 years 1.2% 5.6% The note is due in equal annual payments of principle and interest. Incorrect income statement, for the year ended December 31, 20X1 Sales Interest revenue Cost of goods sold Expenses Pretax income Tax expense $1,832,200 5,160 826.300 657.800 353,260 105 978 $247.282 Net income What is correct amount of sales that should be reported on the income statement?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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