Sheridan Inc. provided several entertainment services to Flint Corporation in the past. On January 1, 2023, when the receivable for the past services was due, Flint was unable to pay the outstanding balance. Sheridan agreed to accept a $360,000 non-interest bearing note payable on December 31, 2024. Flint typically could arrange this kind of financing at an interest rate of 15%. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Use 1. PV.1 Tables, 2. a financial calculator, or 3. Excel functions to arrive at the amount to record the note receivable. (Round present value factor calculations to 5 decimal places, e.g. 1.2512. Round PV tables and Excel function answers to O decimal places, e.g. 8,971 and round Financial calculator answer to 2 decimal places, e.g. 89.71.) 1. 2. 3. Using PV tables Financial calculator Excel function Note receivable
Sheridan Inc. provided several entertainment services to Flint Corporation in the past. On January 1, 2023, when the receivable for the past services was due, Flint was unable to pay the outstanding balance. Sheridan agreed to accept a $360,000 non-interest bearing note payable on December 31, 2024. Flint typically could arrange this kind of financing at an interest rate of 15%. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Use 1. PV.1 Tables, 2. a financial calculator, or 3. Excel functions to arrive at the amount to record the note receivable. (Round present value factor calculations to 5 decimal places, e.g. 1.2512. Round PV tables and Excel function answers to O decimal places, e.g. 8,971 and round Financial calculator answer to 2 decimal places, e.g. 89.71.) 1. 2. 3. Using PV tables Financial calculator Excel function Note receivable
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 19P
Related questions
Question
![Sheridan Inc. provided several entertainment services to Flint Corporation in the past. On January 1, 2023, when the receivable for
the past services was due, Flint was unable to pay the outstanding balance. Sheridan agreed to accept a $360,000 non-interest
bearing note payable on December 31, 2024. Flint typically could arrange this kind of financing at an interest rate of 15%.
Click here to view the factor table PRESENT VALUE OF 1.
Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.
(a)
Use 1. PV.1 Tables, 2. a financial calculator, or 3. Excel functions to arrive at the amount to record the note receivable. (Round
present value factor calculations to 5 decimal places, e.g. 1.2512. Round PV tables and Excel function answers to 0 decimal places, e.g.
8,971 and round Financial calculator answer to 2 decimal places, e.g. 89.71.)
1.
2.
3.
Using
PV tables
Financial calculator
Excel function
$
Note receivable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0da8f1c9-4343-4f72-a6f1-5d707869b084%2F5c2de120-217d-47f9-834a-0ea8090b04b6%2Flkhqi7f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sheridan Inc. provided several entertainment services to Flint Corporation in the past. On January 1, 2023, when the receivable for
the past services was due, Flint was unable to pay the outstanding balance. Sheridan agreed to accept a $360,000 non-interest
bearing note payable on December 31, 2024. Flint typically could arrange this kind of financing at an interest rate of 15%.
Click here to view the factor table PRESENT VALUE OF 1.
Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.
(a)
Use 1. PV.1 Tables, 2. a financial calculator, or 3. Excel functions to arrive at the amount to record the note receivable. (Round
present value factor calculations to 5 decimal places, e.g. 1.2512. Round PV tables and Excel function answers to 0 decimal places, e.g.
8,971 and round Financial calculator answer to 2 decimal places, e.g. 89.71.)
1.
2.
3.
Using
PV tables
Financial calculator
Excel function
$
Note receivable
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