Chapter 14, Problem 14.6DMP

Financial Accounting

Please provide correct answer accounting question not use ai..

16 A company is using the net method for a sale of $1,000 with payment terms of 2/10, net 30. How should the company record this in accounts receivable? Debited for $1,000 Credited for $980 Credited for $1,000 Debited for $980

Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria, where the local currency unit is the naira (NGN). On December 31, 2023, the subsidiary had the following balance sheet (amounts are in thousands [000s]): Cash NGN 16,000 Notes payable NGN 20,000 Inventory 10,000 Common stock 20,000 Land 4,000 Retained earnings 10,000 Building 40,000     Accumulated depreciation (20,000)       NGN 50,000   NGN 50,000 The subsidiary issued the common stock in 2015, and acquired the land and building in 2016. It acquired the inventory on August 1, 2023. During 2024, the following transactions took place: 2024   February 1 Paid 8,000,000 NGN on the note payable. May 1 Sold entire inventory for 16,000,000 NGN on account. June 1 Sold land for 6,000,000 NGN cash. August 1 Collected all accounts receivable. September 1 Signed long-term note to receive 8,000,000 NGN cash. October 1 Bought inventory for 20,000,000 NGN cash. November 1 Bought land for 3,000,000…

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15 A company has the following: general cash: $1,500,000 petty cash: $1,500 travel advances: $2,000 money market funds with checking privileges: $500,000 Which amount should this company report as cash and cash equivalents on the balance sheet? $1,501,500 $2,003,500 O $2,000,000 O $2,001,500

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Can you please answer the financial accounting question?

21 Company A lends $50,000 to Company B and receives a $50,000, four-year note with a 6% stated annual interest rate. The annual cash interest payments are $50,000 x 0.6 = $3,000. The market rate for similar quality notes is 6%. Assuming an annual interest rate of 6% is appropriate, the present value of the principal of the note is $50,000 x 0.7921 = $39,605, and the present value of the cash interest payments is ($3,000 x 3.4651) = $10,395 What is the carrying amount of this note when issued? $50,000 $10,395 O $39,605 O $53,000