Cypress Oil Company\'s December 31, 2013, balance sheet listed $645,000 of notes
ID: 2966787 • Letter: C
Question
Cypress Oil Company's December 31, 2013, balance sheet listed $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes receivable balance:
$200,000 face value noninterest-bearing note dated 9/30/2013, due 3/31/2014. Note was issued in exchange for merchandise.
The company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2013.
Determine the rate used to discount the noninterest-bearing note
Determine the explicit interest rate on Note 2
What is the amount of interest revenue that appears in the company
Cypress Oil Company's December 31, 2013, balance sheet listed $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes receivable balance:
Explanation / Answer
time is very less so i can't solve the question for your particular value but here is a similar solution
http://www.chegg.com/homework-help/questions-and-answers/cypress-oil-company-s-december-31-2013-balance-sheet-listed-645-000-notes-receivable-16-00-q4107723
hope it helps
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