WebThe accounting principle that requires financial statements (including notes) to report all relevant information about the operations and financial conditions of a company is called a) Relevance b) Full Disclosure. c) Evaluation. d) Materiality e) Matching. A note receivable discounted with recourse is a) A contingent liability. Weba. Determine the proceeds of the note, assuming that the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming that the note is discounted at 6%. arrow_forward. Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months.
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Webdiscount on notes receivable definition A contra asset account arising when the present value of a note receivable is less than the face amount of the note. The credit balance in … WebSep 26, 2024 · Notes Receivable (N/R) N/R is a receivable due the company, in the form of a promissory note, arising because the company made a loan. Making loans is the business of banks, not of operating business, and particularly not the business of a small company with limited financial resources. fix iphone 4 screen cheap
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WebNov 2, 2024 · The five-step process is used in accounting for a discount on notes receivable is given as follows: Step 1: Compute the maturity value Step 2: Compute the discount … WebExpert Answer. A note receivable discounted with recourse is: Not disclosed because the bank is liable for the note. An outright "as is" sale of a note receivable to a bank. O Sold to … WebCash in bank 4,000, Accounts receivable 8,000, Allowance for doubtful accounts 500, Notes receivable 2,500, Note receivable discounted 500, Inventory 4,500, Prepaid expenses 1,000, Deferred tax asset 2,500, Equipment classified as “held for sale” 2,000, The accounts receivable included sale price of P3,000,000 of unsold goods out on ... cannabis clones oklahoma