Accounting Help... NEED ASAP!...easy

May 5th, 2015
KateS
Category:
Accounting
Price: $5 USD

Question description

Include keystrokes that are entered into the Financial Calculator (N=,I/Y=,PV=,PMT=,FV=)

1. a.  Balish  Corp bought a new machine on January 1, 2015 and agreed to pay for it in 5 equal installments of $40,000 on December 31st, 2015 and December 31 of each of the next 4 years.  Assuming that the prevailing rate of 8% applies to this contract, how much should Balish record as the cost of the machine? 

 b. Prepare the entry that Balish would make to record the purchase of the machinery if the company signed a note where interest was included in the face amount of the note.

2. Refer to question 1.  Answer each question again assuming that interest was not included in the face amount of the note.

a. Cost of the machine

b. Journal entry to record the purchase


Tutor Answer

(Top Tutor) Daniel C.
(997)
School: UCLA
PREMIUM TUTOR

Studypool has helped 1,244,100 students

8 Reviews


Summary
Quality
Communication
On Time
Value
Five Star Tutor
Dec 2nd, 2016
" Outstanding Job!!!! "
SjSurvivor143
Nov 16th, 2016
" Thanks for the help. "
Joemoe
Nov 3rd, 2016
" <3 it, thanks for saving me time. "
tinytim47
Oct 25th, 2016
" Wow this is really good.... didn't expect it. Sweet!!!! "
pmallory
Oct 20th, 2016
" Totally impressed with results!! :-) "
mixedballz
Oct 11th, 2016
" excellent work as always thanks for the help "
kiln82
Sep 28th, 2016
" awesome work thanks "
darnay
Sep 19th, 2016
" The best tutor out there!!!! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1830 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors