How do we reconcile notes and receivable when filing tax? 1065 partnership. Thanks!
@FaizShakirNure8 ай бұрын
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@notsopro303 жыл бұрын
It says finance charge in 1.5% of "receivables". So, shouldn't interest expense and revenue on issuance date be $ 700000 x1.5% = $ 10,500 (and not $ 500000 x 1.5% = $ 7500, as u computed). I'm confused.
@sameesaleh83263 жыл бұрын
I think bank will charge on the amount what they have given to the customer not on the receiveble as receivebles is break into sales discount and sales return...
@AccountingLectures3 жыл бұрын
That’s correct Samee.
@AccountingLectures3 жыл бұрын
Please samee’s comment below.
@sameesaleh83263 жыл бұрын
Why bank has record interest revenue at the time of payment and also on receipt?? Why they don't record interest one time ???
@notsopro303 жыл бұрын
at the time of payment, its the FINANCE CHARGE at 1.5% that the bank takes, and at the time of receipt its the INTEREST REVENUE at 12%
@sameesaleh83263 жыл бұрын
That helps...thank you bro
@CLOUDX-zx2ht3 ай бұрын
What’s your numbe4
@tieds13 жыл бұрын
Thank you sir
@AccountingLectures3 жыл бұрын
Most welcome. Here's my intermediate accounting: farhatlectures.pathwright.com/library/?category=Intermediate+Accounting