Explanation:
y!vjytfmuyvmytvi!yfjhv!jgv!jyvuy!v?iyvi?yg!iyfkufkufkuf
what is the main aims of forming a maize milling company
Answer:
to provide I
or produce mealie meal for the country and improve the country's production in food and farming.
assume the cost of a college education would be to 325,000 when your child enters college 17 years. You presently have $51,000 to
Answer:
11.51 %
Explanation:
The computation of the interest rate is shown below:
As we know that
Amount = P (1 + rate)^number of years
$325,000 = $51,000 (1+r)^17
(1+r)^17 = $325,000 ÷ $51,000
(1+r)^17 = 6.372549
(1+r) = (6.372549)^1 ÷ 17
1 + r = 1.115097
r = 1.115097 - 1
r = 0.115097
= 11.51 %
Adjusting Entries On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty: Fees accrued but unbilled at May 31 are $8,600. The supplies account balance on May 31 is $2,830. The supplies on hand at May 31 are $810. Wages accrued but not paid at May 31 are $1,080. The unearned rent account balance at May 31 is $8,430, representing the receipt of an advance payment on May 1 of three months' rent from tenants. Depreciation of office equipment is $1,440. Required: 1. Journalize the adjusting entries required at May 31. If an amount box does not require an entry, leave it blank.
Answer and Explanation:
The journal entries are shown below:
1. Accounts Receivable $8,600
To Fees Earned $8,600
(Being Accrued fees earned is recorded)
2. Supplies Expense ($2,830 - $810) $2,020
To Supplies $2,020
(Being supplies expense is recorded)
3. Wages Expense $1,080
To wages payable $1,080
(Being wages expense is recorded)
4. Unearned Rent ($8,430 ÷ 3) $2,810
To Rent Revenue $2,810
(Being unearned rent is recorded)
5. Depreciation Expense $1,440
To Accumulated Depreciation- Equipment $1,440
(Being Depreciation expense is recorded)
Suppose one-seventh of the employees of a certain company work in the Southeastern region. If the company employs 256 workers in that region, what is the total number of employees working for the company?
Answer:
1792
Explanation:
256 is 1 out of 7.
so 7 times 256 is 7 out of 7
256 x 7 = 1792
Executive Enterprises Inc. produces keyboard synthesizer workstations used in the production of movie sound effects. Until recently, they manufactured products in anticipation of sales orders based on historical data, which led to significant inventory stockpiling. Their average annual sales are $273 million, cost of goods sold is 66% of sales, and their inventory turnover ratio is currently 4.0.
If Executive Enterprises Inc. were to adopt a new inventory management system that allowed component parts to be delivered mere hours before they were required for assembly, the company would increase its inventory turnover ratio to 6.0. What would the reduction in inventory be if the company adopted this system?
a. $15.0 million
b. $9.0 million
c. $14.5 million
d. $10.0 million
Answer:
a. $15.0 million
Explanation:
COGS = 66%*Sales = 66% * $273 million = $180.18 million
Old inventory = COGS/Inventory Ratio = $180.18/4 = $45.045 million
New Inventory = COGS/Inventory Ratio = $180.18/6 = $30.03 million
Reduction in inventory = Old inventory - New inventory = $45.045 million - $30.03 million = $15.015 million = $15 million
In addition, the direct machine hours (dmh) used to produce a unit of each product in each department were determined from engineering records, as follows: Commercial Residential Assembly Department 2.0 dmh 3.0 dmh Testing Department 6.0 1.5 Total machine hours per unit 8.0 dmh 4.5 dmh a. Determine the per-unit factory overhead allocated to the commercial and residential motors under the single plantwide factory overhead rate method, using direct machine hours as the allocation base.
Answer:
A. Per unit overhead allocated to Commercial $960
Per unit overhead allocated to Residential $540
B. Total Costs Commercial$1,100
Total Costs Residential $450
C. Option 2
Explanation:
a. Calculation to Determine the per-unit factory overhead allocated to the commercial and residential motors
First step is to calculate the Plantwide overhead rate
Plantwide overhead rate = 1,080,000 / 9,000
Plantwide overhead rate= $120 per machine hour
Now let calculate the Per unit overhead allocated to Commercial and Residential
Per unit overhead allocated to Commercial = 120 x 8
Per unit overhead allocated to Commercial = $960
Per unit overhead allocated to Residential = 120 x 4.5
Per unit overhead allocated to Residential = $540
b. Calculation to Determine the per-unit factory overhead allocated to the commercial and residential motors
First step is to calculate the Departmental overhead rate in Assembly and Testing
Departmental overhead rate in Assembly = 280,000 / 4,000
Departmental overhead rate in Assembly= $70 per machine hour
Departmental overhead rate in Testing = 800,000 / 5,000
Departmental overhead rate in Testing = $160 per machine hour
Now let calculate the Costs Allocated to Product using Department overhead rate
Costs Allocated to Product using Department overhead rate:
Commercial Residential
Assembly Department 140 210
(2 x 70=140) (3 X 70=210)
Testing Department 960 240
(160 X6=960) (160 X 1.5=240)
Total Costs $1,100 $450
(140+960=$1,100) (210+240=$450)
c. Based on the information given OPTION 2 which says that the management shall tend to consider SINGLE plantwide factory overhead rate methods reason been that this method helps to calculates cost very accurately taking into factor that overheads are evenly applied on basis of direct labor hours. Which is why OPTION 2 will be Recommend to management as a product costing approach, based on the analyses in (a) and (b).
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory $ 46,000 $ 66,000 Purchases 213,000 406,000 Freight-in 15,558 Purchase returns 7,000 9,000 Net markups 6,400 Net markdowns 4,100 Normal breakage 9,000 Net sales 286,000 Employee discounts 2,400 Sales are recorded net of employee discounts. 2. Recompute the cost-to-retail percentage using the average cost method.
Answer:
Cost to retail ratio = 57.05%
Explanation:
Particulars Cost Retail
Beginning Inventory $46,000 $66,000
Add: Purchases $213,000 $406,000
Less: Purchases Return $7,000 $9,000
Freight In $15,558 -
Net Markups - $6,400
Good Avail. for Sales (Without markdowns) $267,558 $469,000
Cost to retail ratio = $267,558/$469,000
Cost to retail ratio = 0.570486
Cost to retail ratio = 57.05%
As a company owner, you are trying to grow your party supply sales by reaching new customers. You know most of your customers are college students in their early 20s, but you conduct more research of your sales and discover customers who are business with events. This market is located within a 25 mile radius, they are mid- to small-sized companies with main holiday events and smaller birthday and retirement parties. You have just contacted customer:_________
A) targeting
B) segmentation
C) customization
Answer:
B)segmentation
Explanation:
Market segmentation can be regarded as process involving sectioning of heterogeneous market into a homogenous segments using some kind of parameters such as psychographic, geographic as well as
behavioural and others factors
Accounts receivable decreased $350,000 during the year. 2. Prepaid expenses increased $160,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $300,000 during the year. 4. Accrued expenses payable decreased $90,000 during the year. 5. Administrative expenses include depreciation expense of $50,000. Prepare the operating activities section of the statement of cash flows using the direct method.
Answer:
Cash flow from Operating Activities
Net Income $1,030,000
Adjustment for Non Cash Items
Add Depreciation Expense $50,000
Adjustment for Working Capital Changes :
Decrease in Accounts receivable $350,000
Increase in Prepaid expenses ($160,000)
Decrease in Accounts payable ($300,000)
Decrease in Accrued expenses payable ($90,000)
Net Cash from Operating Activities $880,000
Explanation:
The Indirect method is required for this question. The Indirect method reconciles the Net Income to the Operating Cash flow by adjusting for 1. Non Cash items Previously included in Net income and 2. Changes in working capital items as shown above.
Murphy Manufacturing estimated total manufacturing overhead for 2021 to be $100,000 and uses direct labor-hours as the allocation base. They estimated that 5,000 hours would be used. Actual overhead for 2021 was $120,000 and actual direct labor-hours were 7,500. The overhead applied to a job completed during 2021 that used 200 direct labor-hours was ______.
Answer:
$4,000
Explanation:
Calculation for what The overhead applied to a job completed during 2021 that used 200 direct labor-hours was
First step is to calculate The predetermined overhead rate
Predetermined overhead rate = $100,000/5,000 direct labor-hours
Predetermined overhead rate = 20 per direct labor-hour
Now let calculate The overhead applied to the job
Overhead applied to the job = $20 per direct labor-hours *200 direct labor-hours
Overhead applied to the job= $4,000
Therefore The overhead applied to a job completed during 2021 that used 200 direct labor-hours was $4,000
On January 1, 2021, Oliver Foods issued stock options for 47,000 shares to a division manager. The options have an estimated fair value of $7 each. To provide additional incentive for managerial achievement, the options are not exercisable unless Oliver Foods' stock price increases by 6% in four years. Oliver Foods initially estimates that it is not probable the goal will be achieved. How much compensation will be recorded in each of the next four years
Answer:
$82,250
Explanation:
the compensation per year = 47,000 x 1/4 x$7 per stock = $82,250
The compensation must be allocated proportionally to every year included in the plan, regardless of the conditions specified by the plan. The stock price already implicitly includes the most probable market conditions for the company, so that is the price that has to be used to record the compensation plan.
Suppose that France and Sweden both produce oil and cheese. France's opportunity cost of producing a pound of cheese is 3 barrels of oil while Sweden's opportunity cost of producing a pound of cheese is 11 barrels of oil.
By comparing the opportunity cost of producing cheese in the two countries, you can tell that ? has a comparative advantage in the production of cheese and ? has a comparative advantage in the production of oil.
Supposed that France and Sweden consider trading cheese and oil with each other. France can gain from specialization and trade as long as it receives more than ? of oil for each pound of cheese it exports to Sweden. Similarly, Sweden can gain from trade as long as it receives more than ? of cheese for each barrel of oil it exports to France. Based on your answer to the last question, which of the following terms of trade (that is, price of cheese in terms of oil) would allow both Sweden and France to gain from trade?
a. 6 barrels of oil per pound of cheese
b. 13 barrels of oil per pound of cheese
c. 4 barrel of oil per pound of cheese
d. 2 barrels of oil per pound of cheese
Answer:
FRANCE has a comparative advantage in the production of cheese and SWEDEN has a comparative advantage in the production of oil.
Comparative advantages result form the lowest opportunity costs. In this case, France's opportunity cos tot produce cheese is lower, while Sweden's opportunity cost of producing oil is lower.France can gain from specialization and trade as long as it receives more than 3 BARRELS of oil for each pound of cheese it exports to Sweden. Similarly, Sweden can gain from trade as long as it receives more than 1/11 POUNDS of cheese for each barrel of oil it exports to France.
Based on your answer to the last question, which of the following terms of trade (that is, price of cheese in terms of oil) would allow both Sweden and France to gain from trade?
a. 6 barrels of oil per pound of cheese c. 4 barrel of oil per pound of cheeseThe following data is available for Everest Company:
Credit Sales $1,702
Net Income $112
Total Current Assets $366
Total Current Liabilities $226
Accounts Receivable, current year $160
Accounts Receivable, prior year $156
Total Stockholders' Equity, current year $550
Total Stockholders' Equity, prior year $500
Retained Earnings, current year $366
Retained Earnings, prior year $346
Market price per share $50
Average Number of Common Shares Outstanding during year 46
Required: Compute the following ratios:
A) current ratio
B) average collection period in days
C) return on stockholders' equity
D) price-earnings ratio
E) dividend yield
Answer:
a. Current ratio = Total current assets / Total current liabilities = $366 / $226 = 1.62 to 1
b. Average receivable = (Beginning receivables + Ending receivables) / 2 = ($156 + $160) / 2 = $158
Average collection period = Number of days in year / Credit sales * Average accounts receivable = 365 / $1,702 * $158 = 33.88 days
c. Average Stockholder's equity = (Beginning equity + Ending equity) / 2 = ($500 + $550) / 2 = $525
Return on stockholder's equity = Net income / Average stockholder's equity = $112 / $525 = 21.33%
d. Earnings per share = Net income / Common shares outstanding = $112 / 46 = $2.43 per share
Price earnings ratio = Market price per share / Earnings per share = $50 / $2.43 = 20.58 times
e. Dividends per share = Dividends / Common shares outstanding = $92 / 46 = $2.00 per share
Dividend yield ratio = Dividend per share / Market price per share = $2.00 / $50 = 4.00%
Workings
Beginning retained earnings $346
Add: Net income $112
Less: Ending retained earnings -$366
Dividends $92
how do I create a marketing plan
Type the correct answer in the box. Spell all words correctly.
Complete the sentence using the correct term.
Heavy industrialization is polluting a natural lake in a certain area. The lake is a habitat for various natural flora and fauna. The local government is looking for ways to improve the condition of the lake and make it a tourist attraction. They should seek the help of a(n)
Answer:
(i know this is late) im taking the test on plato and I think it's a hydrologist
Explanation:
The Perfect Haircut: Consumers' Search Process
Two consumers are searching for new hair salons and have very different belief systems and needs that affect the way they search for information.
The second step in the consumer decision process, after a consumer recognizes a need, is to search for information about various options that exist to satisfy that need. The length and intensity of the search are based on the degree of perceived risk associated with purchasing the product or service.
Read each statement when it appears and place the activity in the correct box in the chart.
Effortless, Worth the Money, Expensive Service, Salon of Choice, Unimportant, Tight Budget, Could Damage Career, All the Same, Salon of Convenience, Personal Image
Joleen Jones Ginger Petri
Performance Risk
Financial Risk
Psychological Risk
Internat vs External Search for Information
Benefits vs Costs
Answer:
Explanation:
✓Performance Risk
1)Could Damage Career
2)All the same
✓Financial Risk ( risks that could be attributed to finance, i.e money)
1)Tight budget
2)Expensive Service
✓Psychological Risk
1)Unimportant
2)Personal Image
✓Internal vs External ( ways to get access to information)
1)Salon of Convenience
2)Salon of Choice
✓Benefits vs Costs
1)Worth the Money
2)Effortless
Langler, Inc., is evaluating two capital projects. Langler has a capital budget of $50 million. Project P has an internal rate of return of 24% and a net present value of $5 million. Project Q has an internal rate of return of 18% and a net present value of $12 million. Project P will cost $15 million, and Project Q will cost $48 million. Based on this information, Langler should accept:
Answer: Project Q
Explanation:
If the company can accept only one project, they should accept Project Q because it has a higher net present value than Project P. This is because a higher Net Present value takes precedence to IRR as it discounts cashflows at the company's cost of capital and is already adjusted for cost.
With the company budget at $50 million, accepting Project Q which costs $48 million means that they will be unable to accept Project P. That is fine because Project Q as earlier mentioned, provides a higher NPV.
The following cost data relate to the manufacturing activities of Chang Company during the just-completed year:
Manufacturing overhead costs incurred: Indirect materials: $15,900
Indirect labor: 139,000
Property taxes, factory: 8,900
Utilities, factory: 79,000
Depreciation, factory: 150,300
Insurance, factory: 10,900
Total actual manufacturing overhead costs incurred: $404,000
Other costs incurred:
Purchases of raw materials (both direct and indirect): $409,000 Direct labor cost: $69,000
Inventories: Raw materials, beginning: $20,900
Raw materials, ending: $30,900
Work in process, beginning: $40,900
Work in process, ending: $70,900
The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $20 per machine-hour. A total of 20,600 machine-hours was recorded for the year. Compute the amount of under-applied or over-applied overhead cost for the year.
Answer:
Over-applied overhead cost $8,000
Explanation:
Computation of the amount of under-applied or over-applied overhead cost for the year
First step is to calculate the Manufacturing overhead cost applied to work in process
Manufacturing overhead cost applied to work in process= $20*20,600
Manufacturing overhead cost applied to work in process = $412,000
Now let calculate the amount of under-applied or over-applied overhead cost for the year using this formula
Over-applied overhead cost for the year=Manufacturing overhead cost applied to work in process -Actual manufacturing overhead cost incurred
Let plug in the formula
Over-applied overhead cost for the year=$412,000-$404,000
Over-applied overhead cost for the year=$8,000
Therefore the amount of over-applied overhead cost for the year will be $8,000
How to make someone's hair fall out
Answer:
just pull it!
Explanation:
just pull the piece of hair with your hand
Amy borrowed $10,500 to purchase a new Toyota Yaris and agreed to pay back $14,320 in
220days. What ordinary interest rate was she paying? (Round your answer to the pearest tenth
of a percent.)
Answer: 60.36%
Explanation:
Interest = Amount - Principal
= 14320 - 10500
= 3820
Time = 220 days
Rate = Unknown
Interest = PRT/100
3820 = (10500 × R × 220/365)/100
3820 = (10500 × R × 0.6027397)/100
3820 = 6328.7671R/100
Cross multiply
3820 × 100 = 6328.7671R
R = 382000/6328.7671
R = 60.36%
The ordinary interest rate was 60.36%
Drag the tiles to the correct boxes to complete the pairs.
Match the correct economic terms to their descriptions.
Federal government's way to influence the economy through taxes
Federal reserve's tool to influence the money supply in the economy
A market where firms buy services related to production
A market where finished goods and services are traged
Calico Corporation produced 2,000 units in Job 903. The following data is provided for Job 903 for the year:
Direct materials used $2,300
Direct labor costs $700
Actual manufacturing overhead rate per direct labor hour $17.15
Predetermined manufacturing overhead rate per direct labor hour $18.30
Direct labor hours used in Job 903 35
Direct labor rate per hour $20
Required:
What is the total cost of Job 903?
Answer:
Explanation:
$2,300 + $700 + ($18.30 X 35) = $3,640.50
DM used + DL + actual MOH per Dl hour* dl hours
A yield can be paid in form of what
Answer:
Interest and dividends.
Explanation:
Rate of return can be defined as the percentage of an interest or dividends earned on an amount of money that is invested.
In Financial accounting, a return refers to the amount of profit generated by an investor on an investment over a specific period of time.
Basically, the rate of return which is typically expressed as a percentage of the initial costs of an investment can either be a gain or a loss on an investment. Therefore, a positive rate of return on an investment over a specific period of time, simply means that an investor is making a profit (gains) while a negative rate of return on an investment over a specific period of time, indicates that the investor is running at a loss.
A yield can be defined as an amount of money gained from an investment.
Hence, a yield can be paid in form of interest and dividends.
Edison Corporation's variable manufacturing overhead rate is $5.00 per direct labor-hour. Total budgeted fixed overhead is $25,000 per month. The $25,000 per month includes $7,000 in depreciation expense. Total budgeted direct labor-hours for the month of July is 20,000. Budgeted cash disbursements for manufacturing overhead for July equals ______. Multiple choice question. $125,000 $132,000 $118,000 $100,000
Answer:
$118,000
Explanation:
Calculation for what the Budgeted cash disbursements for manufacturing overhead for July equals
Using this formula
Budgeted cash disbursement for manufacturing overhead for July=Variable overhead+Fixed overhead-Non-cash depreciation expenses
Let plug in the formula
Budgeted cash disbursement for manufacturing overhead for July=(20,000 x 5.00) + 25,000 – 7,000
Budgeted cash disbursement for manufacturing overhead for July=100,000+ 25,000 – 7,000
Budgeted cash disbursement for manufacturing overhead for July=$118,000
Therefore the Budgeted cash disbursements for manufacturing overhead for July equals $118,000
what are the 4 P's of storytelling
Answer:
I believe it is People, Passion, Purpose and Product
Explanation:
Answer:
People, Passion, Purpose, and Product.
Explanation:
When crafting a good story you need to keep the following four elements in mind: People, Passion, Purpose, Product.
People – Your story should describe the role you play in people’s lives. Therefore, your story needs to resonate with the listener. To do so, first write for the emotions you want to elicit then find the words that help you convey them.
Passion – Effective storytelling helps erase doubts in a prospect’s mind. Since what you’re really doing when you’re agvocating is selling you and your industry, a properly crafted story can garner attention, dispel doubts and solidify the truth, help build critical relationships, and resonate enough to leave a lasting impression. Finding the fodder for a well-crafted story means drawing on the passion and belief you have in your life’s work and speaking from the heart.
Purpose – Stories can help increase the value of a product. In a 2009 experiment, a couple of researchers bought $129 worth of junk at garage sales then put it all up for sale on eBay, but only after they added a ‘background’ story about each piece. They ended up making $3,600 on $129 worth of stuff due to people connecting emotionally with each piece through the story. Your purpose as an agvocate is to not only spread correct information about Canadian agriculture, but to elevate the brand by demonstrating its value to individuals and society.
Product – Don’t focus solely on the product. While it might be the best thing since sliced bread (and I think we can all agree farming is pretty great – who doesn’t love or need to eat?!), an amazing product in and of itself doesn’t necessarily make a great story. The reason behind (the passion, the benefits) the product, however, can be captivating.
What are the advantages and disadvantages of developing a new sales organization for the Western Region that would organize according to these customer types: (a) grocery chains and food coops; (b) distributors, including paper and plastic distributors, restaurant wholesalers, institutional food wholesalers, and janitorial wholesalers; and (c) end-users, including meat and poultry processors, laundries and dry cleaners, uniform rental companies, and garment manufacturers
Answer:
The advantages and disadvantages of developing a new sales organization for the Western Region that would organize according to these customer types is explained below in complete details.
Explanation:
The advantage of new sales business for the western country is I believe they have a related business and related business can create efficient and quicker money. The disadvantage of a new sales organization for the western countries is when customers require guidance or buy any product from other companies they require to call them to resolve the issue and I think this is more contrasted.
high-performing teams include members who typically hold which of the following values?
Answer:
a high need for achievement
Explanation:
A team can be defined as a group of people or set of individuals with various skill set, knowledge and experience coming together to work on a project or task in order to successfully achieve a set goal and objective.
This ultimately implies that, a team comprises of individuals, workers or employees having complementary skills, knowledge and experience needed to execute a project or task successfully. Therefore, workers working as a team usually interact with the other team members and as a result, this enhances performance and strengthen the level of relationship they share.
High-performing teams include members who typically hold a high need for achievement.
Hence, teams that perform exceptionally and excellently are usually made up of members that are keen on adding more feathers to their coat i.e they have a great urge or desire to reach greater heights and milestones.
A professional _____ is responsible for educating clients about at-home maintenance and styling options for their hair.
a. brand consultant
b. model designer
c. salon owner
d. hairstylist
Home Remodeling Inc. recently obtained a short-term bank loan from City National Bank. The bank required that certain credit information and pro forma financial statements be maintained through the life of the loan. In order to prepare the pro forma statements, Home Remodeling must forecast total overhead cost. The actual machine hours and overhead cost are presented below for the past six months. Month Overhead Cost Machine Hours January $ 3,320 1,340 February 3,620 1,460 March 3,056 1,220 April 3,350 1,300 May 3,450 1,300 June 3,580 1,370 Using the high-low method, unit variable overhead cost is calculated to be:
Answer:
Home Remodeling Inc.
Using the high-low method, the unit variable overhead cost is calculated to be:
= $2.35 per machine hour.
Explanation:
a) Data and Calculations:
Month Overhead Cost Machine Hours
January $ 3,320 1,340
February 3,620 1,460
March 3,056 1,220
April 3,350 1,300
May 3,450 1,300
June 3,580 1,370
Highest = February $3,620 1,460
Lowest = March $3,056 1,220
Difference = $ 564 240
Variable cost = $564/240 = $2.35
Using the February data, the fixed cost:
Variable cost = $2.35 * 1,460 = $3,431
Fixed cost = $3,620 - $3,431 = $189
XYZ Company completed the following selected transactions:
2018
Jul. 1 Sold merchandise inventory to Go-Mart, receiving a $43,000, nine-month, 16% note. Ignore Cost of Goods Sold.
Oct. 31 Recorded cash sales for the period of $23,000. Ignore Cost of Goods Sold.
Dec. 31 Made an adjusting entry to accrue interest on the Go- Mart note.
31 Made an adjusting entry to record bad debts expense based on an aging of accounts receivable. The aging schedule shows that $14,900 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $10,700.
2019
Apr. 1 Collected the maturity value of the Go-Mart note.
Jun. 23 Sold merchandise inventory to Allure, Corp., receiving a 60-day, 6% note for $7,000. Ignore Cost of Goods Sold.
Aug. 22 Allure, Corp. dishonored its note at maturity; the business converted the maturity value of the note to an account receivable.
Nov. 16 Loaned $20,000 cash to Tench, Inc., receiving a 90-day, 8% note.
Dec. 5 31 Collected in full on account from Allure, Corp. Accrued the interest on the Tench, Inc. note.
Record the transactions in the journal of XYZ. Explanations are not required. (Round to the nearest dollar.)
Provide all of the journal entries:
Answer:
2018
Date Account Tiles Debit$ Credit$
Jul.1 Notes receivable- Gp-Mart 43,000
Sales 43,000
Oct.31 Cash 23,000
Sales 23,000
Dec.31 Interest Receivable 3,440
Interest revenue 3,440
(43,000*16%*6/12)
Dec.31 Bad Debt Expense 4,200
Allowance for Bad Debt 4,200
(14,900 - 10,700)
2019
Date Account Tiles Debit$ Credit$
Apr.1 Cash 48,160
Notes receivable- Gp-Mart 43,000
Interest Revenue 1,720 (43,000*16%*3/12)
Interest Receivable 3,440
Jun.23 Note Receivable- Allure, Corp 7,000
Sales 7,000
Aug.22 Accounts receivable -Allure, Corp 7,070
Note Receivable- Allure, Corp 7,000
Interest revenue 70 (7,000*6%*60/360)
Nov.16 Note receivable - Tench . Inc 20,000
Cash 20,000
Dec.5 Cash 7,070
Accounts receivable -Allure, Corp 7,070
Dec.31 Interest Receivable 200
Interest revenue 200
(20,000*8%*45/360)
