Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $60,000, 60-day, 7% note dated December 7. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 7. Dec. 31. Recorded the closing entry for interest revenue. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing

Answers

Answer 1

Answer:

Interlocking Devices Co.

Journal Entries:

20Y7

Dec. 7.

Debit Notes Receivable (Unitarian Clothing and Bags Co.) $60,000

Credit Accounts Receivable $60,000

To record the receipt of a 60-day, 7% note dated December 7.

Dec. 31.

Debit Interest Receivable (Unitarian Clothing and Bags Co.) $280

Credit Interest Income $280

To accrue interest on notes receivable ($60,000 * 7% * 24/360).

Dec. 31.

Debit Interest Income $280

Credit Income Summary $280

To close the interest income to income summary.

20Y8

Feb. 5.

Debit Interest Receivable (Unitarian Clothing and Bags Co.) $420

Credit Interest Income $420

To accrue interest on notes receivable.

Debit Cash $60,700

Credit Notes Receivable (Unitarian Clothing and Bags Co.) $60,000

Credit Interest Receivable (Unitarian Clothing and Bags Co.) $700

To record the receipt of principal and interests.

Explanation:

a) Data and Analysis:

20Y7

Dec. 7. Notes Receivable (Unitarian Clothing and Bags Co.) $60,000 Accounts Receivable $60,000 on account, a $60,000, 60-day, 7% note dated December 7.

Dec. 31. Interest Receivable (Unitarian Clothing and Bags Co.) $280 Interest Income $280 ($60,000 * 7% * 24/360)

Dec. 31. Interest Income $280 Income Summary $280

20Y8

Feb. 5. Interest Receivable (Unitarian Clothing and Bags Co.) $420 Interest Income $420

Cash $60,700 Notes Receivable (Unitarian Clothing and Bags Co.) $60,000 Interest Receivable (Unitarian Clothing and Bags Co.) $700


Related Questions

If the risk-free rate is 7.0%, the market risk premium is 9.0%, and the expected return on Security J is 23.8%, what is the beta for Security J

Answers

Answer:

the beta for Security J is 1.87

Explanation:

The computation of the beta is given below

As we know that

Expected return = risk free rate of return + beta ×market risk premium

23.8% = 7.0% + beta × 9.0%

So, the beta is

= (23.8% - 7.0%) ÷ 9.0%

= 1.87

Hence, the beta for Security J is 1.87

Ontario Resources, a natural energy supplier, borrowed $80.9 million cash on November 1, 2021, to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement. Ontario Resources issued a 9-month, 12% promissory note with interest payable at maturity. Ontario Resources' fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Ontario Resources. 2.

Answers

Answer:

Date                  Account Title                                   Debit                    Credit

Nov.1 2021         Cash                                         $80,900,000

                         Notes Payable                                                       $80,900,000

When the note is issued, Ontario resources gained $80.9 million in cash so the Cash account needs to be debited to reflect this.

The Notes Payable account will be credited for the same amount because credit balances like liabilities -  which is what a note is - are credited when they increase.

4. An investment offers $10,000 per year for 20 years. If an investor can earn 6 percent annually on other investments, what is the current value of this investment

Answers

Answer:

PV= $114,699.21

Explanation:

Giving the following information:

Annual payment= $10,000

Number of years= 20

Interest rate= 6%

To calculate the present value, we need to use the following formula:

PV= A*{(1/i) - 1/[i*(1 + i)^n]}

A= annual payment

PV= 10,000*{(1/0.06) - 1 / [0.06*(1.06^20)]}

PV= $114,699.21

In general, increasing price above the market equilibrium price will _______ consumer surplus and ________ producer surplus. Total surplus will _______. Reducing price below market equilibrium will ________ consumer surplus and _______ producer surplus. Total surplus will _______. Thus regulators _______ increase benefits to one group or the other, but the market ______ be efficient.
The tax incidence is the:_____
a. average tax burden borne by buyers and sellers.
b. actual tax burden borne by buyers and sellers.
c. absolute tax burden borne by buyers and sellers.
d. relative tax burden borne by buyers and sellers.

Answers

I say it have to be letter a
C I’m not sure if thts it but yea

The break-even point is the sales level at which a company: (Check all that apply.) Multiple select question. has a profit of $0. contribution margin equals variable costs. has a profit equal to fixed costs. contribution margin equals fixed costs. incurs a loss.

Answers

Answer:

Profit of $0

Explanation:

Has a profit of $ 0 is the correct answer because the break-even point is the point where the revenue from the sales is exactly equal to the cost of the product. That means the cost and revenue are same so firm is not earning any profit. Therefore, at break-even the firms earn zero profit.

Fooling Company has a callable bond outstanding with a coupon of 10.4 percent, 25 years to maturity, call protection for the next 10 years, and a call premium of $75. What is the yield to call (YTC) for this bond if the current price is 110 percent of par value? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Answers

Answer:

The yield to call for this bond is 9.30%

Explanation:

Yield to call

The rate of return bondholders receives on a callable bond until the call date is called Yield to call.

Now use the following formula to calculate the Yield to call

Yield to Call = [ C + ( F - P ) / n ] / [ ( F + P ) / 2 ]

Where

F = Face value = $1,000 ( Assumed )

C = Coupon Payment = Face value x Coupon rate = $1,000 x 10.4% = $104

P = Call price of the bond = Face value + Call Premium = $1,000 + $75 = $1,075

n = Numbers of years to call = 10 years

Placing vlaues in the formula

Yield to Call = [ $104 + ( $1,000 - $1,075 ) / 10 years ] / [ ( $1,000 + $1,075 ) / 2 ]

Yield to Call = 0.0930

Yield to Call = 9.30%

Jim buys a 5 percent bond in the amount of $100. If the market interest rate increases to 10 percent Jim can sell his bond for up to:

Answers

Answer:

$50

Explanation:

Jim buys a 5% bond

The amount is $100

The market interest rate increases to 10%

Therefore the price at which the bond cann be sold is calculated as follows

= 5×100

= 500×0.01

= 50

Hence it can be sold for $50

After learning about inflation and some of its history, what would be the inflation target that is most advisable for an economy?

Answers

Answer:

1-2%

Explanation:

In simple words, every nation in the world have some kind of central authority that works to control and keep the inflation as low as possible. However, too low inflation can also lead to recession which brings problems way worse than inflation.

Thus, keeping in mind about all the information we have studied, it is advisable to keep inflation at 1% or 2% band, so that economy can grow moderately along with no price pressure on consumers.

what does it mean to be "in the red"

Answers

Answer:

The expression "in the red" is used to describe a business that has negative earnings. This is in contrast to the phrase "in the black" which refers to businesses that are profitable and financially solvent. ... Before the use of computers, accountants recorded income in black ink and expenses in red ink.

Explanation:

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which type of thermometer is used to take the temperature of fryer oil

Answers

Answer:

The answer is The ThermoPro Digital Food Thermometer

TIPS Capital Return Consider a 4.00 percent TIPS with an issue CPI reference of 185.10. At the beginning of this year, the CPI was 192.20 and was at 202.60 at the end of the year. What was the capital gain of the TIPS in percentage terms?
a. 5.41%.
b. 7.10%.
c. 5.13%.
d. 10.40%.

Answers

Answer: a. 5.41%

Explanation:

The TIPS price at the beginning of the year was:

= Beginning of year CPI / Issue CPI * price

= 192.20 / 185.10 * 1,000

= $1,038.36

End of the year:

= 202.60 / 185.10 * 1,000

= $1,094.54

Capital gain = (Ending value - Beginning value) / Beginning value

= (1,094.54 - 1,038.36) / 1,038.36

= 5.41%

help with business pls

Answers

Answer:

13

Explanation:

35hu292og2j282o2h2geyvevej3u3

Watson Company has monthly fixed costs... Watson Company has monthly fixed costs of $74,000 and a 50% contribution margin ratio. If the company has set a target monthly income of $14,100, what dollar amount of sales must be made to produce the target income?
a. $176,200
b. $88,100
c. $148,000
d. $28,200
e. $119,800

Answers

Answer:

a. $176,200

Explanation:

The computation of the dollar amount of sales must be made to produce the target income is shown below:

= (Fixed cost + target monthly income) ÷ contribution margin ratio

= ($74,000 + $14,100) ÷ 50

= $176,200

Hence, the dollar amount of sales must be made to produce the target income is $176,200

Therefore the option a is correct

What are the general objectives of marketing research

Answers

Explanation:

The main objective of marketing research is to identify the needs, wants and demands of the target customer

What's the meaning of the symbol S3?

A. One three-way switch
B. A single switch mounted at 3'0"
C. Three single-pole switches
D. a triple-pole switch

Answers

The answer is A

One three-way switch

Store A sells four times as many products as store B and one third as many as store C. If store C sells 105,960 products, how many products does store B sell.a. 8,830 b. 35,320 c. 79,470 d. 141,280 e. 423,840

Answers

The number of products that store B sells is 8,830. Option A is correct.

The accounting equation makes a part of balance sheet and further accounting procedures. It serves as the system's basis for double-entry bookkeeping.

The bookkeeping condition is the fundamental component of the monetary record and the essential guideline of bookkeeping.

It assists the organization with setting up a monetary record and check whether the whole endeavor's resource is equivalent to its liabilities and investor value. It is the foundation of the twofold passage bookkeeping framework.

Given,

Store A sells four times of products as store B

Store A sells one third of products as store C

Let the number of products sold by stores A be (a), B be (b), and C be (c) respectively.

The number of products store C (c) sells = 105,960

Calculate the number of products store B sell:

According to the question, store A (a) sells four times as many products as store B (b) which means:

Equation 1:

a = 4b

Even, store A sells one third as many as store C (c) which means:

Equation 2:

a = (1 / 3)* c

Substitute the value of c in this equation 2:

a = (1 / 3)* 105960

a = 105,960 / 3

a = 35320

The products store A (a) sells = 35320

Substitute value of a in equation 1:

a = 4b

35320 = 4b

b = 35320 / 4

b = 8830

Thus, option A is correct.

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Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is $1,654. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $777.

Answers

Answer:

The adjustment is:

= Balance in supplies account - Supplies on hand

= 1,654 - 777

= $877

This amount will be sent to the Supplies expense account to show that it was incurred as an expense during the period but was not accounted for. Expenses are debited when they increase.

Date                      Account Title                                        Debit                Credit

XX-XX-XXXX       Supplies expense                               $877

                             Supplies                                                                         $877

The part can be purchased from an outside supplier at $20 per unit. If the part is purchased from the outside supplier, two thirds of the total fixed costs incurred in producing the part can be eliminated. The annual increase or decrease on the company's operating incomes as a result of buying the part from the outside supplier would be:

Answers

Answer:

$2,000 Decrease

Explanation:

Calculation to determine what The annual increase or decrease on the company's operating incomes as a result of buying the part from the outside supplier would be:

First step is to calculate C saving from not producing parts

C saving from not producing parts = $12 + (2/3 x $9)

C saving from not producing parts = $18

Now let determine The annual increase or decrease on the company's operating incomes

purchase price = $20

Annual increase or decrease =($20-$18) x 1,000

Annual increase or decrease =$2 more per unit x 1,000

Annual increase or decrease = $2,000 decrease

Therefore The annual increase or decrease on the company's operating incomes as a result of buying the part from the outside supplier would be:$2,000 Decrease

Financial statement audits performed under PCAOB requirements are designed to provide which type(s) of assurance with respect to the detection of material misstatements due to errors or fraud?

Answers

Answer:

Reasonable - Yes Absolute - No

Explanation:

When conducting an audit, the auditor is responsible to perform the review and provide reasonable assurance that the financial statements are free of material misstatement.

Due to the type of audit evidence obtained and the attribute of the fraud, the auditor cannot provide absolute assurance that the financial statements are free from any material misstatement, whether due to fraud or error. The assurance provided by the auditor is reasonable and not absolute.

Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $385,900; materials of $417,000 and direct labor of $227,000. During the year Adams incurred $408,900 in materials costs, $403,400 in overhead costs and $231,000 in direct labor costs. Compute the amount of under- or overapplied overhead for the year.

Answers

Answer:

$364,980

Explanation:

Computation for the amount of under- or overapplied overhead for the year.

First step is to calculate the

Predetermined Overhead using this formula

Predetermined Overhead rate = Estimated overhead/direct labor estimated

Let plug in the formula

Predetermined Overhead rate= 358,900/227,000

Predetermined Overhead rate= 158% of direct labor cost

Now let determine the Overhead applied

Overhead applied = $231,000*158%

Overhead applied= $364,980

Therefore the amount of under- or overapplied overhead for the year is $364,980

During January, its first month of operations, Dieker Company accumulated the following manufacturing costs:

Raw materials $4,500 on account, factory labor $8,100 of which $5,300 relates to factory wages payable and $2,800 relates to payroll taxes payable, and factory utilities payable $2,700.

Required:
Prepare journal entries for each type of manufacturing cost.

Answers

Answer:

Date         Account titles and Explanations         Debit       Credit

31-Jan      Raw materials inventory                       $4,500

                       Accounts payable                                           $4,500

31-Jan      Work in process inventory                    $8,100

                       Factory wages payable                                   $5,300

                       Payroll taxes payable                                      $2,800

31-Jan      Manufacturing overhead                       $2,700

                      Factory utilities payable                                    $2,700

Derrick recently got married and has a small child. For the first time in his life, he worries about what will happen to his home and his other property after he dies. He also wants to make sure his child is taken care of if he dies. What should Derrick prepare? A. a will B. a power of attorney C. a health insurance policy D. a consideration

Answers

Answer:

A. a will

Explanation:

A will / testament is a legally binding document that expresses the person wishes as to how they would like to use or distribute their property after their death and also that happened after to their belongings. As to which persons is responsible for managing their property.

has just now paid a dividend of $2.50 per share (Div0); its dividends are expected to grow at a constant rate of 4 percent per year forever. If the required rate of return on the stock is 14 percent, what is the current value of the stock, after paying the dividend

Answers

Answer:

$26

Explanation:

according to the constant dividend growth model

price = d1 / (r - g)

d1 = next dividend to be paid

r = cost of equity

g = growth rate

(2.5 x 1.04) / ( 0.14 - 0.04) = $26

g If the economy experiences economic contraction, the government can combat this with an Group of answer choices increase in government purchases increase in marginal tax rates increase in autonomous taxes increase in real interest rates

Answers

Answer:

increase in government purchases

Explanation:

If there is a contraction in the economy, the government should conduct expansionary policies to increase money supply.

Discretionary fiscal policies are deliberate steps taken by the government to stimulate the economy in order to cause the economy to move to full employment and price stability more quickly than it might otherwise.

Discretionary fiscal policies can either be expansionary or contractionary

Expansionary fiscal policy is when the government increases the money supply in the economy either by increasing spending or cutting taxes.

Contractionary fiscal policies is when the government reduces the money supply in the economy either by reducing spending or increasing taxes

Stephanie wanted to save for her daughter's education. Tuition costs $10,000 per year in today's dollars. Her daughter was born today and will go to school starting at age 18. She will go to school for 4 years. Stephanie can earn 12% on her investments and tuition inflation is 6%. How much must Stephanie save at the beginning of each year if she wants to make her last savings payment at the beginning of her daughter's first year of college

Answers

Answer:

The amount that Stephanie must save at the beginning of each year if she wants to make her last savings payment at the beginning of her daughter's first year of college is:

= $6,428.46.

Explanation:

a) Data and Calculations:

Tuition costs per year in today's dollars = $10,000

Total tuition costs for 4 years in today's dollars = $40,000

Number of periods to save = 18 years

Interest rate on investments = 12%

Tuition inflation rate = 6%

Stephanie needs to save $6,428.46 at the beginning of each year, calculated as follows from an online financial calculator:

N (# of periods)  18

I/Y (Interest per year)  18

PV (Present Value)  40000

FV (Future Value)  0

Results

PMT = $6,428.46

Sum of all periodic payments = $115,712.21

Total Interest = $75,712.21

Franchises are attractive to business owners because

they have a proven business model.
they are typically inexpensive to buy.
they get to keep all profits.
they come with very little risk.

Answers

A. they have a proven business model.

Franchises are attractive to business owners because they have a proven business model. The correct option is A.

Why are franchises attractive?

Franchises give larger companies the ability to expand and spread out while also allowing entrepreneurs and small business owners the chance to manage their own operations with the assistance and support of a larger organization with a track record of success. Franchising is a seductive strategy for achieving commercial success.

In a franchise, the business owner (the franchisor) sells the right to use its brand, goods, and operational procedures to the franchisee (the person who wants to open a new location) in exchange for a fee.

The fact that the franchisor has previously created and put the business model through testing is one of the key advantages of owning a franchise. As opposed to starting a new company from scratch, the franchisee can take advantage of the franchisor's knowledge and expertise, which lowers the risk of failure.

Thus, the ideal selection is option A.

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Heidi Ganahl's personal example of triumph over tragedy most likely has a strong influence on Camp Bow Wow's: a.organizational culture. b.organizational diversity. c.organizational structure. d.organizational control.

Answers

Answer:

organizational control.

Explanation:

Heidi Ganahl's  is an American businesswoman and entrepreneur She is the founder and CEO of Camp Bow Wow's pet franchise. She has won various awards such as the most powerful women in the chamber of commerce and the most amazing female entrepreneurs.

All of the following are advantages associated with assigning both core team members and subject matter experts to the project as soon of SMEs

Answers

Answer:

correct option is

early assignment of SMEs to the project saves money

Explanation:

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Justin, an employee of Widget Corp., is hesitant to leave the company because he thinks that he will lose a great deal of his investments in time, effort, and benefits. In the context of organizational commitments, it is evident that Justin experiences _____. Group of answer choices normative commitment conjoint commitment affective commitment continuance commitment

Answers

Answer:

Continuance commitment

Explanation:

Organizational Commitment

This is commonly defined as employee desire or will to remain a member of the organization. It is said to influences whether an employee stays a member of the organization (is retained) or leaves to pursue another job (turns over).

Continuance Commitment

This is a type of commitment that is said to occur only when there is a profit associated with staying and a cost associated with leaving. This usually create a more passive form of loyalty. continuance commitment increases in terms of the total amount of investment (in terms of time, effort, energy, etc.) an employee has made in mastering his work role or fulfilling his organizational duties or lack of employment alternatives etc.

In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of $82,600. During the year, Dinty wrote off $30,400 of accounts receivable it had attempted to collect and failed. Credit sales for the year were $2,310,000, and cash collections from credit customers totaled $1,920,000. What bad debt expense would Dinty report in its first-year income statement

Answers

Answer:

$113,000

Explanation:

Calculation to determine What bad debt expense would Dinty report in its first-year income statement?

Using this formula

Bad debts expense - Write-offs = Change in Allowance balance

Bad debts expense = Change in Allowance balance + Write-offs

Let plug in the formula

Bad debts expense=$82,600+$30,400

Bad debts expense=$113,000

Therefore the bad debt expense that Dinty would report in its first-year income statement is $113,000

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