Answer:
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Explanation:
Answer and Explanation:
The journal entry is shown below
Cash $46,620
To Notes Receivable $44,400
To Interest receivable ($44,400 × 15% × 120 days ÷ 360 days)
(Being the cash received is recorded)
Here we debited the cash as it increased the assets and at the same time we credited the interest receivable and the note receivable as it decreased the assets
The same is to be considered
Answer:
A. The only way to calculate the sales revenue needed to achieve a target profit is by using the formula provided in class
Explanation:
$875 is the amount of revenue that will be recognized.
<u>Explanation:</u>
Entire price for specialized bike will be appropriated in the ratio of individual prices of the non- specialized bikes and the maintenance contract.
The following calculation is made to calculate the revenue from the sale of a bike:
= 1400 multiply with (1000 divide by 1600)
After solving the above equation we get,
= $875 will be recognized by Neakanie at the date of sale.
Hence, the correct option will be with an amount of $875
Note: a maintenance contract is $600 and a comparable but non-specialized bike is $1,000 when added sums to $1600 amount.
