Answer:
b. $5,560
Explanation:
The computation of the total interest revenue is shown below:
The five equal annual year-end payments = $5,009
For five years, the total amount is
= $5,009 × 5 years
= $25,045
And, the present value of recording the note is $19,485
So, the total interest revenue earned would be
= Five years amount - present value of recording the note
= $25,045 - $19,485
= $5,560
Answer:
a. debit to bad Debt expense for $3,300
Explanation:
The Journal entry is shown below:-
Bad debt expenses Dr, $3,300
To Allowance for doubtful accounts $3,300
(Being bad debts expenses is recorded)
Therefore to record the bad debt for the period we simply debited the bad debt expenses as it increase the expenses and on the other hand we credited the allowance for doubtful accounts as decrease the assets.
So, the right answer is a. debit to bad Debt expense for $3,300 option.
Working Note:-
Bad debt expenses = Estimated uncollectible - Credit balance
= $4,500 - $1,200
= $3,300
Answer:
$11,947
Explanation:
The following expenses shall be allowed as qualified higher education expense to Jose for the purpose of his son Qualified tuition program
Tuition Fees $6,400
Room and board $4,775
Books $772
Total expenses to be allowed $11,947
$395k is the unadjusted cost of goods sold.
The direct costs incurred in the production of any goods or services are measured by the term "cost of goods sold" (COGS).
How is the unadjusted cost of goods determined?
= Cost of producing the goods - ( Ending finished goods -Beginning finished goods inventory )
= $410,000 - ($125,000 - $110,000)
= $410,000 - $15,000
= $395,000
Consequently, $395,000 represents the unadjusted cost of goods sold.
<h3>What is Unadjusted cost?</h3>
Unadjusted basis is the asset's original acquisition price. This sum includes the asset's initial purchase price as well as any additional costs, such as expenses and liabilities taken on during the transaction.
To know more about Unadjusted cost check this out:brainly.com/question/23774073
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