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Dmitriy789 [7]
3 years ago
14

On December 31, 2020, Culver Inc. rendered services to Beghun Corporation at an agreed price of $124,077, accepting $48,000 down

and agreeing to accept the balance in four equal installments of $24,000 receivable each December 31. An assumed interest rate of 10% is imputed.
Prepare an amortization schedule. Assume that the effective-interest method is used for amortization purposes. (Round answers to 0 decimal places, e.g. 5,275.)

December 31, 2020
Schedule of Note Discount Amortization


Date

Cash
Received

Interest
Revenue

Carrying
Amount of Note

12/31/20 $ $ $
12/31/21
12/31/22
12/31/23
12/31/24
eTextbook and Media

List of Accounts

Prepare the entries that would be recorded by Culver Inc. for the sale on December 31, 2020. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

eTextbook and Media

List of Accounts

Prepare the entries that would be recorded by Culver Inc. for the (a) receipts and (b) interest on December 31, 2021. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

(a)
(b)
eTextbook and Media

List of Accounts

Prepare the entries that would be recorded by Culver Inc. for the (a) receipts and (b) interest on December 31, 2022. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

(a)
(b)
eTextbook and Media

List of Accounts

Prepare the entries that would be recorded by Culver Inc. for the (a) receipts and (b) interest on December 31, 2023. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

(a)
(b)
eTextbook and Media

List of Accounts

Prepare the entries that would be recorded by Culver Inc. for the (a) receipts and (b) interest on December 31, 2024. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

(a)
(b)

Business
1 answer:
Furkat [3]3 years ago
7 0

Answer

The answer and procedures of the exercise are attached in the following images.

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in 3 sheets with the formulas indications.  

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slavikrds [6]

Answer:

$75,000

This option has not been provided

Explanation:

Cash provided by operating activities

Net Operating Income

Add: Depreciation

Add: Decrease in current assets

Add: Increase in Current Liabilities

Using the information in question, we have

Cash Provided by operating activities = $57,000 + $5,000 + $4,000 + $9,000 = $75,000

None of the above is the right answer as the correct option is not available.

8 0
2 years ago
an important aspect of any type of bankruptcy proceeding is the protection that the debtor has after filing for bankruptcy. the
Mariana [72]

Liquidation or the most frequent type of bankruptcy for individuals is straight bankruptcy. Your assets—anything you own with monetary value—are liquidated (sold) under the supervision of a court-appointed trustee in order to satisfy your debts.

<h3>How can bankruptcy be avoided?</h3>

preserving a positive cash flow, choosing a change in management, basing decisions on a business strategy, maintaining correct financial records, and maintaining excellent relations with creditors.

<h3>Which two primary categories of bankruptcy are there?</h3>

There are two distinct categories of bankruptcy cases out of these five types: 1) Straight/Liquidation, 2) Reorganization—the latter requires the designation of classes of claims and interests in the reorganization plan.

To know more about the Straight bankruptcy visit :-

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8 0
11 months ago
A growling sound is heard from the rear of a rear-wheel-drive vehicle during cornering only. Technician A says that defective re
NISA [10]

Answer: Technician A is correct.

Explanation:

Poor Wheel Bearings causes a car when driven to make noise when turning and it sounds like grinding. Bearings act like a cushion between an axle and the wheel. Due to the action of the bearings, they reduce to the barest minimum the friction between the two moving parts. That's why, a worn out wheel bearings leads to friction that causes the grinding sound when turning as the car bends.

In the case of the question the growling sounds are heard from the rear wheels, which increases the likelihood that faulty bearing is the rear ones.

6 0
3 years ago
EA11.
koban [17]

Answer:

Predetermined rates for each cost pool

Ordering  = <u>$120,000</u>

                    240,000 orders

                = $0.50 per order

Machine set-up = <u>$85,000</u>

                             340,000 set-ups

                          = $0.25 per set-up  

Inspection  = <u>$75,000</u>

                      75,000 inspections

                  = $1 per inspection                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

Explanation:

The predetermined rates are obtained by dividing the estimated                                                                                                                             overhead for each cost pool by the cost driver.                                                                                                                  

4 0
3 years ago
Effectively a bookkeeping adjustment undertaken by a firm that increases the number of shares outstanding and immediately causes
Klio2033 [76]

Answer:

This is a stock split.

Explanation:

This statement describes a stock split. It occurs when a company's board of directors decide to increase the number of company shares but still maintain the same total value of equity. An example would be a 2-1 stock split which means that every investor holding one share of the company would now hold 2 shares . One reason why a stock split occurs is when the stock price is perceived to be too expensive hence necessary to lower the price so other investors can buy it.

7 0
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