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katovenus [111]
3 years ago
15

Wanderlust gave a security interest in his Conestoga wagon to Iowa Bank, which perfected its security interest by filing a finan

cing statement with the appropriate officials in Iowa. Five months later, Wanderlust hit the trail again, moving to Montana. If Iowa Bank wants to continue its perfected interest in the Conestoga wagon, it should _________.
Business
1 answer:
Dennis_Churaev [7]3 years ago
7 0

Answer: File a financing statement in Montana.

Explanation: A perfected security interest, also known as a perfected lien, is when an asset is protected from claims by other people. This is done by registering the asset byan appropriate statutory figure so that it becomes enforceable legally. This asset is normally mortgaged as collateral.

In order to perfect it's interest in Conestoga wagon, Iowa Bank should improve it's interest by filing a financing statement in a suitable place of legal authority in Montana. Because Wanderlust moved to Montana 5 months later, this must be done within four months of him moving, abiding by Montana's law. Wanderlust will in effect be re-perfecting his interest by doing this.

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Talbot Riding Stables provides stables, care for animals, and grounds for riding and showing horses. The account balances at the
Goshia [24]

Answer:

See answers below in the explanation

Explanation:

Journal Entries :

Journals

<u>Date Account and Explanation Debit Credit </u>

a Accounts receivable             210300  

Service Revenue                                   210300

(Record earned revenue)  

   

Cash                                    62300  

Service Revenue*                                   62300

(Record earned revenue)  

   

   

b  cash                                     199100  

accounts receivable**                            199100

(Record collection Account)  

*$41000+$20500=$62300

**$4400+$210300-$$15600=$199100

   

   

c Supplies                                     62900  

Accounts Payable                                   62900

(record purchase of supplies on credit)  

   

d Supplies                                      7400  

 Cash                                                   7400

(record purchase of supplies  

   

e Wages Payable                     14200  

Cash                                                   14200

Record Payment of previous wages  

   

Wages Expenses                    112000  

Cash                                                    112000

(Record Payment to Employees)  

   

f Income Tax payable            15100  

cash                                                     15100

(Record Payment of Income taxes  

   

g Accounts Payable                      73000  

cash                                                      73000

(record payment of account)  

   

h Interest Expense                      2700  

Interest Payable                                             2700  

Cash***                                                      5400

(Record Payment of Interest)  

   

i No journal entry required  

   

j Property Taxes Expense     17000  

cash                                                       17000

(Record payment of property taxes)  

   

k Dividends                             7200  

Cash                                                       7200

(Record Payment of dividends)  

   

*** $60000*9%=$5400    

   

6 0
3 years ago
Recording partner's original investment Instructions Kimberly Payne and Arionna Maples decide to form a partnership by combining
levacccp [35]

Answer and Explanation:

The Journal entry is shown below:-

Cash A/c Dr, $20,000  

Accounts Receivables A/c Dr, $140,000

($145,000 - $5,000)

Inventory A/c Dr, $101,700  

Equipment A/c Dr, $81,200.

     To Allowance for doubtful Accounts $4,400

     To Payne's Capital A/c $338,500

(Being assets contributed by partner in business is recorded)

For recording the assets contributed by partner in business we simply debited the cash account, accounts Receivables, Inventory and Equipment as increase the assets while we credited the Allowance for doubtful Accounts as it decreasing the assets and Payne's Capital as increasing the stockholder equity.

7 0
3 years ago
A company's board of directors votes to declare a cash dividend of $1.10 per share of common stock. The company has 22,000 share
lutik1710 [3]

Answer:

$18,150

Explanation:

Calculation for the total amount of the cash dividend

Since A company's board of directors  has votes to declare the  cash dividend of $1.10 per share of common stock, this means we have to multiply the cash dividend per  share of common stock by the shares outstanding which is $16,500

Using this formula

Cash dividend per share of common stock * Shares outstanding

Let Plug in the formula

$1.10*16,500

=$18,150

Therefore the total amount of the cash dividend  will be $18,150

5 0
3 years ago
A debtor owed a creditor $1,200 on a promissory note that was due on August 1. After the debtor told the creditor that he might
Ilya [14]

Answer:

The correct option is C. Yes, because the debtor incurred a different obligation than he already had.

Explanation:

Note: This question is not complete as the options are omitted. The question is therefore completed before answering the question by providing the options as follows:

A. No, because the debtor incurred no additional detriment that would serve as consideration for the new agreement.

B. Yes, because it would have cost the creditor $1,200 to purchase the entertainment system himself.

C. Yes, because the debtor incurred a different obligation than he already had.

D. Yes, because the new agreement between the debtor and the creditor is enforceable with or without

Explanation of the answer is now provided as follows.

It is possible to enforce the two parties' new agreement as an accord.

An accord can be described as an agreement in which one party to an existing contract agrees to accept some other, different performance from the other party in lieu of the performance that the other party is obligated to provide. In principle, an agreement must be backed by payment, but the consideration can be less than the amount agreed upon in the preceding contract if it is of a different character or the claim is to be paid to a third party. The responsibility of the debtor to supply the creditor with a new entertainment system was enough fresh consideration to constitute a legal agreement in this case.

When a party's responsibility is modified in some way, as the debtor's duty was in this case, the preceding legal duty rule does not apply. It makes no difference whether the creditor's benefit in the accord arrangement is equal to the original debt's worth; courts will find appropriate consideration if the consideration is fresh or different in any way. The difference in the debtor's obligation, that is, payment is in the form of an entertainment system rather than cash) is enough to sustain the accord arrangement, regardless of how much the entertainment system would have cost the creditor.

The Uniform Commercial Code (UCC) does not apply because the original agreement was not for the sale of goods. The underlying commitment in this case was to pay a debt secured by a promissory note.

Therefore, the correct option is C. Yes, because the debtor incurred a different obligation than he already had.

6 0
2 years ago
Water Technology, Inc. Incurred the following costs during 20xt. The company sold all f ts products manufactured during the year
Thepotemich [5.8K]

Answer:

Part 1

<u>Variable Costs </u>

Direct material                                                           $5,000,000

Direct labor                                                                $2,400,000

<u>Fixed Costs</u>

                                                                                           $

Utilities (primarily electricity)                                         120,000

Depreciation on plant and equipment                        220,000

Insurance                                                                       150,000

Supervisory salaries                                                     400,000

Property taxes                                                              230,000

Salaries of top management and staff                        372,000

Office supplies                                                               45,000

Depreciation on building and equipment                    80,000

Part 2

<u>Forecast the 20x2 cost amount for each of the cost items listed</u>

Direct material ($5,000,000  x 1.20)                      $6,000,000

Direct labor (2,400,000 x 1.20)                               $2,880,000

Utilities (primarily electricity)                                       $120,000

Depreciation on plant and equipment                     $220,000

Insurance                                                                    $150,000

Supervisory salaries                                                 $400,000

Property taxes                                                           $230,000

Salaries of top management and staff                     $372,000

Office supplies                                                            $45,000

Depreciation on building and equipment                $80,000

Explanation:

Variable Costs vary with the level of production. Examples are Direct Materials and Direct labor.

Fixed Costs remain constant for any production level. Examples are Depreciation and Utilities such as electricity.

A growth in Sales will affect the Variable Costs only. As production increases to meet the 20 percent growth in sales so do these costs since they vary in direct proportion to the level of production.

4 0
3 years ago
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