1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
garik1379 [7]
3 years ago
6

At December 31 of the current year, Cart Company has a $16,000 Notes Receivable from a customer. Interest of 5% has accrued for

9 months on the note. What will be reported on the Balance Sheet?
Business
1 answer:
lyudmila [28]3 years ago
6 0

Answer: $23,200 as total current asset for the period

Explanation:

Note Receivable has a value $16,000

Interest on Note = 5%

Accrued for 9 months

Yearly Interest accrued = 16,000*5%*12= 9,600

Interest for 9 months = 9600/12*9 = 7,200

Balance sheet Extract

Other Income

Int Accrued on Note Receivable      $7,200

Current Asset

Note Receivable                                $16,000

Int Accrued on Note Receivable      $7,200

Total Current Asset                            $23,200

You might be interested in
Clem Oatley could grow wheat and barley. He could grow 75 bushels of wheat or 125 bushels of barley using the same resources on
BabaBlast [244]

Answer:

Clem should specialise in wheat production because he has higher profits there

Explanation:

Clem needs to make a decision on the product that will maximise his profits and not just the number of units of products he can manufacture.

If he produces only wheat he will have profit of 75 bushels * $2 = $150

If he produces only barley his profit will be 125 bushels * $0.80 = $100

This shows that wheat is more profitable for Clem. Even though he can produce more units of barley.

6 0
3 years ago
Read 2 more answers
T. Hillcrest Co. sold $500 of merchandise on a bank credit card with a 5% fee. The entry to record this sales transaction would
Rufina [12.5K]

Answer:

Cash for $475 and Credit Card Expense for $25

Explanation:

Cash for $475 and Credit Card Expense for $25

8 0
2 years ago
Portal Palace is a door manufacturer that is considering moving into a new regional market. Which of the following would be info
Liono4ka [1.6K]

Answer:

C

Explanation:

Because they need to know they will be successful in the new market.

3 0
3 years ago
The Sugar Sweet Company will choose from two companies to transport its sugar to market. The first company charges
Harlamova29_29 [7]

Answer:

Both will charge $6,904 when they transport 16 tons of sugar.

Explanation:

The amount of sugar to be transported is S, since we need to calculate at which amount of sugar both truck companies charge the same total price, we need to solve the following:

first company charges $4,500 + $150.25 S

second company charges $3,696 + $200.50 S

since both companies will charge the same total amount, then

$4,500 + $150.25 S = $3,696 + $200.50 S

$4,500 - $3,696 = $200.50 S - $150.25 S

$804 = $50.25 S

$804 / $50.25 = S

S = 16

$4,500 + ($150.25 x 16) = $4,500 + $2,404 = $6,904

5 0
3 years ago
AB When considering two mutually exclusive projects, the firm should always select the project whose internal rate of return is
Mnenie [13.5K]

Answer:

False

Explanation:

If an investment project can be repeated, i.e. its life cycle can be extended by reinvesting, the NPV of the project will change.

When considering two mutually exclusive projects, the NPV method should always be considered before the IRR as a means of evaluating which project should be carried out.

3 0
3 years ago
Read 2 more answers
Other questions:
  • You have ​$. You put ​% of your money in a stock with an expected return of ​%, ​$ in a stock with an expected return of ​%, and
    14·1 answer
  • Nicole thinks that her business, nicole's getaway spa (ngs), is doing really well and she is planning a large expansion. with su
    6·1 answer
  • Penny, a full-time biochemist, loves stock car racing. To feed her passion, she bought a used dirt-track car and has started ent
    14·1 answer
  • If former President Barack Obama were to come on TV and say, Take cover for the next 4 months cause of the Virus. All jobs and o
    13·1 answer
  • LeBlanc Inc. currently has earnings of $10 per share, and investors expect that the earnings per share will grow by 3 percent pe
    14·1 answer
  • Oakley Company does not ring up sales taxes separately on the cash register. Total receipts for February amounted to $32,100. If
    6·1 answer
  • Which of the following are reasons that the short-run aggregate supply curve slopes upward? Check all that apply. As the price l
    10·1 answer
  • The management team of Wickersham Brothers Inc. is preparing its annual financial statements. The statements are complete except
    7·1 answer
  • Salespeople bringing suggestions for a new fast food item to the headquarters of their food manufacturer is an example of ______
    7·1 answer
  • $500 at 3.2% for 3 years <br> $450 at 3.1% for 4 years<br> $515 at 3% for 3 years?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!