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Sholpan [36]
3 years ago
6

The following are selected 2017 transactions of Sean Astin Corporation.

Business
1 answer:
Vadim26 [7]3 years ago
8 0

Answer and Explanation:

The Journal entries are shown below:-

A. a. Purchase Dr, $50,000

           To Accounts payable $50,000

(Being purchase of inventory is recorded)

b.Accounts payable Dr, $50,000

            To Notes payable $50,000

(Being issuance of notes is recorded)

c.Cash Dr, $50,000

  Discount on notes payable Dr, $4,000

             To Notes payable $54,000

(Being amount borrowed from bank and issued notes is recorded)

B. a. Interest expenses Dr, $1,000 ($50,000 × 8% × 3 ÷ 12)

            To Interest payable $1,000

(Being interest expenses is recorded)

b. Interest expenses Dr, $1,000 ($4,000 × 3 ÷ 12)

                 To Discount on notes payable $1,000

(Being interest expenses is recorded)

C. The Computation of interest-bearing note and the zero-interest-bearing note is shown below:-

Interest-bearing note = Note payable + Interest payable

= $50,000 + $1,000

= $51,000

Zero-interest-bearing note = Note payable - Discount

= $54,000 - ($4,000 - $1,000)

= $54,000 - $3,000

= $51,000

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Smith Corporation makes and sells a single product called a Pod. Each Pod requires 2.4 direct labor-hours at $10.60 per direct l
kramer

Answer:

$585,120

Explanation:

The computation of Budgeted direct labor costs is shown below:-

Direct labor cost per pod = Direct labor required per pod x Direct labor rate

= 2.4 × $10.60

= $25.44

Budgeted direct labor costs incurred in June = Direct labor cost per pod × Produced pods

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Therefore for computing the budgeted direct labor costs we simply applied the above formula.

4 0
3 years ago
How many people make 1 million per year in the world
Dmitry [639]
I think it’s around 18 million or more people that make more than 1 million or 1 million yearly
8 0
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Blue Ridge Crafters is a co-operative that distributes traditional household furnishings, such as home-spun textiles, hand-throw
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Answer:

C) Horizontal growth strategy.

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3 years ago
Dwyer Company reported the following results for the year ended December 31, 2007, its first year of operations: 2007 Income (pe
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Answer: $315,000 deferred tax asset

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The amount that Dwyer should record as a net deferred tax asset or liability for the year ended December 31, 2007 will be calculated thus:

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= $900000 × 35/100

= $900000 × 0.35

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Therefore, the answer is $315,000 deferred tax asset

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