What is the goal of swot?

on september 30 world co. borrowed $1,000,000 on a 9% note payable. World paid the first of four quarterly payments of $264,200

goldenfox [79]

Answer: The appropriate entry for the note payable as at 31 December is $758,300.

Explanation: The interest expense on the note is calculated as: $1,000,000 *9/12 *3/12 months = $22,500. The amount paid for the first of the quarterly payment was $264,200. Therefore, note principal repayment can be derived by subtracting the interes accrued from the actual payment, that is, $264,200 minus $22,500 = $241,700. To get the principal note balance, you would subtract $241,700 from $1,000,000, leaving a balance of $758,300.

The appropriate adjusting entries would be:

On 30 September: Debit Cash $1,000,000, Credit Note payable (current liabilities) $1,000,000

Monthly interest accrual: Dr Interest expense $7,500 Credit Interest payable $7,500

On first payment of the quarter, the entity would raise these entries: Dr Interes payable $22,500, Dr note payable (current liabilities) $241,700 Credit Cash $264,200.

8 0

2 years ago

Describe why it is important to understand how businesses impact you.

Marina CMI [18]

because they are the ones that provide me goods and services.

4 0

2 years ago

Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbro

Virty [35]

Answer:

Scarbrough will receive and record cash of $538,685

The journal entry to record this transaction would be:

Debit Credit

Cash $2,900,300

Interest Expense $89,700

Notes Payable $2,990,000

Debit Cash for $2900300, debit Interest Expense for $89700, and credit Notes Payable for $2990000

Explanation:

In order to calculate the amount Scarbrough will receive and record cash we would have to make the following calculation:

Scarbrough will receive and record cash=Receivables-Amount of the hold back-Withheld as fee income-Less: Withheld as interest expense

Receivables= $600,000

Amount of the hold back=$600,000 x 5%=$30,000

Withheld as fee income=$600,000 x 3%=$18,000

Withheld as interest expense=$600,000 × 15% × 54/365=$13,315

Therefore, Scarbrough will receive and record cash=$600,000- $30,000-$18,000-$13,315=$538,685

Scarbrough will receive and record cash of $538,685

According to the given data to journal entry to record this transaction would be the following:

Debit Credit

Cash $2,900,300

Interest Expense $89,700

Notes Payable $2,990,000

Interest Expense=$2,990,000 x 3%=$89,700

5 0

2 years ago

A Restaurant is open only for 25 days in a month. Expenses for the restaurant include raw material for each sandwich at $4.00 pe

Montano1993 [528]

Answer:

profit for the day $ 2,001.64

Explanation:

We should subtract from the revenue of the 200 sandwhich prepared and sold the variable cost to made the sandwhihc the loss for the lost sales and the proportional fixed cost considered are allocated among the 25 days which the restaurant is open.

200 x $15 dollars = $ 3,000

28 x $5 loss sales: $ (140)

variable cost: 200 x $4 $ (800)

proportional fixed cost:

(1,234 + 225) / 25 = $ (58.36)

profit for the day $ 2,001.64

4 0

3 years ago

Describe personal selling. Personal selling is direct communication between a sales representative and one or more prospective b

ELEN [110]

Explanation:

5.1 Discuss the role of personal selling in promoting products. What advantages does personal selling offer over other forms of promotion?

Personal selling is a traditional sales method that consists of a more personalized service and a more efficient product promotion compared to other forms of promotion. This is due to the fact that, in a personal sale, there is the direct influence of the seller to explain the functionalities and characteristics of a product, which is usually done using sales and negotiation techniques that directly influence the buyer to feel the need for the product that is being promoted. The advantages of personal selling as opposed to other types of promotion, is the possibility of reducing the time and effort of purchase, since in this type of sale, the seller goes to the customer to offer the product.

5.2 What are the major advantages of personal selling to the company selling a product? What are the advantages to the person or company buying the product?

The biggest advantages of personal selling for the company that sells a product is the greater possibility of having a closed purchase, since the potential sales are made with your potential customers. There is also a decrease with other types of product promotion, which can be costly, such as advertising an advertisement on television, and which may not generate the expected goal of increasing product sales.

The advantages for the person or company that buys the product is the possibility of knowing and seeing the functionality of the product before purchasing and the possibility of negotiating and providing meaningful feedback, which can influence the seller to make the sales proposal more flexible by making it more attractive to the customer. Personal selling also creates value for the customer, as the service is personalized, based on their profile, characteristics, desires and needs.

7 0

2 years ago