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seropon [69]
4 years ago
10

Valley Spa purchased $8,000 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 12% promissory note for $8,000. I

f the note is dishonored, but Tubman intends to continue collection efforts, what is the journal entry to record the dishonored note? (Use 360 days a year.)
Business
1 answer:
MrMuchimi4 years ago
8 0

Answer:A/R, IR, NR

Explanation: Journal entry to record Dishonored note are as follows

A/R- Debit your Account Receivable for the total of principle and interest owned.

IR - Credit the interest revenue account for the interest amount receivable.

NR- Credit the notes receivable account for the principle balance.

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Cintas designs and manufactures uniforms for corporations throughout the United States and Canada. The company's stock is traded
Tju [1.3M]

According to tha data,

Receivable stock Turnover ratio = Credit sales / Average debtor

= $4,552 / ($505+$508)÷2

= $4,552 / $506.5

= 8.99

Inventory stock Turnover ratio = Cost ot goods sold / Average Inventory

= $2,637 / ($251+$240)÷2

= $2,637 / $245.5

= 10.74

Current ratio = Current assets / current liabilities

Current assets=$513+$508+$251+$26 = $1,298

Current Liabilities = $150+$377+$1+$102 =$630

Current ratio = $1,298 / $630

= 2.06

Cash ratio = Cash and cash equivalents / Total current liabilities

= $513 / $630

=0.81

Tines Interest earned ratio = Earnings before interest and tax (EBIT)/ Interest

EBIT = Net income + Tax expense + Interest expenses

= $374 + $233 +$72

= $679

Times interest earned ratio = $679 / $72

= 9.43

Cash Coverage ratio = Cash flows from operating activities / Cash paid for interest

= $608 / $65

= 9.35

Learn more about stock here:

brainly.com/question/25818989

#SPJ4

5 0
2 years ago
Marwick Corporation issues 8%, 5 year bonds with a par value of $1,000,000 and semiannual interest payments. On the issue date,
schepotkina [342]

Answer:

The bond's issue(selling) price is $1,085,308.00  

Explanation:

The price of the bond is the present values of the future cash flows discounted to present values.Instead of discounting the coupons an annuity factor was used instead but the par value receivable at maturity was discounted using the discounting factor in the question.

Kindly find attached.

Download xlsx
4 0
4 years ago
A company reports merchandise inventory on December 31 at $250,000 but LCM applied to items is $200,000.Record the journal entry
ahrayia [7]

<u>Solution:</u>

In order to record the merchandise inventory on LCM with the correct amount, the following Journal entry will be passed in the books of account:

Date account and explanation                               debit      credit

Dec 31 The cost of goods sold (250000-200000)     50000  

Merchandise inventory                                                      50000

(To record inventory on LCM)  

Therefore, the cost of goods sold will be debited with an amount of $50000 and the Merchandise inventory will be credited with the same amount of $50000.

4 0
3 years ago
Midland Company buys tiles and prints different designs on them for souvenir and gift stores. It buys the tiles from a small com
taurus [48]

Answer:

<u>January</u>

purchases = 32,800 units

required cash to pay for purchases = $24,600

<u>February</u>

purchases = 8,900 units

required cash to pay for purchases = $6,675

<u>March</u>

purchases = 7,800 units

required cash to pay for purchases = $5,850

Explanation:

each tile costs $0.75, paid in cash, three month stock

28,000 tiles in stock

estimated sales:

  • January 13,300
  • February 18,700
  • March 13,700
  • April 15,100
  • May 8,900
  • June 7,800

<u>January</u>

beginning inventory January 28,000

estimated sales 13,300

desired ending inventory = sales for next three months = 18,700 + 13,700 + 15,100 = 47,500

purchases = 47,500 + 13,300 - 28,000 = 32,800

required cash to pay for purchases = 32,800 x $075 = $24,600

<u>February</u>

beginning inventory January 47,500

estimated sales 18,700

desired ending inventory = sales for next three months = 13,700 + 15,100 + 8,900 = 37,700

purchases = 37,700 + 18,700 - 47,500 = 8,900

required cash to pay for purchases = 8,900 x $075 = $6,675

<u>March</u>

beginning inventory January 37,700

estimated sales 13,700

desired ending inventory = sales for next three months = 15,100 + 8,900 + 7,800 = 31,800

purchases = 31,800 + 13,700 - 37,700 = 7,800

required cash to pay for purchases = 7,800 x $075 = $5,850

3 0
3 years ago
Parker is a sales representative for Kashi. Each week he uploads his plans for visiting clients out in the field to a routing an
Montano1993 [528]

Available options:

A. determine the sequence in which customers will be called on.

B. use existing transportation facilities.

C. minimize non-selling time.

D. determine duration of sales calls.

E. provide salespeople with an opportunity to plan their own routes and schedules

Answer:

Option C. Minimizing non-selling time.

Explanation:

The reason is that sales reps must lower their non selling time as this makes them inefficient for the company and would also increase their loss of time and commission. So every sales representative acknowledges his primary goal to decrease the non selling time which means he is trying to make sale.

4 0
4 years ago
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