Answer:
False!
Explanation:
that's why they are different sizes, material, and weight!
Some american dollars are worth alot more than a dollar in say, mexico. Our resources are more valuable.
Glad I could help!
Answer:
$37,100
Explanation:
The computation of the adjustment made to Allowance for Doubtful Accounts is shown below:
= Ending account receivable balance × uncollectible percentage - credit balance of Allowance for Doubtful Accounts + written off amount
= $235,000 × 10% - $22,300 + $35,900
= $23,500 - $22,300 + $35,900
= $37,100
We simply applied the above formula so that the adjustment amount could arrive
There is some information missing and I looked up it. If the numbers are not exactly the same, you adjust them to your question.
- The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436.
- The bank collected $26,500 on a $25,000 note, including interest of $1,500.
- A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.
-
Bank service charges for June amounted to $55.
Answer:
June 30, 20Y1
Dr Cash 26,500
Cr Notes receivable 25,000
Cr Interest revenue 1,500
Dr Cash 3,600
Cr Accounts receivable 3,600
Dr Bank fees expense 55
Cr Cash 55
If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?
$166,436 + $26,500 + $3,600 - $55 = $196,481
Answer:
C. Interest Expense account is increased; the Interest Payable account is increased.
Explanation:
A secured interest can be defined as a legal right granted by a borrower to a lender (creditor) over a collateral (the borrower's property) which permits or allow the lender to have a right to possess the property as soon as the lender defaults in making payment. The payment which is expected to be made by the borrower of a mortgage loan is considered a secured obligation because it is a lien or an enforceable legal claim.
When interest is accrued on a note payable, but not paid, the Interest Expense account is increased; the Interest Payable account is increased.
Answer:
Value of preferred stock will be $140
Explanation:
We have given par value of preferred stock = $100
Dividend rate = 14 %
Discount rate on preferred stock = 12%
Preferred stock dividend 
We have to find the value of preferred stock
Value of preferred stock 
So value of preferred stock will be $140
