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alisha [4.7K]
3 years ago
11

________ are also called trade receivables. A : Income taxes refundable B : Other receivables C : Advances to employees D : Acco

unts receivable
Business
2 answers:
frez [133]3 years ago
7 0
D.Accounts Receivable are also called trade receivables.

This is because the account receivables were earned by practicing your trade or doing your business.
Ghella [55]3 years ago
3 0
Its going to be D an tell me how u did 

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Kelly Realty loaned money and received the following notes during 2018:Note Date Principal Amount Interest Rate Term(1) Oct. 1 $
hammer [34]

Answer:

Kelly Realty

1. Determination of Maturity Date and Value for each note:

Note        Principal      Interest Rate      Maturity Date          Maturity Value

1.              $28,000      6%                     Sept. 30 2019           $29,680

2.            $22,000      10%                     March 31, 2019        $23,650

3.            $14,000        14%                     Dec. 18, 2018          $14,490

b) Journal Entries to record receivables:

October 1:

Debit 6% Notes Receivable $28,000

Credit Cash Account $28,000

June 30:

Debit 10% Notes Receivable $22,000

Credit Cash Account $22,000

Sept 19:

Debit 14% Notes Receivable $14,000

Credit Cash Account $14,000

c) Journal Entries to record collection of principal and interest at maturity:

Sept. 30, 2019:

Debit Cash Account $29,680

Credit Interest on Note $1,680

Credit Notes Receivable $28,000

March 31:

Debit Cash Account $23,650

Credit Interest on Note $1,650

Credit Notes Receivable $22,000

Dec. 18, 2018:

Debit Cash Account $14,490

Credit Interest on Note $490

Credit Notes Receivable $14,000

d) Adjusting Entry:

Dec. 31, 2018:

Debit Interest on Notes Receivable $2,150

Credit Interest on Notes $2,150

Explanation:

a)     Note Date    Principal Amount          Interest Rate           Term

(1)    Oct. 1            $28,000                        6%                           1 year

(2)   Jun. 30          22,000                        10%                          9 months

(3)   Sep. 19           14,000                         14%                          90 days

b) Interest on the notes:

                                               Total             For 2018

1. 6% of $28,000 =                 $1,680         $1,680 x 4/12 =  $560

2. 10% of $22,000 x 9/12 =   $1,650         $1,650 x 6/9 =  $1,100

3. 14% of $14,000 x 90/360 = $490          $490 x 90/90 = $490

Total                                       $3,820                                   $2,150

c) Interests on notes receivable are prorated accordingly.

8 0
3 years ago
Use the following scenario and data for all questions During lunch time, customers arrive at a postal office at a rate of per ho
ch4aika [34]

Answer:

Check the explanation

Explanation:

The assumptions in single-server queue theory include: -

  1.    Unlimited calling population may enter the queue
  2.    Arrivals occur randomly and are not dependent but average number of arrival does not change.
  3.    Single waiting line and arriving customers are patient customers who can wait in the queue before they can be served regardless of the length of the line.
  4.    Arrivals are serviced on a first come first served basis
  5.    Service time of one customer may vary from that of another customer.

Kindly check the attached images below to see the step by step explanation to the question above

8 0
3 years ago
Wildhorse Corporation enters into a 6-year lease of equipment on December 31, 2019, which requires 6 annual payments of $40,100
olga55 [171]

Answer:

31-Dec-19

Dr. Lease receivables  $ 180,498

Cr. Sales revenue         $180,498

Dr. Cost of goods sold  $ 170,000

Cr. Inventory          $ 170,000

Explanation:

The lease is recorded on the present value of all the payment to be made in the future.

We will use the present value of annuity formula

Present value of Lease = P [ ( 1 - ( 1 + r )^-n ) / r ]

where

P = annual payment = $40,100

r = implicit rate = 11%

n = numbers of payments = 6 payments

Placing values in the formula

PV of Lease = $40,100 x [ ( 1 - ( 1 + 11% )^-6 ) / 11% ] = $169,645

Now calculate the present value of guarantee residual value

PV of guarantee residual value = $20,300 x ( 1 + 11%)^-6 = $10,853

Fair value of lease = Present value of Lease payment + Present value of guarantee residual value

Fair value of lease = $169,645 + $10,853 = $180,498

Cost of equipment will be recorded in the cost of goods sold and Inventory as well.

We will pass two separate journal entries first to record the lease receivable and second to record the cost of the equipment.

3 0
3 years ago
Property, plant, and equipment (net) $3,200,000 Liabilities: Current liabilities $1,000,000 Note payable, 6%, due in 15 years 2,
nadya68 [22]

Answer:

a. Ratio of fixed assets to long-term liabilities

   = <u>Fixed assets  </u>            x 100

      Long-term liabilities

    = <u>$3,200,000</u>  x 100

       $2,000,000

    = 160%

b. Ratio of liabilities to shareholders' equity

     = <u>Total liabilities</u>              x 100

        Shareholders' equity

      = <u>$3,000,000</u>  x 100

         $5,000,000

      = 60%

c. Asset turnover

   = <u>Sales</u>

      Total assets

   = <u>$18,750,000</u>

       $7,000,000

   = 3 times

d. Return on total assets

   = <u>Net income</u>   x 100

      Total assets

   = $930,000     x 100

      $7,000,000

   = 13.29%

  Explanation:

The ratio of fixed assets to long term liabilities equals fixed assets divided by long-term liabilities multiplied by 100.

Ratio of liabilities to stockholders' equity equals total liabilities divided by total stockholders' equity multiplied by 100. The total liability is equal to current liabilities plus long-term liabilities.

Asset turnover equals sales divided by total assets.

Return on total assets equals net income divided by total assets multiplied by 100.

4 0
3 years ago
What is a contributing factor to the varied levels of economic development across the eastern mediterranean sub-region?
mamaluj [8]

The biggest aspect that limits farming in the Eastern Mediterranean is the split of tectonic plates.

<h3>Why have many economies of the Eastern Mediterranean sub-region been slowly developing?</h3>

They don't have much oil. They lean on agriculture, very small deposits of minerals, and manufacturing. Give illustrations of successful human intervention to rescue the environment of the Eastern Mediterranean sub-region.

Differentiate the conditions of coastal and inland subregions of Eastern Mediterranean nations. a. Coastal subregions include a Mediterranean climate, while inland areas have semi-arid steppe and/or arid desert circumstances.

To learn about the Eastern Mediterranean sub-region visit the link

brainly.com/question/20910410

#SPJ4

3 0
1 year ago
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