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sladkih [1.3K]
3 years ago
5

Journalize all transactions for Jo Jo Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 360-day y

ear.) (Round your final answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.)
Dec. 6 Received a $ 9,000?, 90?-day, 12?%note in settlement of an overdue accounts receivable from Concord Sounds.

Dec. 31: Made an adjusting entry to accrue interest on theConcord Sounds note.

Dec 31: Made a closing entry for interest revenue.

Mar.6: Collected the maturity value of the Concord Sounds note. (Prepare a single compound journal entry.)

Jun. 30: Loaned $ 11,000 cash to Main Street Music, receiving a six-month, 12% note.

Oct. 2: Received a $ 9,000, 60-day,12% note for a sale to Salem Sounds. Ignore Cost of Goods Sold.

Dec. 1: Salem Sounds dishonored its note at maturity. (Prepare a single compound journal entry.)

Dec. 1: Wrote off the receivable associated with Salem Sounds. (Use the allowance method.)

Dec. 30: Collected the maturity value of the Main Street Music note. (Prepare a single compound journal entry.)
Business
1 answer:
DIA [1.3K]3 years ago
6 0

Answer: Please refer to Explanation

Explanation:

The following is a compound journal. I shall record the accounts that need to be debited first and then the account to be credited.

Dec 6

DR Notes Receivable - Concord Sounds $9,000

CR Accounts Receivable - Concord Sounds $9,000

(To record note received as settlement)

Dec 31

DR Interest Receivable (9,000 * 12% * ((25 days since Dec 6)/360) $ 75

CR Interest Revenue $75

(To record accrued interest)

Dec 31

DR Interest Revenue $75

CR Cash $75

(To record closing entry on interest revenue)

Mar 6

DR Cash $9,270

CR Notes Receivable - Concord Sounds $9,000

CR Interest Receivable $75

CR Interest Revenue (9,000 * 12% * 65/360) $195

(To record Collected note)

Jun 30

DR Notes Receivable - Main Street Music $11,000

CR Cash $11,000

(To record Note Received)

Oct 2

DR Notes Receivable - Salem Sounds $9,000

CR Sales Revenue - Salem Sounds $9,000

(To record Note Received)

Dec 1

DR Accounts receivable - Salem Sounds $9,180

CR Notes Receivable $9,000

CR Interest Receivable (9,000 * 12% * 60/360) $180

Dec 1

DR Allowance for Bad Debt $9,180

CR Accounts Receivable - Salem Sounds $9,180

(To record receivable written off)

Dec 30

DR Cash $11,660

CR Notes Receivable - Main street Music $11,000

CR Interest Revenue (11,000* 12% * ( 6 months / 12) ) $660

(To record collection of Note - MS)

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A proposed new investment has projected sales of $585,000. Variable costs are 44 percent of sales, and fixed costs are $187,000;
Tema [17]

Answer:

The projected Net Income is $70,784

Explanation:

The Pro- forma income Statement

Working Note:

Variable cost = Sales × 44%

= $585,000 × 44%

= $257,400

EBT (Earnings before Tax) = Sales - Variable cost - fixed cost - depreciation

= $585,000 - $257,400 - $187,000 - $51,000

= $89,600

Net Income = EBT × Tax rate

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1. Direct
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I think this is correct.
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An author just signed a lucrative contract with a publisher that offers to pay her the amount of $500 at the end of year 9 when
solong [7]

Answer:

Ans. The annuity that will be equivalent to the publisher´s advance would be $26.40 per year, for 9 years at 7% interest rate.

Explanation:

Hi, first, let´s bring that $500 to be paid in 9 years to present value, we need to use the following formula.

PresentValue=\frac{FutureValue}{(1+r)^{n} }

Where: r is our discount rate (7%) and n the periods from now when she will receive that $500 amount. This should look like this.

PresentValue=\frac{500}{(1+0.07)^{9} } =271.97

Ok, so the equivalent amount of money today of those $500 in nine years is $271.97, but the author wants $100 today so the remaining amount has to be used to find the equal annual payments to be made in order to be equivalent to re remaining balance ($171.97). We now need to use the following equation.

Present Value=\frac{A((1+r)^{n}-1 )}{r(1+r)^{n} }

And we solve for "A" like this

171.97=\frac{A((1+0.07)^{9}-1 )}{0.07(1+0.07)^{9} }

171.97=\frac{A(0.838459212 )}{0.128692145}

171.97=A(6.515232249)

A=\frac{171.97}{6.515232249} = 26.40

Therefore, the equivalent amount of money of $500 in 9 years is $100 today and $26.40 every year, at the end of the year, for nine years.

Best of luck.

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As a graphic artist, Randy has just finished a new calendar. The calendar cost him $1.00 for the glossy paper, $3.00 for the six
Yanka [14]

Answer:

Break-even units = 66.67 units

Explanation:

<em>Break-even point is the level of activity that achieves no profit or loss. At this level profit is zero because the the total revenue is equal to total cost.</em>

<em>The break-even point is calculated as </em>

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So the units requited to achieve break-even point:

Break-even point =  700/10.5

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