Ask question

Ask question

All categories

2 years ago

15

On October 1, ABC Company receives a 9% interest-bearing note from Reese Company to settle a $20,000 accounts receivable. The no

te is due in six months. At December 31, ABC Co. should record interest revenue of

1 answer:

Murrr4er [49]2 years ago

3 0

Answer:

The correct answer is b. $450

Explanation:

You might be interested in

If the market for sport utility vehicles has excess supply, then one can say that: A. supply is greater than demand. B. quantity

AURORKA [14]

Answer:

D. quantity supplied is greater than quantity demanded.

Explanation:

Since in the question it is mentioned that the market for sport utility vehicles has excess supply which determines that the supplies is more than the quantity which results that the quantity supplies is more than the quantity demanded as due to the excess supply

Hence, D option is correct and other options are wrong

3 0

3 years ago

Hunt Incorporated sold $209,000 of accounts receivable to Gannon Factors Inc. on a with recourse basis. Gannon assesses a 2% fin

pentagon [3]

Answer:

Dr Cash $190,190

Dr Due from Gannon Factors $14,630

Dr Loss on Sale of Receivables $16,280

Cr Accounts Receivable $209,000

Cr Recourse Liability $12,100

Dr Accounts Receivables $209,000

Cr Due to Customer $14,630

Cr Interest Revenue $4,180

Cr Cash $190,190

Explanation:

Journal entries

Dr Cash $190,190

Dr Due from Gannon Factors $14,630

Dr Loss on Sale of Receivables $16,280

Cr Accounts Receivable $209,000

Cr Recourse Liability $12,100

Dr Accounts Receivables $209,000

Cr Due to Customer $14,630

Cr Interest Revenue $4,180

Cr Cash $190,190

*7% X $209,000 =$14,630

*2% X $209,000 =$4,180+$12,100=$16,280

5 0

3 years ago

Each of the following items must be considered in preparing a statement of cash flows. Indicate where each item is to be reporte

otez555 [7]

Answer:

Answer 1 - increment in money due will go under working exercises and $4000 will be appeared in negative there since it will decrease the money balance

Answer 2 - issuance of preferred stock will go under financing exercises and since they are giving offers so income will increment by $115 × 10000 = $1150000

Answer - 3 For devaluation Because we start setting up the announcement of incomes utilizing the overall gain figure taken from the salary explanation, we have to alter the net gain figure with the goal that it isn't diminished by Depreciation Expense. To do this, we include back the measure of the Depreciation Expense. So we have to add $14000 to net gain of $90000

For bond premium amortization, its recorded in the working exercises area of the announcement of incomes. Under the roundabout strategy, the amortization of security premium is deducted from net gain since it decreases premium cost and, along these lines, expands net gain without a real money inflow.

Answer - 4 Acquisition of property will go under contributing activities so in the event that we purchase more place where there is $20000, at that point it will lessen the money by $20000

6 0

2 years ago

Read 2 more answers

When Kira graduated with a degree in computer science, she started her software company. On her first day of operations, she pos

kobusy [5.1K]

Answer:

Her expectation that all her employees would adhere to the laws applicable to the business

Explanation:

By adhering to the laws applicable to her business, and expecting that her employees would follow suit, helped to protect the business from the liability related to breaching laws. Moreover, operating within the legal requirements serves as the first step towards operating as an ethical firm.

7 0

2 years ago

Equities are claims of ownership in a corporation. Please select the best answer from the choices provided T F

AfilCa [17]

That statement is True.

The amount of equities that you own in a corporation is depended on how much stock you own in that corporation. The more equity you own, the more influence you have in that corporation. If you have more than 50 % equity in a corporation, that corporation basically have to follow whatever decision you made.

3 0

3 years ago