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morpeh [17]
3 years ago
15

On April 1, 2020, Vaughn Company assigns $524,600 of its accounts receivable to the Third National Bank as collateral for a $336

,000 loan due July 1, 2020. The assignment agreement calls for Vaughn to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the April 1, 2020, journal entry for Vaughn Company.
Business
1 answer:
Stells [14]3 years ago
5 0

Answer and Explanation:

The journal entry is shown below:

On April 1, 2020

Cash $315,016

Finance charge ($524,600 × 4%) $20,984  

            To Notes payable  $336,000

(Being the cash and finance charge is recorded)

Fo recording this we debited the cash and finance charge as it increased the assets and expenses and credited the note payable as it also increased the liabilities

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Howat Corporation earned $360,000 during a period when it had an average of 100,000 shares of common stock outstanding. The comm
Lyrx [107]

Answer:

The answer is:

A. Yes

B. 3.6

C. 3.43

Explanation:

A. Yes, the warrants is dilutive because the average market price($15) is higher than option price($10).

B. Since there is no preferred shares or preferred dividends, the basic earnings per share is:

Net income ÷ weighted average shares

= $360,000 ÷ 100,000 shares

= 3.6

C. First we need to find the incremental shares. The formula is:

[(average market price - option price) ÷ average market price]x number of shares

[($15 - $10) ÷ $15] x 15,000 shares

$0.33333 * 15,000 shares

5,000 shares

Total number of shares is now 105,000shares(100,000 shares + 5,000)

Therefore, diluted shares is now

$360,000 ÷ 105,000 shares

3.43

6 0
3 years ago
Drewson Health Foods has 16 comma 000 shares of $ 1 par common stock​ outstanding, which were issued at $ 15 per share. Drewson
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Answer:

SE 157,000

Explanation:

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16,000 \times 15 = 240,000 \\Retained \: Earnings \: (83,000) \\Stockholders \: Equity \: 157,000

7 0
3 years ago
A purposeful systematic process for collecting information on the important work related aspects of a job is called job descript
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Answer:

F

Explanation:

7 0
3 years ago
Pam and Marian have formed a limited partnership in the state of Massachusetts. Their business does well, and as it continues to
Serga [27]

If Pam and Marian are successful in their application to New Hempshire and Connecticut, they will get a Certificate of Registration.

<h3>What is a certificate of registration?</h3>

This is a legal document that is issued by the government of an area to show that a company can operate in the area because they have met the necessary requirements.

If Pam and Marian are cleared by the Connecticut and New Hampshire states, they will get Certificates of Registration.

Find out more on Registering a business at brainly.com/question/26101756.

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8 0
2 years ago
Cartels are difficult to maintain because a. ​the monopoly output is very difficult to determine. b. ​the number of firms is alw
Ostrovityanka [42]

Answer:

The correct answer is option d.

Explanation:

Cartels are generally formed in oligopoly markets. In such markets there are few firms which are interdependent. So, they form cartels to enjoy monopoly power.

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So, option d is the correct answer here.

6 0
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