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2 years ago

On june 8, smith technologies issued a $75,000, 6%, 140-day note payable to johnson company. what is the due date of the note?

2 answers:

7 0

I think it would be October 25th for the due date of the note if June 8th is included in the 140 days. There are 23 days in June, 31 days in both July and August (in 2017) and 30 days in September plus 25 days in October = 23+31+31+30+25 = 140 days.

Nina [5.8K]2 years ago

4 0

Given that the 140-day note is payable to Johnson company within 140 days. The due date will be as follows;
June 8th to June= 23 days
July 1st to July 31st =31 days
August 1st to August 31= 31 days
September 1st to September 30= 30 days
summing up the above dates we get:
23+31+31+30=115
140-115=25
The return date will be:
October 25th

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A company pays each of its two office employees each Friday at the rate of $100 per day each for a five-day week that begins on

MatroZZZ [7]

<h3>Answer:</h3>

Debiting salaries Expense $400 and Crediting Salaries payable $400.

<h3>Explanation:</h3>

We are given;

1 employees earns $ 100 a day

Therefore;

2 employees will earn $ 200 a day

The month ends on Tuesday, but the two employees works on Monday and Tuesday.

Therefore, the month-end adjusting entry to record will be the amount earned by the two employees on the two days.

Two employees for 2 days = $200/day × 2 days

= $400

But, salary is an expense, and in the accounts an increase in expense account is debited.

According to the rule of double entry, an increase in salaries expense decreases the salaries payable. Therefore, we debit salaries expense account and credit salaries payable account.

Therefore, the month-end adjusting entry to record the salaries earned but unpaid would be;

Debiting salaries Expense $400 and Crediting Salaries payable $400.

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3 years ago

Prepare journal entries to record each of the following four separate issuances of stock. A corporation issued 5,000 shares of $

asambeis [7]

Answer and Explanation:

1. Cash Dr, $120,000

To Common Stock $100,000 (5,000 × $20)

To Additional Paid - in - Capital in Excess of Par $20,000

(Being issue of common stock is recorded)

2. Cash Dr, $28,000

To Common Stock Dr, $2,500 (2,500 × $1)

To Additional Paid - in - Capital in Excess of Stated $31,500

(To record issue of common stock to promoters)

3. Organization Expenses Dr, $28,000

To Common Stock Dr, $28,000

(Being issue of common stock in exchange of organization expenses is recorded)

4. Cash Dr, $121,750

To Preferred Stock $93,750 (1,250 × $75)

To Additional Paid - in - Capital in Excess of Par (Preferred) $28,000

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2 years ago

Quantity demanded price quantity supplied 45 $10 77 50 8 73 56 6 68 61 4 61 67 2 57 refer to the data. suppose quantity demanded

saul85 [17]

a. When the demand increases by 12 units, the equilibrium price rises to $6.2093 and the equilibrium quantity rises to 67.7442 units.

b. The price elasticity of supply (PES) at equilibrium is 0.20. Since the price elasticity is less than 1, we conclude that supply is inelastic.

From the given data, we can see that the equilibrium price is $4 and the equilibrium quantity is 68 units.

If the demand increases by 12 units at each point of price decline, the demand equation will be :

$Qd = 105 - 6P$

and the supply equation will be:

$Qs = 51.6 + 2.6P$

Since Quantity demanded and supplied are equal at equilibrium, we can equate the demand and supply equations and solve for price (P). Equating the two equations above, we get,

$105-6P = 51.6 +2.6P$

$53.4 = 8.6P$

P = $6.2093

Substituting the value of P in the demand equation, we get,

$Qd = 105 - (6*6.2093)$

$Qd = 105 - 6P$

$Qd = 67.7442$ units

b. Calculation of Price Elasticity of supply at equilibrium level.

P₀ = $4

Q₀ = 61

P₁ = $6.2093

Q₁ = 67.7442

$% change in quantity = [ (Q_1 - Q_0) / Q_0 ] * 100$

% change in quantity = 11.05607%

$% change in price = [ (P_1 - P_0) / P_0 ] * 100$

% change in price = 55.2325%

Price Elasticity of Supply (PES):

$PES = % change in quantity / % change in price$

PES = 11.05607% / 55.2325%

PES = 0.20

8 0

2 years ago

A firm evaluates all of its projects by applying the IRR rule. A project under consideration has the following cash flows: Year

Anna71 [15]

Answer:

18.49%

Explanation:

The internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested.

The IRR can be calculated using a financial calculator:

Cash flow in year 0 = –$28,500

Cash flow in year 1 = $12,500

Cash flow in year 2 = 15,500

Cash flow for year 3 = $11,500

IRR = 18.49%

To find the IRR using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.

I hope my answer helps you

5 0

3 years ago

Read 2 more answers

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klio [65]

Answer:

The rate of return is 21.26%

Explanation:

Before calculating the return in percentage terms, it would be more appropriate to start with computing the return on the mutual fund in dollars ' terms.

Return in dollars terms;

Net Asset Value on 31 December 2019 $19.47

less

Net Asset Value on 1 January 2019 ($17.50)

return on NAV $1.97

Add:

Income distributions $0.75

Capital gains distributions $1.00

Total return on mutual fund $3.72

Rate of return=total return mutual fund/Opening net asset value

rate of return =$3.72/$17.50

=21.26%

7 0

2 years ago