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3 years ago

On August 2, 2013, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account.

Business

1 answer:

vodka [1.7K]3 years ago

8 0

Answer:

Aug 2 2013 Notes Receivable 6000 Dr

Accounts Receivable 6000 Cr

Oct 31 2013 Interest Receivable 180 Dr

Interest Revenue 180 Cr

Oct 31 2013 Cash 6180 Dr

Notes Receivable 6000 Cr

Interest Receivable 180 Cr

Explanation:

When the note is received, the customer account will be closed and accounts receivable will be credited while a new asset of notes receivable will be created and notes receivable is debited.

The interest on notes receivable is calculated assuming a 360 day year and the 12% is annual interest rate.

The interest on note is 6000 * 0.12 * 90/360 = $180

The interest is income so wull be credited while as it is receivable, the interest receivable will be debited.

On 31 October when the note is honored and cash is received, it will be total of principal + interest so cash = 6000 + 180 = 6180

As a result, the assets notes and interest receivables will be closed and credited against cash.

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Perfect competition displays ______ because the social benefits of additional production, as measured by the price that people a

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Answer:allocative efficiency; marginal costs

Explanation:allocative efficiency is at an output level where the Price equals the Marginal Cost (MC) of production. This is because the price that consumers are willing to pay is equivalent to the marginal utility that they get. Therefore the optimal distribution is achieved when the marginal utility of the good equals the marginal cost.

The marginal cost is the cost of producing one additional item and is used to pinpoint the optimal economy of scale. The marginal benefit is the greater enjoyment created by producing one additional item.

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3 years ago

During its first year of operations, Novak Corp. Had these transactions pertaining to its common stock. Jan. 10 Issued 26,000 sh

bonufazy [111]

The journal entries to record the common stock transactions under the two scenarios are as follows:

a) Assuming that the common stock has a par value of $4 per share:

Jan. 10 Debit Cash $104,000

Common Stock $104,000

July 1 Debit Cash $495,000

Common Stock $220,000

Additional Paid-in Capital $275,000

b) Assuming that the common stock is no-par with a stated value of $3 per share

Jan. 10 Cash $104,000 Common Stock $78,000 Additional Paid-in Capital $26,000

July 1 Cash $495,000 Common Stock $165,000 Additional Paid-in Capital $330,000

<h3>What is the difference between par value and stated value?</h3>

There is <u>no major difference</u> between the par value and the stated value of the common stock, except as follows.

While the stated value is assigned when there is no par value for accounting purposes, the par value is assigned when the shares are authorized for issuance.

The two function as the face value of the shares which can be compared to the market value to discover if there is additional paid-in capital or not.

<h3>Data and Calculations:</h3>

a) Jan. 10 Cash $104,000 Common Stock $104,000

July 1 Cash $495,000 Common Stock $220,000 Additional Paid-in Capital $275,000

b) Jan. 10 Cash $104,000 Common Stock $78,000 Additional Paid-in Capital $26,000

July 1 Cash $495,000 Common Stock $165,000 Additional Paid-in Capital $330,000

Learn more about recording stock issuance transactions at brainly.com/question/17201601

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2 years ago

An economy produces only apples and oranges. The base year is 2012, and the table gives the quantities produced and the prices

Mashutka [201]

Iuuu is bigger then her

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1 year ago

Will Jones, Pharoah is a small CPA firm that focuses primarily on preparing tax returns for small businesses. The company pays a

Reika [66]

Answer:

Total cost for 316 returns $3,962

Total cost for 408 returns $4,974

Total cost for 524 returns $6,250

Explanation:

The total cost incurred by Pharoah with the Mega Tax software is given by the fixed cost of $486, referring to the annual fees, added to the cost per tax return of $11 multiplied by the volume of returns filed (n):

$C= \$486+(\$11*n)$

i. if 316 returns are filed? (n = 316)

$C= \$486+(\$11*316)\\C=\$3,962$

ii. If 408 returns are filed? (n = 408)

$C= \$486+(\$11*408)\\C=\$4,974$

iii. If 524 returns are filed? (n = 524)

$C= \$486+(\$11*524)\\C=\$6,250$

Total cost for 316 returns $3,962

Total cost for 408 returns $4,974

Total cost for 524 returns $6,250

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3 years ago

Childress Company produces three products, K1, S5, and G9. Each product uses the same type of direct material. K1 uses 4.9 pound

Stella [2.4K]

Answer:

Childress Company

Orders for K1 should be filled first.

Orders for G9 should be filled second.

Orders for S5 should be filled third.

Explanation:

a) Data and Calculations:

K1 S5 G9

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Materials available for production = 58,400

Selling price $ 167.40 $ 99.28 $ 210.02

Variable costs 89.00 76.00 149.00

Contribution margin per unit $ 78.40 $ 23.28 $ 61.02

Contribution margin per pound $16 $9.70 $11.30

Orders for K1 should be filled first

Orders for G9 should be filled second

Orders for S5 should be filled third.

b) This order filling sequence will maximize the contribution margin per pound, ensuring the highest efficient use of the limited materials available for production.

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2 years ago