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Lady bird [3.3K]
4 years ago
13

Uniform Supply accepted a $4,800, 90-day, 10% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on

December 31, to record the accrued interest on the note
Business
1 answer:
kolbaska11 [484]4 years ago
3 0

Answer:

The answer is

Dr: Notes Receivable $4,800

Dr: Interest Receivable $120

Cr: Sales $4,920

Explanation:

The yearly interest rate is 10%

So the interest rate for 90 days(assume 360 days make a year?

90/360 x 10%

2.5% is the interest rate for 90 days.

The interest payment for 90 days will be;

2.5% x $4,800

= $120

The entry will now be:

Dr: Notes Receivable $4,800

Dr: Interest Receivable $120

Cr: Sales $4,920

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Tju [1.3M]

Answer:

outstanding, $1,000 par value, 30 years to maturity, selling for 108 percent of par; the bonds make semiannual payments. Common stock: 440,000 shares outstanding, selling for $62 per share; the beta is 1.05. Market: 11 percent market risk premium and 5.2 percent risk-free rate. What is the company's WACC

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3 years ago
Navy Corporation has E&P of $240,000. It distributes land with a fair market value of $70,000 (adjusted basis of $25,000) to
anastassius [24]

Answer:

a. A taxable dividend of $15,000

Explanation:

The relevant variables are the friar market value and the tax liability on the land.

The fair market value is the amount at which an asset or a company will be exchanged between a knowledgeable willing seller and a knowledgeable willing seller in an ordinary transaction in the market. Put simply, the fair market value of an asset gives an estimation of the price that a buyer would pay to the owner of the asset if the owner decides to sell the asset.

When a company distributes an asset as a dividend to the owner, any liability taken over on the assets will be deducted from the fair market value of the asset to arrive at the taxable dividend.

From the question, the $55,000 tax liability assumed by Troy will be deducted from the fair market value of the asset to obtained the taxable dividend as follows:

Taxable dividend = Fair market value - Tax liability on the land

                             = $70,000 - $55,000

                             = $15,000

Therefore, the taxable dividend is $15,000.

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3 years ago
Need help ASAP, I’m going somewhere!
Rom4ik [11]

Answer:

https://brainly.co a separate Word or PowerPoint document containing the time line. If your tim

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3 years ago
Corruption, Inc., uses process costing, they have overstated the percentage of work completed with respect to conversion cost on
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Answer:

(1) understated

(2) understaded

(3) unchanged

Explanation:

The amount of equivalent units will be higher as the ending inventory of work in process will be above of what it should be.

As we have more equivalent untis the cost per equivalent unit will be lower:

\frac{cost}{equivalent \:units}

So both, conversion cost and total cost per equivalent untis will e lower than it should be as are getting divided over a larger amount.

the physical amount of units worked during the month and those which are complete will not be affected as the percentage of completion is an accounting tool to calculate the cost not to count the amount of units in possession

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3 years ago
Which of the following would be a producer? someone owning a book store someone shopping in a grocery store someone putting gas
Luba_88 [7]

Example of a producer can be regarded as someone owning a book store .

<h3>Who is a producer?</h3>

A producer can be regarded as a manufacturer of a particular product or service.

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