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iragen [17]
3 years ago
13

Hughes Aircraft sold a four-passenger airplane for $380,000, accepting a 12% note for the purchase price. This transaction would

include a: Debit to Notes Receivable. Debit to Sales Discount. Credit to Notes Receivable. Credit to Cash.
Business
1 answer:
Semmy [17]3 years ago
5 0

Answer:

a. Debit to Notes Receivable

Explanation:

Journal entry for selling an asset in return for notes receivable is;

Notes Receivable A/c                                                Dr.

    To Asset A/C

In the given case, an aircraft is sold in exchange for a note receivable. The journal entry would be:

12% Notes Receivable A/C                                Dr. $380,000

     To Aircraft                                                                             $380,000

(Being notes receivable received in exchange for aircraft sold being recorded)

Notes Receivable is an asset for the receiver as it represents amount which is due to be received. Whenever an asset account is debited, it increases their balance.

Aircraft is an asset. When an asset is sold, it is credited. Here the asset being a movable asset.

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A $200,000 loan amortized over 13 years at an interest rate of 10% per year requires payments of $21,215.85 to completely remove
kvasek [131]

Answer:

Loan amount = $184,193.95

Explanation:

Interest will remain same each year. Interest per year = 200,000*10% = $20,000

Installment                   $21,215.85

Less: Interest               <u>$20,000</u>

Payment to Principal <u>$1,215.85</u>

Total principal repaid in 13 years = $1,215.85 * 13 years = $15,806.05

So, the principal left = $200,000 - $15,806.05 = $184,193.95

3 0
2 years ago
Starbucks is owns and operates most of its retail outlets; mcdonalds franchises most of its retail outlets. an advantage of fran
Sergeeva-Olga [200]
Go to hw is hard .com
6 0
3 years ago
By what amount would net income differ if bad debt expense was computed using the percentage-of-receivables approach? Assume tha
Murljashka [212]

Answer:

By following the Accountants Principle and Dicksons policy of debiting Bad debt accounts as Accounts are written off, the Net income would have been impacted negatively (reduced) by the write off from Prior period of $31,330 only

However, by following the % of receivables approach, a total of $31,330 (Write off from prior period) + $9,240 (current period provision for bad debt) will impact the Net Income negatively (reduced)  = $40,570

Explanation:

Accounts receivable balance = $77,000

12% projected uncollectible debt = $9,240

Provision for bad debt under the % of receivables approach = $9,240

Amount written off related to prior year = $31,330

5 0
3 years ago
A decreasing-cost industry is one in which: a. contraction of the industry will decrease unit costs. b. input prices fall or tec
Bas_tet [7]

Answer:

B

Explanation:

When we talk of a decreasing cost industry, we refer to an industry in which the expansion of the industry will lead to a decrease in the unit production cost.

So with respect to the question at hand , the correct answer is that the input prices will fall as industry expands

The case of a a technological improvement is expected to drive a decrease in the input prices for production in the expanding industry

8 0
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Randy applied for a position as a butcher's assistant at a nearby supermarket. After he completed his application, the manager s
GrogVix [38]

Answer:

job preview

Explanation:

when Randy apply supermarket for butcher's assistant position

and after complete process, manager aware him about responsibilities of  assistant

but after all that process he feel sick and say to manager that he is not get this job

so we can this is job preview because job preview is that process which occurs during the hiring of an employee and which clearly highlights all the pros. and cons. of the job profile and giving candidate the most accurate information about the job.

7 0
3 years ago
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