Answer:
May 1 2022 Cash 435540 Dr
Notes Receivable 408000 Cr
Interest Revenue 12240 Cr
Interest Receivable 15300 Cr
Explanation:
The interest revenue for 5 months was already recorded on 31 december against an interest receivable account that has a balance of 5 months of interest due.
The interest on note for 9 month period is = 408000 * 0.09 * 9/12 = $27540
The 5 month interest recorded on 31 december is 408000 * 0.09 * 5/12 = 15300
Thus, the interest revenue to be recorded on May 1 will be 4 months interest that is 27540 - 15300 = 12240
Answer: - if our team makes a bad decision, we’d all feel individually accountable for the decision.
I know this because I’m smart like that.
The world bank is not a real bank that gives people loans or where you can have a savings account. It is a body or an organization that monitors the work of all banks in the world that agree to join the system. It creates rules and regulations regarding money and fights things like money laundering and similar.
Answer: See explanation
Explanation:
a. This is not a loss contingency. A loss contingency occurs when the value of an asset is reduced because of an occurence on the future. This isn't the case here as a separate sales transaction occured.
b. To account for it, we have to defer the revenue as a liability and then we will use the straight line basis to calculate the warranty expense.
2. Dr Cash $412,000
Cr Unearned revenue - extended warranties $ 412,000
(To record the sale of extended warranty)
Dr Unearned revenue - extended warranties. $57937.50
Cr. Revenue - Extended Warranties $57937.50
(To record revenue earned on extended warranty)
<u>Explanation</u>:
In the first scenario, because of being the only student in the class my efforts to produce good grades will be low and inefficient since I believe there is no one competing with me for good grades.
However, in the second scenario of a class of 40 students, there will be great competition to be that 1 student to get a good grade as mentioned by the teacher. Changes will be seen in my efforts at study and paying attention in class, as well as asking questions about the subject in order to get a good grade.
