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3 years ago

The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:

Business

1 answer:

aalyn [17]3 years ago

7 0

Answer:

Given below

Explanation:

Interlocking Devices Co.

Journal Entries

Date Account No Particulars Debit Credit

Dec. 10. 132 Notes Receivable $ 42000

121 Accounts Receivable

-Unitarian Clothing & Bags Co. $ 42000

Received from Unitarian Clothing & Bags Co., on account, a $42,000, 90-day, 8% note dated December 10.

Dec 31. 131 Interest Receivable 276.16

610 Interest Revenue 276.16

(42,000 * 8 % * 30/365) = $ 276.16

Recorded an adjusting entry for accrued interest on the note of December 10.

Dec 31 610 Interest Revenue 276.16

313 Income Summary 276.16

Recorded the closing entry for interest revenue. 2018

Mar 10. 110 Cash $ 42,828.49

132 Notes Receivable $ 42000

610 Interest Revenue $ 828.49

Received payment of note and interest from Unitarian Clothing & Bags Co.

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<u>Answer: </u>

I would estimate the amount of compensation based on the statistical data relating to the loss that the airline companies are facing since 9/11.

<u>Explanation: </u>

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To devise the compensation to be given to the companies, calculating the surplus that they were earning from their operations would thus prove to be an intelligent solution.

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3 years ago

If Julie spends the weekend working, should she later initiate an executive discussion of the bank’s espoused values and princip

mariarad [96]

Answer:

Yes she should.

Explanation:

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Julie should inform them of how hardworking she has been and working on weekends means she will no longer have time for her family hence could drift them apart. Also, she should explain how she value her life hence needed to also rest on weekends. Where all of theses discussions are not acceptable by the management or they rather insisted she works on weekends, then she might have to call it quit, which shows that the management does not stay true to their commitment on issues of work life balance for their employees.

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3 years ago

Parent company X and subsidiary company Y file a calendar year consolidated federal income tax return. Company X reported a $120

UkoKoshka [18]

Answer:

The adjusted tax loss of the group is $11000

Find detailed computation in the attached spreadsheet.

Explanation:

The the tax loss of the of parent company X needs to be adjusted for inter-company dividends of $10000.By eliminating the dividends,the loss becomes $130,000.

On other hand,the profit of company Y needs to be adjusted as well for 70% dividends-received deduction,by eliminating 70% of $30000 dividends received, which amounts to $21000.

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3 years ago

In the short run, a profit-maximizing monopolistically competitive firm sets it price: A) equal to marginal revenue. B) equal to

Taya2010 [7]

In the short run, a profit-maximizing monopolistically competitive firm sets it price: above marginal cost. Option C. This is further explained below.

<h3>What is marginal cost?</h3>

Generally, The marginal cost of production is the incremental cost incurred to produce one more unit of a good or service.

In conclusion, Initially, a monopolistically competitive business sets its price at a level above its marginal cost in order to maximize its profits.