1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
RoseWind [281]
3 years ago
5

The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:

Business
1 answer:
Lera25 [3.4K]3 years ago
4 0

<u>Solution and Explanation:</u>

The following journal entries will be passed in the book sof fasteners Inc., Co., which is a supplier of buttons and zippers for clothing

Date        Accounts Titles and Explanation  Post Ref    Debit  Credit

1 Nov-21  Notes receivable                                      $ 72,000  

      Accounts receivable-McKenna Outer Wear Co.        $ 72,000

2  Dec-31  Interest receivable (72000 * 9 \% * 40 / 360)    $720  

 Interest revenue                                                     $ 320

3  Jan-20  Cash                                           $ 73080  

 Interest revenue (72000 * 9 \% * 20 / 360)         $360

 Interest receivable                                          $720

 Notes receivable                                               $72,000

Note: the figures have been calculated and rounded off in the nearest dollar amount.

You might be interested in
In her interview with Dalton Conley, Devah Pager discusses her field work in Milwaukee and New York, in which she sent out job a
pychu [463]

Answer: Option (A)

Explanation:

Stigma is referred to as or known as the discrimination against or disapproval of, an individual based on the perceivable social standards or characteristics which serves in order to distinguish the individual from the other members of the society. These social stigmas are usually inclined towards the gender, culture, race, health and intelligence.

7 0
3 years ago
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer,
saul85 [17]

Answer:

Explanation:

The journal entries are shown below:

On January 31

Allowance for doubtful accounts A/c Dr $800

         To Account receivable A/c $800

(Being the written off amount is recorded)

On January 31

Account receivable A/c Dr $300

           To Allowance for doubtful accounts A/c $300

(Being the reverse entry is made)

On March 9

Cash A/c Dr $300

      To Accounts receivable A/c $300

(Being the amount is collected)

7 0
4 years ago
DYI Construction Co. is considering a new inventory system that will cost $750,000. The system is expected to generate positive
Oksanka [162]

Answer:

Year Cashflow        [email protected]% PV

$                      $

0 (750,000)             1          (750,000)

1        350,000               0.9259    324,065

2       325,000               0.8573     278,623

3        250,000              0.7938      198.450

4        180,000               0.7350      132,300

                                        NPV         184,438

The correct answer is D. The difference in answers is due to rounding error.

Explanation:

Net present value is the diffrence between initial outlay and present value of inflow. We need to discount the cash inflows for year 1 to year 4 at 8% and then calculate the present value of cash inflows by multiplying the cash inflows by the discount factors. Finally, we will calculate NPV by deducting the initial outlay from the present value of cash inflows.

6 0
3 years ago
An investment banker agrees to underwrite an issue of 10 million shares of stock for TWResearch, Inc. on a firm commitment basis
tatuchka [14]

Answer: b) Loss of $7,500,000.

Explanation:

The total the investment bank paid when underwriting was:

= 10.50 * 10,000,000 shares

= $105,000,000

The total they then sell to the public is:

= 9.75 * 10,000,000

= $97,500,000

The profit is:

= Selling revenue from public - Buying cost from company

= 97,500,000 - 105,000,000

= -$7,500,000

4 0
3 years ago
In chicago's southside (and other places), auto mechanics (who work outside the formal sector, without a business license, adver
PilotLPTM [1.2K]
<span>the auto mechanics who are protected by the gangs are taking advantage of the barriers to entry that prevent competition. These barriers are controlled by the gangs and serve as a form of payment to the auto mechanics in the area</span>
5 0
3 years ago
Other questions:
  • What is an advantage of radio advertising over magazine ads?
    6·1 answer
  • "Willow's team has split up the contributions for its group writing project equally, with individual team members committing var
    8·1 answer
  • One of the advantages of having a savings account is that the money can be used for emergency purposes, whereas money in bonds,
    12·2 answers
  • On January 1, 2018, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash
    9·1 answer
  • A company with a December 31 fiscal year end sold and delivered $5,000 worth of inventory on December 15, 2016 with payments of
    13·2 answers
  • Which of the following is true about planned economies?
    8·1 answer
  • sammy worked 40 hours per week as a stock person and earned a gross income of $370,what is his hourly wage
    5·1 answer
  • Japan and russia disagree over ownership of which islands?
    13·1 answer
  • Part A Smith Company experienced the following accounting events during 2018:
    5·1 answer
  • A company borrowed 10,000 by signing a 180-day promissory note 9%.the total interest due on the maturity date is: (use 360 days
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!