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DIA [1.3K]
3 years ago
6

On May 18, Rodriguez Co. issued an $84,000, 6%, 120-day note payable on an overdue account payable to Wilson Company. Assume tha

t the fiscal year of Rodriguez ends on June 30. Which of the following relationships is true?a. Rodriguez is the creditor and credits Accounts Receivable
b. Wilson is the creditor and debits Accounts Receivable
c. Rodriguez is the borrower and debits Accounts Payable
d. Wilson is the borrower and credits Accounts Payable
Business
1 answer:
ankoles [38]3 years ago
7 0

Answer:

c. Rodriguez is the borrower and debits Accounts Payable

Explanation:

Rodriguez Co will :

  1. De-recognise the Trade Payable - Wilson Company
  2. Recognise a Financial Liability to Wilson Company

Wilson Company will :

  1. Recognise an Investment or FA in Rodriguez Co
  2. De-recognise the Trade Receivable - Wilson Company
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According to porter, the three competitive positions that businesses pursue to gain and maintain competitive advantage in produc
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3 0
1 year ago
Which factor that affects income is within a worker's control?
Paul [167]

Answer: Education.

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7 0
3 years ago
Thrillville has $39.5 million in bonds payable. One of the contractual agreements in the bond is that the debt to equity ratio c
Lyrx [107]

Answer:

1. Stockholders' equity = $30.5 million;

2. Debt-to-equity ratio = 1.65

3. See explanation

Explanation:

1. Stockholders' equity calculation:

We know, according to the balance sheet equation,

Total Assets = Total liabilities + Stockholders' equity

Given,

Total Assets = $80.7 million

Total liabilities = Current liabilities + long-term liabilities

Total liabilities = $10.7 million + $39.5 million

Total liabilities = $50.2 million.

Therefore, total stockholders' equity = Total assets - Total liabilities

Total stockholders' equity = $80.7 million - $50.2 million

Total stockholders' equity = $30.5 million.

2. We know,

Debt-to-equity ratio = \frac{Total debt}{Total stockholders' equity}

When a company seeks to measure its financial leverage, that company uses debt-to-equity ratio. It also suggests that how much capital contributed by the creditors.

From requirement 1, we get,

Total liabilities = $50.2 million.

Total stockholders' equity = $30.5 million.

Therefore, Debt-to-equity ratio = \frac{50.2}{30.5}

Debt-to-equity ratio = 1.65

3. The journal entry to record the lease agreement -

Debit   Lease account         $15.7 million

Credit  Lease liability                         $15.7 million

(when the company enters into the lease agreement)

4 0
3 years ago
The federal deficit fell from $1,300 billion in 2011 to $1,087 billion in 2012. How much of this change was due to
densk [106]

Answer:

Dear Student,

I trust that this meets you well.

The question requires additional details for it to be answered.

Kindly provide the same as soon as you can.

Cheers

6 0
3 years ago
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