Answer:
Journalize the following transactions for the Scott company:
Nov 4. Received a $6,500, 90-day, 6% Note from Michael Tim's in payment of his account.
Dr Notes receivable 6,500
Cr Accounts receivable 6,500
Dec 31. Accrued interest on the Tim's note.
Dr Interest receivable ($6,500 x 6% x 57/365) = 60.90
Cr Interest revenue 60.90
Feb 2. Received the amount due from Tim's on his note.
Dr Cash 6,596.16
Cr Notes receivable 6,500
Cr Interest receivable 60.90
Cr Interest revenue 35.26
I did all my calculation based on a 365 day calendar year. Generally banks calculate interest on a 360 day calendar year.
Answer: 13.26%
Explanation:
Year 0 Investment = $385,000
Incremental Cash flow every year = Cashflow if owned - Cashflow if leased
= 164,000 - 133,000
= $31,500
Incremental cashflow in Year 10 = Incremental Cashflow + Cashflow from sale of property
= 31,500 + 750,000
= $781,500
Using Excel and the IRR function, the rate is = 13.26%
Answer and Explanation:
The journal entry for recording the bad debt expense is shown below:
a. In case of when direct write off method is used
Bad debt expense $13,780
To Account receivable-Wil Treadwell $13,780
(Being bad debt expense is recorded)
Here the bad debt expense is debited as it increased the expenses and credited the account receivable as it decreased the assets
b. In case of when allowance method is used
Allowance for doubtful accounts $13,780
To Account receivable-Wil Treadwell $13,780
(Being the allowance is recorded)
Here the allowance is debited as it increased the assets and credited the account receivable as it decreased the assets
Answer: My answer is in the photo below. Hope it helps.
Answer: Financially Buoyant
If we agree that completion of the line "All of this requires the diary to be" as the puzzle for this question then there's literally hundreds of ways that would complete the sentence and still keep it valid. Above all, I would highlight financial buoyancy as most fitting. This is because without it, every other possible end to the sentence is void. This diary looks to have gotten past the conceptualization phase and figured out what is required by the company to become sustainable. They have sorted out what a lasting value chain for the business should be, but all of this requires the diary to be financially able to set all these in motion. Sizeable investment is required to redesign and produce product packages, sustainable transportation will be paid for, distributors may be paid, sustainable treatment for the cows comes at a cost. So at every phase of the rebuild, financial investments are necessary and this makes Financial Buoyancy the more rounded answer.
