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ollegr [7]
2 years ago
9

Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company.

Assume a 360-day year. (All notes are dated as of the day they are received.) Mar. 8. Received a $33,000, 5%, 60-day note on account. 31. Received an $80,000, 7%, 90-day note on account. May 7. Received $33,275 on note of March 8. 16. Received a $72,000, 7%, 90-day note on account. June 11. Received a $36,000, 6%, 45-day note on account. 29. Received $81,400 on note of March 31. July 26. Received $36,270 on note of June 11. Aug. 4. Received a $48,000, 9%, 120-day note on account. 14. Received $73,260 on note of May 16. Dec. 2. Received $49,440 on note of August 4. Required: Journalize the entries to record the transactions. For a compound transactions, if an amount box does not require an entry, leave it blank.
Business
1 answer:
MArishka [77]2 years ago
7 0

Answer

The answer and procedures of the exercise are attached in a microsof excel document.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.

Download xlsx
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The only skill required of managerial accountants is that they have a solid knowledge of both financial and managerial accountin
slava [35]

Answer:

It's false

Explanation:

8 0
2 years ago
Pemco Enterprises sells annual membership to its shooting lodge. The memberships cost $240 each. On January 1, Pemco sold 2,000
jenyasd209 [6]

Answer:

Option C. $480,000

Explanation:

The reason is that the consideration (Services of memberships which has monetary value) of the contract to deliver the subscribers has been delivered by the Pemco Enterprise which was active their member account and let them enjoy the services which they provide so the sales would be the amount that the company is legally entitled to receive after delivering the consideration of the contract and is $480,000 ($260 * 2000 memberships).

5 0
3 years ago
. At which of the following prices, if any, can India and Indonesia both gain from trade? a. 1/5 units of bananas per unit of ri
creativ13 [48]

Answer:

I think it's A

Explanation:

8 0
3 years ago
Careco Company and Audaco Inc are identical in size and capital structure. However, the riskiness of their assets and cash flows
LenKa [72]

Answer:

E) if the firm evaluates these projects and all other projects at the new overall corporate wacc, it will probably become riskier over time.

Explanation:

Before the merger, Audaco would have rejected any project with an IRR of less than 12% (more risky investments) while Careco only required a 10% IRR (less risky projects). But after the merger the combined WACC will be lower than Audaco's, but higher than Careco's. Therefore, the new merged company will start accepting more risky projects and that tendency will continue over time. Eventually, the company's WACC will have to adjust and increase, and the cycle will continue.

5 0
3 years ago
You have just received an offer in the mail from Friendly Loans. The company is offering to loan you $4,250 with low monthly pay
Kobotan [32]

Answer:

73 months

approximately 6 years

Explanation:

The period of time it would take to pay off the loan can be determined using excel nper function as below:

=nper(rate,pmt,-pv,fv)

rate is the interest expressed in monthly terms which is 15.3%/12

pmt is the amount payment per month i.e $90

pv is the amount of loan which is $4250

fv is the balance of the loan after all payments have been made i.e $0

=nper(15.3%/12,90,-4250,0)= 73 months

73 months/12 months=approximately 6 years  

8 0
3 years ago
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