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Following are transactions for Vitalo Company. Nov. 1 Accepted a $12,000, 180-day, 8% note from Kelly White in granting a time e

Fantom [35]

Answer:

Interest amounts at December 31st = $80

Interest amounts at April 30th = $160.

Explanation:

Total interest amount = $6,000 * 8% = $480

Since this is a time extension, we have 360 days (i.e. 180 * 2 = 360)

Interest amounts at December 31st (Nov. 1 - Dec. 31) = (60/360) * $480 = $80

Interest amounts at April 30th (Jan.1 - Apr. 30) = (120/360) * $480 = $160.

6 0

3 years ago

Read 2 more answers

Basic activities in every accounting department, including sales order processing, accounts receivable, inventory and purchasing

Lelu [443]

Answer:

General ledger

Explanation:

A general ledger in accounting is a book pf account that is meant to record the business' transaction entries towards the preparation of the income statement and the statement of financial position.

It records activities like sales order processing , accounts receivable , inventory and purchasing , accounts payable and payroll

We have two types of general ledger which are private ledger that records transaction on salaries , wages and capitals , and nominal ledger that records transaction on expense , income , depreciation etc.

4 0

4 years ago

This year Army purchased $3,700 of equipment for use in her business. However, the machine was damaged in a traffic accident whi

Andreas93 [3]

Answer: Check explanation

Explanation:

a. Since Amy bought the equipment for $3700 and sold the equipment for $690, the amount that Amy can deduct for the loss of the equipment will be:

= $3700 - $690

= $3010

b. Here, the amount that Army can deduct for the loss of equipment will be the lesser of the amount Amy bought the equipment which is $3700 or the cost of the repair which is $1370.

Therefore, $1370 will be deducted.

c. After the accident, Army could not replace the equipment so she had the equipment repaired for $4,300. What amount can Army deduct for the loss of the equipment?

Here, the amount that Army can deduct for the loss of equipment will be the lesser of the amount Amy bought the equipment which is $3700 or the cost of the repair which is $4300.

Therefore, $4300 will be deducted.

4 0

3 years ago

Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adju

PSYCHO15rus [73]

Answer:

A. $800

B. $4,800

August 1, 2019

C.$3,300

$1,500

Explanation:

(a) Calculation for what was the balance in Supplies on January 1

Balance in Supplies on January 1=$950 + $700 - $850

Balance in Supplies on January 1=$800

(b) Calculation for what was the total premium and when was the policy purchased

Total premium=($400 x 12 months)

Total premium= $4,800

Calculation for when was the policy purchased

Prepaid Insurance, 1/31 $2,400

Monthly premium $400

Number of months remaining 6

($2,400/$400)

Hence, The Policy was purchase on August 1, 2019

(c) Salary and Wages Payable at Decemeber 31, 2019 $1,500

Cash Paid $2,500

Salaries and wages payable, 1/31 $800

$3,300

Less: Salaries and wages expense $1,800

Salaries and wages payable, 12/31/19 $1,500

3 0

3 years ago

Ultimately, the amount of steel sold to General Motors depends on the consumers' demand for GM cars and trucks. From the standpo

Sophie [7]

Answer:

A) derived demand

Explanation:

The economic concept of demand is used to express the total amount of a good or service that is consumed. In the case of the car market, demand will be the total of cars bought by consumers. The concept of derived demand aims to explain the indirect demand for the inputs used in car manufacturing that occurs when consumers buy cars. The greater the demand for cars, the greater the demand for inputs, such as steel, for car manufacturing. Thus, the demand for steel from the demand for cars is a derived demand.

7 0

3 years ago