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slega [8]
3 years ago
12

On July 9, Mifflin Company receives a $8,600, 90-day, 12% note from customer Payton Summers as payment on account. What entry sh

ould be made on July 9 to record receipt of the note
Business
1 answer:
ivolga24 [154]3 years ago
3 0

Answer:

Mifflin Company

Journal Entry:

Debit Notes Receivable (Payton Summers)$8,600

Credit Accounts Receivable (Payton Summers)$8,600

To record the receipt of a 90-day, 12% note.

Explanation:

Mifflin Company uses this journal entry to record the receipt of a note receivable from Payton Summers in payment on account.  This effectively transfers the debit from Accounts Receivable account to a Notes Receivable account.  By this action, the debt is formalized while Mifflin Company is now able to charge interest on the unsettled balance at the agreed rate per annum.

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If the Synyster Corp. has an ROE of 21 percent and a payout ratio of 20 percent, what is its sustainable growth rate?
Lynna [10]

Answer:

20.19%

Explanation:

The computation of the sustainable growth rate is shown below:

The Sustainable growth rate is

= (return on equity × b) ÷ (1 - (Return on equity × b))

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3 years ago
Straight-Line Depreciation Irons Delivery Inc. purchased a new delivery truck for $42,000 on January 1, 2019. The truck is expec
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Answer:

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Explanation:

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