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slega [8]
4 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]4 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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Shelley wants to cash in her winning lottery ticket. She can either receive sixteen $100,000 semiannual payments starting today,
Arte-miy333 [17]

Answer:

$1,256,000

Explanation:

Data provided in the question:

Number of semiannual payments received = 16

Amount of each payment = $100,000

Annual interest rate = 6%

Thus,

Semiannual interest rate = \frac{6\%}{2} = 3% = 0.03

Now,

Payment = Amount × \frac{(1-(1+i)^{-n})}{i}

or

Payment = $100,000 × \frac{(1-(1+0.03)^{-16})}{0.03}

Payment = $100,000 × 12.56

or

Payment = $1,256,000

5 0
3 years ago
Read 2 more answers
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Elina [12.6K]

Answer:

Factoring

Explanation:

Factoring is a form of debtor finance that involves an entity selling it's accounts receivables to a third party at a discount.

The third party is called a factor.

This practice is usually carried out to meet urgent cash needs of the business.

In this instance Kliting Co. has a lot of outstanding accounts receivables and there is need for cash to pay its suppliers and employees at the end of the month.

Instead of borrowing Kliting Co. sells their accounts receivables to get the needed cash.

This is factoring finance

6 0
3 years ago
Please help me with this!!
Westkost [7]
The correct answer is Neutral stance
8 0
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Should a registered representative enter into a private securities transaction that would entail earning compensation, the emplo
Andre45 [30]

The employing member will have the opportunity to approve or disapprove of the associated person's participation.

“Registered representative” is a term that describes a person who is licensed to shop for and promote securities for customers and is subsidized by using a firm registered with the financial industry Regulatory Authority (FINRA).

Independent broker-dealers feature as complete-provider brokerage companies, however, continue to be unfastened from the limitations and demands of a large Wall Street corporation. RIAs are independent fiduciaries who may accomplice with several broker-sellers, promoting a variety of products and services.

Registered representatives constitute customers within the buying and selling of investment merchandise including stocks, bonds, and mutual budgets. Many manage complicated trades or complicated products which can be out of doors the abilities of online trading.

Learn more about Registered representatives here brainly.com/question/26179492

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7 0
2 years ago
Net present value ____________________. Group of answer choices compares project cost to the present value of the project benefi
lakkis [162]

Answer:

compares project cost to the present value of the project benefits

Explanation:

Net present value is the present value of after tax cash flows from an investment less the amount invested.

A good investment is an investment that has a positive NPV. When comparing two or more projects, the project with the higher NPV should be chosen.

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