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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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On march 1, year 1, roland doe bought 200 shares of gummit stock at $40 per share. on april 1, year 2, roland sold short (sold w
laiz [17]

Answer:

1,000 long term capital gain

Explanation:

8 0
4 years ago
Lemony lemonade has​ 3,200 gallons of lemonade in wip​ inventory, with​ 76% of materials already added. The lemonade is​ 50% thr
rosijanka [135]

Based on the process that Lemony Lemonade uses to make lemonade, the equivalent units for conversion​ costs is 1,600 units.

<h3>What equivalent units are for conversion costs?</h3>

This can be found as:

= Number of units that are WIP x Percentage of completion

Solving gives:

= 3,200 x 50%

= 1,600 units

Find out more on equivalent units at brainly.com/question/16259709

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4 0
2 years ago
You deposited​ ($1,000) in a savings account that pays 8 percent​ interest, compounded​ quarterly, planning to use it to finish
olga55 [171]

Answer:

Present value (PV) = $1,000

Interest rate (r) =8% = 0.08

Number of years (n) = 18 months = 1.5 years

No of compounding periods in a year = 4

Future value (FV) = ?

FV = PV(1 + r/m)nm

FV = $1,000(1 + 0.08/4)1.5x4

FV = $1,000(1 + 0.02)6

FV = $1,000 x 1.1262

FV = $1,126

Explanation:

The amount to be received in 18 months is $1,126. This is obtained by compounding the present value at 8% compounded quarterly for 18 months. The formula to be applied is the formula for future value of a lump sum(single investment).

4 0
3 years ago
Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mar
Oduvanchick [21]

Answer:

C. Neither Mary nor Sharon can claim breach of contract.

Explanation:

Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mary is away.

Sharon agrees to do so, provided she has the time for it.

If Sharon fails to check the results and Mary wins the lottery,  then it would be true of the contract between Mary and Sharon that Neither Mary nor Sharon can claim breach of contract.

The reason is Mary's promise is based on the condition that Sharon checks the result, Sharon's promise is based on the condition that 'if she has the time for it.'

The condition was not met by Sharon hence she cannot claim a breach of contract because she did not check the results, similarly, Mary cannot sue Sharon because sharon made it clear that she will only check If she has the time.

4 0
3 years ago
Which are broad categories of action for crafting strategic moves to improve a diversified company's overall performance? (Choos
vlabodo [156]

Question Completion with Options:

O sticking closely with the existing business lineup and pursuing opportunities that those businesses present.

O Divesting certain businesses and retrenching to a narrower base of business operations.

O Widening the company's business scope by making new acquisitions in new industries.

Answer:

The broad categories of action for crafting strategic moves to improve a diversified company's overall performance are:

O sticking closely with the existing business lineup and pursuing opportunities that those businesses present.

O Divesting certain businesses and retrenching to a narrower base of business operations.

O Widening the company's business scope by making new acquisitions in new industries.

Explanation:

In addition to pursuing existing business opportunities, a diversified company can increase its performance indexes by divesting itself of certain unprofitable lines of business or slow-growth businesses and focusing its resources on cash cows and stars.  The pursuit of stars will lead it to make new acquisitions in relatively new industries in order to remain attractive to investors, otherwise, it runs the risk of growing into extinction like the historical dinosaur.

7 0
3 years ago
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