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Sav [38]
3 years ago
11

On April 1, 2014, Prince Company assigns $500,000 of its accounts receivable to the Third National Bank as collateral for a $300

,000 loan due July 1, 2014. The assignment agreement calls for Prince Company to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% per annum(a realistic rate of interest for a note of this type).(a) Prepare the April 1, 2012, journal entry for Prince Company
(b) Prepare the journal entry for Prince
Business
1 answer:
____ [38]3 years ago
4 0

Answer:

Explanation:

The journal entries are shown below:

a) April 1, 2012;

Dr Cash A/C. $290,000

Dr finance charge $10,000

Cr payable $300,000

($500,000 × 2% = $10,000)

b)

Dr Cash A/c $350,000

Cr Account receivable $350,000

c)

Dr payable $300,000

Dr interest expense $7,500

Cr Cash $307,500

(10% × $300,000 × 3/12 = $7,500)

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All three of the $5000 billion GDP figures (Production, Income and Spending) are in ____________ dollars.a. Unadjusted, seasonal
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Answer:

The correct answer is letter "D": Inflation adjusted, real.

Explanation:

The real value is one that has been adjusted for inflation, allowing amounts to be measured as if the market price of goods had remained the same. Moreover, real-life modifications in value omit the impact of inflation. Following this process, the <em>real Gross Domestic Product</em> (<em>GDP</em>) can be calculated.

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Boyd and Susan are married filing jointly in 2019. They have three children for whom they may claim the child tax credit. Their
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Answer:

$5,250

Explanation:

The child tax credit provides a $2,000 tax credit for every qualifying child under 16, but the amount starts to phase out as the married couple's income is higher than $400,000.

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total child tax credit = ($2,000 x 3 children) - $750 = $6,000 - $750 = $5,250

7 0
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your organization entered into an interoperability agreement (ia) with another organization a year ago. as a part of this agreem
Nadusha1986 [10]

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under which the parties agree to pay each other for all toll transactions that comply with the agreement's requirements for transmission, debiting, and payment and that must be included in the current payment cycle. Both the IAG and regional interoperability agreements are part of these accords.The Metropolitan Clearing Corporation of India Ltd. (MCCIL), Metropolitan Stock Exchange of India Limited (MSE), NSE Clearing Limited (NCL), National Stock Exchange of India Limited (NSE), Indian Clearing Corporation Limited (ICCL),

learn more about interoperability agreements  here:

brainly.com/question/20738512

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8 0
1 year ago
Mercy Eston, a start-up company, has a small office space. Its employees often complain about the lack of personal space because
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<u>Physical Barriers</u>

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Physical Barriers refers to the physical set up or physical environment of an organization which act as a barrier in sending and receiving messages between employees. These are environmental and natural barriers which obstruct the swift flow of communication at a workplace.

Examples of physical barriers to communication would include, issues in design of the workplace, workplace interiors such as spacing, ventilation, noise, etc.

The given case relates to such physical barriers to communication.

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In a production budget, if the number of units in finished goods inventory at the end of the period is less than the number of u
ivolga24 [154]

Answer: False

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In a production budget, when the number of units in finished goods inventory at the end of the period is less than the number of units in the finished goods inventory at the beginning of the period, this simply means that the expected number of units sold is higher than the number of units that was produced for that particular period.

Fro example, let's assume that the beginning inventory is 20,000 and the units of goods produced is 25,000 while the units sold is 27,000. Then, the ending units will be:

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As we can see from the example, the number of units in the finished goods inventory at the end of the period(18,000) is less than the number of units in the finished goods inventory at the beginning of the period(20,000), the expected number of units sold(27,000) is more or higher than the number of units to be produced(25,000) during the period.

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