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aliina [53]
4 years ago
14

When an interest-bearing note is dishonored at maturity and ultimate collection is expected, the entry for the dishonoring, assu

ming no previous accrual of interest should include a.a debit to Allowance for Doubtful Accounts. b.only a credit to Notes Receivable. c.a credit to Notes Receivable and Interest Revenue. d.a credit to Notes Receivable and Interest Receivable. Answer:c
Business
2 answers:
tresset_1 [31]4 years ago
8 0

Answer:

The correct answer is C. a credit to Notes Receivable and Interest Revenue.

Explanation:

When this registration is made, what occurs is to decrease the obligation they have with our organization, and an increase in income due to the recognition of the interests effectively recognized at the expiration of the obligation. Dishonoring the note means recognizing that we no longer have a callable value, and that the value receivable is extinguished as a result of the end of the agreed period of permanence.

Pachacha [2.7K]4 years ago
3 0

Answer: c. a credit to Notes Receivable and Interest Receivable

Explanation: Notes are a written promise to pay a specific amount of money at a future date and as a financial instruments can be issued with or without interest; and are recorded at face value and classified in the balance sheet based on maturity time. A note is said to be dishonored when the maker of the note fails to pay as at when due. However, if ultimate collection is expected, an entry is made as follows: a credit to interest income and also a credit to notes receivable.

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Cookies by casey has sales of $487,000 with costs of $263,000. interest expense is $26,000 and depreciation is $42,000. the tax
Ber [7]

The net income of Cookies by casey is $123,240

What is net income?

The net income of the company is the excess of its sales revenue over all costs of the running the business, which includes, the costs of sale, interest expense, depreciation as well as the taxes payable to the government authority which is 21% of profits before tax in this case.

Profit before tax=sales-costs of sale-depreciation-interest expense

sales=$487,000

costs of sale=$263,000

depreciation=$42,000

interest expense=$26,000

profit before tax=$487,000-$263,000-$42,000-$26,000

profit before tax=$156,000

tax rate=21%

net income=profit before tax*(1-tax rate)

net income=$156,000*(1-21%)

net income=$123,240

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8 0
1 year ago
________ leaders inspire followers to transcend their self-interests for the good of the organization and can have an extraordin
dsp73

The answer to this question is Transformational leaders.

<span>Transformational leaders are leaders who inspire their subordinates / followers by being a role model in order for the members or followers to enhance their performance. Transformational leaders increase the morale of the members by creating a vision for them to be guided and inspire the members to do their best and be motivated always.</span>

8 0
3 years ago
Survey
qaws [65]
<span>1. When John received his W2, he received several copies. Why was he sent multiple copies of this form?

The different copies are for John and each tax return he may file

2. Who sent John this W-2?

John's employer - ProperLiving Widget Engineering & Design


3. How much did John make in wages in the 2014 tax year? (assuming this was John's only job)

I do not know

4. How much did John 'take home' in net pay? (assuming this was John's only job)

I do not know


5. How much did John save in his 401(k) in the 2014 tax year?
I do not know


6. Assume your employer provides health care insurance and deducts your portion of the premiums from your paycheck with pre-tax dollars. Are your health insurance premiums federally tax deductible?
Yes


8. Select what would happen to your 1) taxable income and 2) tax liability when you are able to claim a deduction such as student loan interest?

1) lower 2) higher


9. Which are tax deductible?

Student loan payments


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3 years ago
Now design your own product demonstration about a product you would like to investigate
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