On the date the note is signed, rhodes should credit Note payable for $5,000.
Note payable is a loan agreement that is put down in written were the borrower agreed to pay the lender the certain amount he or she borrowed from the lender and must be signed by the borrower.
In Note payable the borrower as well will have to pay interest on the amount borrowed or the interest accrued on the amount borrowed on the due date.
The journal entry on the date the note is signed is:
Debit Cash $5,000
Credit Note payable $5,000
(To record note payable)
Inconclusion on the date the note is signed, rhodes should credit Note payable for $5,000.
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Answer:
D. Debit fixed manufacturing overhead spending variance for $40,000
Explanation:
Since fixed manufacturing overhead shows the difference between the actual fixed overhead costs and budgeted fixed overhead cost during a period, Bismith would debit fixed manufacturing overhead spending variance of $40,000 inorder to write off the recording of the variances at the end of the accounting period because the value for fixed manufacturing overhead spending variance has already being gotten hence would be applied at the end of the period.
Answer:
A. 125 Egyptian pounds
Explanation:
Let’s create a proportion using the following setup.
pounds/dollars=pounds/dollars
We know that 5 Egyptian pounds is equal to 1 dollar.
5 pounds/ 1 dollar= pounds/dollars
We don’t know how many pounds are in 25 dollars. We can say x pounds are in 25 dollars.
5 pounds / 1 dollar = x pounds/ 25 dollars
5/1=x/25
We want to find out what x is, so we need to get x by itself.
x is being divided by 25. The inverse of division is multiplication. Multiply both sides of the equation by 25.
25*(5/1)=(x/25)*25
25*5/1=x
25*5=x
125=x
$25 US dollars are equal to 125 Egyptian pounds. Therefore, the watch will cost 125 Egyptian pounds and choice A is correct.
Answer:
The amount of cash flow from operating activities that would appear on the Year 2 statement of cash flows would be -$850 or $850 outflow
Explanation:
The computation of the cash flow from the operating activities for year 2 is shown below:
= Cash revenue in year 2 - interest on notes payable
= $950 - $1,800
= -$850
The negative amount shows an outflow of cash
.
The interest on the note payable is computed by
= Borrowed amount × interest rate
= $36,000 × 5%
= $1,800
Answer:
A. By setting it at a specific value based on another currency
Explanation:
