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timofeeve [1]
3 years ago
6

Brief Exercise 7-07 Grouper Family Importers sold goods to Tung Decorators for $33,600 on November 1, 2020, accepting Tung’s $33

,600, 6-month, 5% note. Prepare Grouper’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest
Business
1 answer:
Ivahew [28]3 years ago
7 0

Answer with its Explanation:

The accounting treatment are as under:

The note was issued because the customer required 6 months time to pay along with its interest.

The initial entry would be:

Dr Notes Receivable 33600

Cr Sales Revenue 33,600

When the interest would be due at the end of the note period the interest which is 5% for a year and 2.5% for 6 months.

Dr Interest Receivable 840

Cr Interest Revenue 840

When the cash will be paid the entry would be:

Dr Cash 34,440

Cr Notes Receivable 33,600

Cr Interest Receivable 840

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A company's decision to move its operations out of the country will affect its employees, owners, suppliers, distributors, and e
kykrilka [37]

Answer:

The above statement is true .

Explanation:

It is true , when a company take decision to move its operations out of the country it will affect its employees , owners , suppliers , distributors , even its customers .

It is because, when company move out , the employees working in it loss their jobs . They become jobless. The suppliers loss their customer. The distributor also loss their customer. The customer may like the product of the company and if the company moves out then they do not get their product which they like. The owner may also suffer loss,as its possible that the product do not gain popularity anywhere else . The company may loss its share. It also effect the economy , as a good earning company always serves to a country .

6 0
3 years ago
Period costs are a.classified as direct labor, direct material, or factory overhead b.not involved in the production process c.f
goldfiish [28.3K]

Answer:

Not involved In the production process

Eg. Selling expenses or advertising expenses

3 0
3 years ago
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 1.25 percent per year,
lana66690 [7]

Answer:

$793.70

Explanation:

The computation is shown below:

At introductory rate

The rate is 17.8% per year

And, in monthly, the rate would be

= 1.25% ÷ 12 months

= 1.4833%

Time is 6 months

Amount after 6 month would be

= Balance × (1 + interest rate)^ time period

= $8,000 × (1 +  0.1042%)^6

= $8,050.15

The interest after 6 month is

= $8,050.15 - $8,000

= $50.15

Now for increase rate to 17.8%

The rate is 17.8% per year

And, in monthly, the rate would be

= 17.8% ÷ 12 months

= 1.4833%

Time is 6 months

Amount after 6 month would be

= Balance × (1 + interest rate)^ time period

= $8,050.14 × (1 + 1.4833%)^6

= $8,793.70

The interest after 6 month is

= $8793.70 - $8,050.15

= $743.55

So, the total interest would be

= $50.15 + $743.55

= $793.70

5 0
3 years ago
A parcel of real estate has been left to a woman through her husband's will for her use and enjoyment during her lifetime, with
wolverine [178]

Answer: A) Remainderman

Explanation:

A Remainderman may sound like something from a horror movie but it is a property law term that refers to a person that is billed to take over or inherit an estate after the LIFE ESTATE of the previous owner is terminated.

Life Estate is an agreement where a person owns a property or asset for the duration of their life but as soon as they pass on, the asset or property reverts back to the original owner of a THIRD party.

The Remainderman is the person who the property reverts to.

In the above scenario therefore, the woman is in possession of a Life Estate but the Stepson is the Remainderman.

7 0
3 years ago
One of the major disadvantages of a sole proprietorship is
stepladder [879]

Answer:

One of the major disadvantages of a sole proprietorship is Unlimited Liability The Owner Has For The Debts Of The Firm.

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3 years ago
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