1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Where did martha stewart work before she came an entrepreneur?
Zina [86]
Martha Stewart is a Lifestyle guru and businesswoman. She was born Martha Kostyra, on August 3, 1941, in New Jersey. 
Martha Stewart started her work as a model at the age of 13, she used to appear in fashion shows as well as television and print advertisements. She also<span> started a catering business in the late 1970s. Soon she was known for her gourmet menus and unique, creative presentation.</span>
3 0
4 years ago
Icy Mocha Company estimates its factory overhead costs to be $35,000 and machine hours to be 5,000 for the year. If the actual h
emmainna [20.7K]

Answer:

d) overapplied $160

Explanation:

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

$35,000 expected overhead / 5,000 machine= 7 dollar per machine hour are spend on overhead

<em><u>applied overhead:</u></em>

4,980 x 7 = 34,860

<u><em>actual overehad:</em></u> 34,700

As the amount of cost enter by the accounting are above the real cost, we are going to increase the manufacturing overhead cost and making the net income lower for this particular reason.

7 0
3 years ago
The individual mechanism that deals with workers' psychological reactions to overtaxing job demands is referred to as?
Mekhanik [1.2K]

The individual mechanism that deals with workers psychological reactions to overtaxing job demands is referred to as stress.

Stress is considered as a defensive mechanism, as it follows the three stages of resistance, alarm, and exhaustion. The psychological stress is usually associated with negative life changes.

So here in this case, the individual mechanism, which is dealing with the workers psychological reactions to overtaxing job demands is considered as stress. As the workers are stressed due to the overtaxing job demands.

Hence, the coping mechanisms are the strategies people often use in the face of stress in order to help manage painful or difficult emotions.

To learn more about stress here:

brainly.com/question/9643296

#SPJ4

5 0
1 year ago
traci budgeted $770 for fixed expenses and $530 for living expenses per month. She has no annual expenses. Her annual net income
Nuetrik [128]

ANSWER: Surplus by $1,152

EXPLANATION: Traci had a budget of $770 for fixed expense and $530 for living expenses per month which adds up to $1,300 expenses per month. Since she has no annual expense, her yearly total expense would be $15,600.

Traci earns $16,752 so by subtracting her expense from income, we get $16,752 - $15,600 = $1,152

7 0
3 years ago
Read 2 more answers
Lacey Company prepared the tabulation below at December 31, 2022. Net Income $310,000
valentinak56 [21]

Answer:

Net cash provided by operating activities is $325,000.

Explanation:

Lacey Company

Cash Flow Statement (Operating Activities Only)

December 31, 2022.

<u>Details                                                                       Amount ($)</u>

Net Income                                                                   310,000

Depreciation expense                                                  45,000

Increase in accounts receivable                                 (55,000)

Decrease in inventory                                                   12,000

Increase in accounts payable                                        6,000

Increase in prepaid expenses                                      (4,000)

Decrease in income taxes payable                               3,500

Gain on disposal of land                                                <u> 7,500 </u>

Net cash provided (used) by operating activities  <u> 325,000 </u>

5 0
3 years ago
Other questions:
  • U.S. Products operates two divisions with the following sales and expense information for the month of May: North Division: Sale
    7·1 answer
  • Social enterprises are businesses that directly address which of the following?
    14·1 answer
  • Laws relevant to most marketers include aimed at promoting fair competition and at ____.
    8·2 answers
  • Opportunities and advancements in the technological environment during the past 20 years have opened the doors for a number of p
    15·1 answer
  • _____ refers to searching and capturing new ideas that lead to business opportunities. Opportunity charging Entrepreneurial aler
    11·1 answer
  • Childress Company produces three products, K1, S5, and G9. Each product uses the same type of direct material. K1 uses 5 pounds
    10·1 answer
  • Which of the following are true?
    15·1 answer
  • A Nike Hoodie has a retail price of $99.00 and it costs the retailer $49.50. What is the mark-up
    5·1 answer
  • What body of people do not have to worry about raising capital?
    11·1 answer
  • A loan originatro convinces an appraiser to fincresse the valuation on a home tht the originator's friend is trying to buy is th
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!