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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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The earned value divided by the actual, cumulative cost of the work to date is the: Budget efficiency index. Schedule performanc
bekas [8.4K]

Answer:

(C)Cost performance index.

Explanation:

In project management, the Earned Value is <em>how much work has been done</em> on the project in relation to the original project budget.

The Actual Cost on the other hand is the <em>true cost incurred</em> on the project till date.

The earned value divided by the actual cost is used to measure the cost performance index of the project.

The correct option is C.

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3 years ago
A partner can be held liable for a partnership obligation only if he or she participated in, or knew about, whatever it was that
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A partner <u>cannot</u> be held liable for a partnership obligation only if he or she participated in, or knew about, whatever it was that gave rise to the obligation.

<h3>What is partnership?</h3>

Partnership arrangements come in many different forms. One type of business where partners may have minimal liability is a partnership where all participants share profits and liabilities equally. Additionally, there is the so-called "silent partner," when one party does not participate in the day-to-day management of the company.

  • An agreement between two or more people to manage a business' operations and divide its assets and liabilities is known as a partnership.
  • All partners in a general partnership corporation split the company's assets and debts equally.
  • Lawyers and other professionals frequently create limited liability partnerships.

A partnership may have tax advantages over a corporation.

To learn more about partnership from the given link:

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2 years ago
In pure competition, producers compete exclusively on the basis of
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<span>In pure competition, producers compete exclusively on the basis of p</span>roduct features.
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3 years ago
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your supervisor, ashby, wants you to make an appointment for her to meet with a friend of yours, kevin. she wants to make a sale
Novay_Z [31]

Coercion is used by Ashby as she threatened to withhold your promotion if you don’t make the appointment.

<h3>What is Coercion?</h3>


The Indian Contract Act's Section 15 defines coercion as "committing or threatening to commit any act prohibited by the Indian Penal Code, or unlawfully detaining, or threatening to detain, any property, to the prejudice of any person whatsoever, with the intention of causing any person to enter into an agreement."

<h3>Give an example of Coercion.</h3>


For instance, if B refuses to sell his house to A for 5 lakh rupees, A may threaten to harm him. Here, even if B sells the house to A, the agreement won't be enforceable because B's cooperation was coerced. Now, coercion has the result of rendering the contract void.

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3 0
1 year ago
Suppose that France and Denmark both produce fish and stained glass. France's opportunity cost of producing a pane of stained gl
andriy [413]

Answer:

France has a comparative advantage in the production of stained glass.

Denmark has a comparative advantage in production of fish.

France will gain from trade as long as it gets more than 3 pounds of fish for each pane of stained glass.

Denmark can gain from trade if it gets more than 0.09 pane of stained glass for each pound of fish it exports.

4 pounds of fish per pane of stained glass.

7 pounds of fish per pane of stained glass.

Explanation:

France and Denmark both produce fish and stained glass.

France's opportunity cost of producing a pane of stained glass

= 3 pounds of fish

Denmark's opportunity cost of producing a pane of stained glass

= 11 pounds of fish

France's opportunity cost of producing a pound of fish

= \frac{1}{3}

= 0.33 pane of stained glass

Denmark's opportunity cost of producing a pound of fish

= \frac{1}{11}

= 0.09 pane of stained glass

France has a lower opportunity cost of producing stained glass so we can say it has a comparative advantage in the production of stained glass. While Denmark has a comparative advantage in the production of fish.

If both countries start to trade with each other, France will gain from trade as long as it gets more than 3 pounds of fish for each pane of stained glass.

While Denmark can gain from trade if it gets more than 0.09 pane of stained glass for each pound of fish it exports.

Both the countries will gain from trade if the trade price lies between their opportunity cost. both countries will gain from trade if the price is 4 pounds of fish per pane of stained glass or 7 pounds of fish per pane of stained glass.

8 0
2 years ago
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