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
Elsem Foods Inc. is a company that manufactures packaged food. It sells several varieties of packaged food such as chips, cupcak
valentina_108 [34]

Answer:

Orange juice, apple juice, cranberry juice, and lychee juice are all product items of Elsem Foods.

Explanation:

A product item is a specific type or variety of product that is different than other products that a company sells.

In this case orange, apple, cranberry and lychee juices are all product items which are part of the tropical fruit juices product line of Elsem Foods.

Elsem's product mix would include chips, cupcakes, candies, crackers, fruit juices, and carbonated drinks (all the product lines that Elsem sells).

5 0
3 years ago
Under the market system, ______ coordinate the decisions made by households and businesses.
MakcuM [25]

Under the market system, prices coordinate the decisions made by households and businesses.

<h3>What is a market system?</h3>

It should be noted that a market system simply means an economy whereby the individual makes choices in the market and decisions.

In this case, under the market system, prices coordinate the decisions made by households and businesses.

Learn more about market system on:

brainly.com/question/1659498

#SPJ1

7 0
1 year ago
Terps Company reports the following amounts: Book Value Fair Value Assets $ 400,000 $ 500,000 Liabilities 45,000 45,000 Net inco
jekas [21]

Answer:

$180,000

Explanation:

Goodwill = Purchase Price - Net Assets Taken over at Fair Value

where,

Purchase Price = $635,000

Net Assets Taken over at Fair Value = $ 500,000 - $45,000 = $455,000

therefore,

Goodwill = $635,000 - $455,000 = $180,000

5 0
3 years ago
According to keynes what should the government do to improve economic conditions during a recession? group of answer choices
Dvinal [7]

Keynesian economics argues that demand drives supply and that healthy economies spend or invest more than they save. To create jobs and boost consumer buying power during a recession, Keynes held that governments should increase spending, even if it means going into debt.

Keynesian economics is a variety of macroeconomic theories and models of how aggregate demand significantly affects economic output and inflation. From a Keynesian perspective, aggregate demand does not necessarily match the economy's capacity. Instead, it is influenced by many factors that affect production, employment, and inflation.

Keynesian economists generally argue that aggregate demand is volatile and unstable, and as a result, market economies often experience inefficient macroeconomic consequences. They further argue that these economic fluctuations can be mitigated through coordinated economic policies between governments and central banks. Fiscal and monetary policy measures, in particular, help stabilize economic output, inflation, and unemployment throughout the business cycle. Keynesian economists generally advocate a regulated market economy. Although primarily the private sector, it plays an active role in government intervention during recessions.

Learn more about Keynesian economics  here : brainly.com/question/20036871

#SPJ4

3 0
2 years ago
For Crafton Company, indirect labor is budgeted for $57,000 and factory supervision is budgeted for $65,000 at normal capacity o
Masteriza [31]

Answer:

$124,700

Explanation:

Indirect labor budgeted is $57,000

Factory supervision is $65,000

The normal capacity is 142,500

Direct labor 145,000

Therefore the flexible budget can be calculated as follows

= 57,000+65,000/142,500

= 122,000/142,500

= 0.86

0.86×145,000

= 124,700

Hence the flexible budget is $124,700

4 0
3 years ago
Other questions:
  • At the __________ level of decision making, functional managers focus on monitoring and controlling operational-level activities
    10·1 answer
  • PLEASE HELP
    7·2 answers
  • I need some help with this homework.
    14·1 answer
  • Please help and thank you
    12·1 answer
  • Pizza Hearth is in the process of deciding on the mode of entry into the Eastern European countries. Which phase of the internat
    12·1 answer
  • Which of the following is used to describe government policies that restrain trade between states?
    15·1 answer
  • When companies watch both their buyers and their competitors, they are called ________ companies.?
    7·1 answer
  • Suppose the U.S. dollar is defined by law as being equal to 0.1 ounce of gold. Further suppose the British pound is defined as b
    13·1 answer
  • In economics, the cost of something is a. always measured in units of time given up to get it. b. the dollar amount of obtaining
    8·1 answer
  • What makes buying a foreclosed property risk
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!