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timofeeve [1]
4 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]4 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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Select the true statement about the relationship between law, ethics, and business.
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A

Explanation:

6 0
3 years ago
A self-employed psychologist treats clients in an office in his own house. What must the psychologist do with his house in
mr_godi [17]

Answer:

A self-employed psychologist treats clients in an office in his own house. What must the psychologist do with his house in  order to best serve clients?keep the house clean and private

Explanation:

Psychology is a branch of medicine that deals with mental health services and counselling to help assess and improve a patient's mental health state. In the recent past, mental health has become a major concern since it is very important in our social and personal life. Mental health affects how we feel, think and react to various situations in the environment. More people are taking mental health very serious as more people seek the treatments and services of psychologists. A psychologist is one who studies the mental health of people and offers treatment and counsel on how the patient can improve mentally.

Psychologists often require there patients to express their deepest mental and emotional states. This is leaves the patient vulnerable in most cases. To protect patients in such cases against vulnerability, the psychologists are often required to abide by a code of ethics such that the patient information is kept safe and secure. For a self-employed psychologist who treats his patients in an office in his own house, code of practice states that the house has to be clean and private.

4 0
3 years ago
Ecolap Inc. (ECL) recently paid a $1.26 dividend. The dividend is expected to grow at a 20.16 percent rate. At a current stock p
user100 [1]

Answer:

Expected return will be 22.65 %

Explanation:

We have given recently paid dividend = $1.26

Growth rate g = 20.16 %

Current stock price P_0=60.12 $

Next year dividend D_1=D_0(1+g)=1.26\times (1+0.2016)=1.26\times 1.2016=1.514

We have to find the expected return K_e

We know that current stock price is equal to P_0=\frac{D_1}{K_e-g}

60.72=\frac{1.514}{K_e-0.2016}

60.72 K_e - 12.241 = 1.514

60.72 K_e = 13.755

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So expected return will be 22.65 %

8 0
4 years ago
Anakin puts $600 per year (starting today) into a retirement account. The account pays 5% effective annual interest. How much wi
Lina20 [59]

Answer:

$3,249.80

Explanation:

Time  Cash Flow

0            600

1             600  

2            600

3            600

4            600

Future Value of this cash flow at the end of year 4 = 600 * ((1+4%)^5 – 1)/4%

Future value = 600 * [(1+0.04)^5 - 1 ] / 0.04

Future value = 600 * (1.04^5 - 1) / 0.04

Future value = 600 * (1.216653 - 1) / 0.04

Future value = 600 * 0.216653/ 0.04

Future value = 600 * 5.416325

Future value = $3249.795

Future value = $3,249.80

8 0
3 years ago
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