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svetoff [14.1K]
3 years ago
6

The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:

Business
1 answer:
Reil [10]3 years ago
8 0

Answer:

20Y3

Nov. 21 :

Debit Notes receivable $66,000

Credit Accounts receivable $66,000

<em>(To recognize notes receivable iro past due account)</em>

Dec. 31:

Debit Interest revenue $161.33

Credit Interest receivable $161.33

<em>(To record accrued interest on notes receivable)</em>

Jan. 20:

Debit Cash $66,880

Credit Notes receivable $66,000

Credit Interest receivable $880

<em>(To record payment of note and interest on Nov. 21 notes)</em>

Explanation:

Note receivable is a promissory note with a written promise made by the borrower to the lender (payee) to pay a certain, definite sum at a specified date.

Interest revenue on the notes is calculated as: Principal x Interest Rate x Time

In this case, the total interest expense is $66,000 x 8%/12 x 2 months = $880.

Total interest expense to the Company as at December 31 is therefore $880 / 60 days x 11 days = $161.33.

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Written, Inc. has outstanding 600,000 shares of $2 par common stock and 120,000 shares of no-par 8% preferred stock with a state
Vitek1552 [10]

Answer:

$126,000

Explanation:

Given:

Total outstanding stocks = 600,000

Price per share of common stock = $2

Number of preferred stock = 120,000

Interest rate = 8%

Stock Value = $5

Outstanding year = 3

Total Amount of preferred stock = Principle × Rate × Time

or

Total Amount of preferred stock = ( 120,000 × $5 ) × 0.08 × 3 = $144,000

Since,

The preferred stock value is more than the amount distributed

Hence,

the total amount distributed i.e $126,000 will be received by the preferred stockholders

6 0
3 years ago
What is a broker?<br><br><br> Career Prep Edge
Colt1911 [192]

Answer:

A broker refers to an individual who is saddled with the responsibility of buying and selling stocks (shares) on a stock exchange market on behalf of his or her clients.

Explanation:

A broker refers to an individual or business firm that is saddled with the responsibility of buying and selling stocks (shares) on a stock exchange market on behalf of his or her clients.

Generally, a broker acts as an intermediary between a buyer (investor) and a seller (securities exchange) for a commission or an agreed upon fee after executing the deal. Thus, a broker also referred to as a stockbroker acts as a principal party in the buying or selling of stocks or securities in the financial markets.

Additionally, the actions or activities of a broker in the financial market is regulated by regulatory (financial) institutions such as the securities and exchange commission (SEC).

5 0
3 years ago
Gina made a down payment on a motorcycle. What incentive did she have for making a down payment?
8_murik_8 [283]

Answer:

A reduced time in debt

Explanation:

Gina intends to purchase that motorbike on credit. By making a down-payment, Gina is reducing the amount she needs to borrow to buy the bike.

A reduced loan amount means that Gina will require less to repay. It also implies that the interest to be paid will reduce. Making the down-payment helps Gina stay in debt for a short period.

7 0
3 years ago
In March, Kelly Company had the following unit production costs: materials $12 and conversion costs $8. On March 1, it had zero
pochemuha

Answer:

A) the total units to be accounted for = 23,980 + 4,600 = 28,580 units

B) the total material equivalent units = 23,980 finished units + 4,600 = 28,580 units

total conversion equivalent units = 23,980 finished units + (4,600 x 30%) = 23,980 + 1,380 = 25,360

C) cost reconciliation schedule:

Cost accounted to finished goods 23,980 x (12 + 8) = $479,600

Cost of material in process  

material work in process  4,600 x 12 = $55,200  

conversion cost in process  1,380 x 8     = $11,040

<u>                                                                                                  $66,240   </u>

total cost                                                                                 $545,840

3 0
3 years ago
Assume that your grandmother wants to give you generous gift. She wants you to choose which one of the following sets of cash fl
Finger [1]

Answer:

The best option is Option A.

Explanation:

3 0
3 years ago
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