Answer:
Cash account in the amount of $10,100
Explanation:
The journal entry to be recorded for the receipt of payment is as:
Cash A/c.............................................Dr $10,100
Note receivable A/c...................Cr $10,000
Interest Revenue A/c..................Cr $100
Being recoded the receipt of payment
As payment is received so asset is increasing and any increase in asset is debited. Therefore, cash account is debited. And the note receivable got decrease will be credited and the interest revenue is also credited.
Computation of interest revenue is as:
Interest revenue = Amount × % of note × Days / Number of days in a year
= $10,000 × 6% × 60 / 360
= $100
Note: Assume 360 days in a year
Answer:
Freight-absorption
Explanation:
Based on the information provided within the question it can be said that the Texas Granite Company in Dallas should use Freight-absorption pricing in this situation. This is a pricing strategy in which the seller takes responsibility for all the freight charges that the company incurs in order to attract the amount of business that they hope to achieve. Since company's that are looking to buy see 0 freight charges it becomes a deal since they are saving money as opposed to buying from another company that charges the freight charges to the buyer.
If a certain household earns and spends $24,000 per year and, on average, holds a money balance of $6,000, then the velocity of money for this household is 4.
A household consists of one or more people who live in the same dwelling and share meals. It can also consist of a single-family or another group. Households are the basic unit of analysis in many social, microeconomic, and government models and are important to economics and inheritance.
The definition of household relates to family or social units living together, or household behavior. You and your family members who live with you are an example of your household. Budgets and checkbooks are examples of household budget tools.
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Businesses often engage in a variety of tactics to influence government policy. This includes lobbying, political contributions, and interest group politics.
