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3 years ago

A written promise to pay certain sum of money to another person or company is a

Business

2 answers:

scoundrel [369]3 years ago

6 0

Answer:

Liability (Promissory note payable)

Explanation:

A liability is a present obligation of an entity as a result of a past event for which future economic benefits will flow from the entity.

The writing of a promise to pay is the past event that will result in the outflow of resouces(cash) at a future date. However, the obligation to pay is present.

const2013 [10]3 years ago

5 0

Promissory Notes Receivable

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On December 31, 2020, Berclair Inc. had 540 million shares of common stock and 4 million shares of 9%, $100 par value cumulative

Allushta [10]

Solution:

Numerator (Basic EPS): Net income = $900 million;

Preferred dividends = $27 million (9% x $100 = $9/share x 3 million;

Since the preferred stock is cumulative, the dividend is deducted whether or not paid)

Denominator (Basic EPS): Weighted average # shares of common stock outstanding

1/1 – 12/31 => 540 x (12/12) => 540 x 1.05 = 567

3/1 – 12/31 => (24) x (10/12) = (20) x 1.05 = 21

10/1 – 12/31 => 4 x (3/12) = 1

= 567 - 21 - 1 = 547

Weighted average # shares 190

Basic EPS = ( $900 - $27 ) ÷ $547

= $873 ÷ $547 = 1.59

4 0

3 years ago

Now, the payoff: How productive is the average person in the top 20% compared with the average person in the bottom 80% of the p

Stels [109]

Answer:

The productivity of an average person in the top twenty percent is four (4) times that of an average person in the bottom eighty percent.

Explanation:

In questions 3c and 4b, the values of the gross domestic products for the top twenty (20) percent and the bottom eighty (80) percent are $22,800 and $5,700 respectively. Therefore, if we take the ratio of the two values, we have:

$22800/$5700 = 4

The productivity of an average person in the top twenty percent is four (4) times that of an average person in the bottom eighty percent.

7 0

3 years ago

Procurement costs such as costs of placing orders for materials and paying suppliers are usually classified as: Product-level co

Diano4ka-milaya [45]

Answer:

Batch-level costs.

Explanation:

The procurement cost is the cost that incurred for placing the orders with respect to the materials and supplier payment and these cost would be classified as a batch level cost as these cost are incurred in the batches

So as per the given situation the batch level cost would be taken into the consideration

And, the other options are incorrect

6 0

3 years ago

During the month of July, the company had the following activities: Issued 4,500 shares of common stock for $450,000 cash. Borro

stellarik [79]

Answer:

classified balance sheet at July 31.

Assets

Non-Current Assets

Building $201,500

Equipment $247,000

Total Non-Current Assets $448,500

Current Assets

Supplies $10,600

Cash ($450,000 + $38,500 - $53,500 - $247,000) $188,000

Total Current Assets $198,600

Total Assets $647,100

Equity and Liabilities

Equity

Common Stock $450,000

Total Equity $450,000

Liabilities

Current Liabilities

Account Payable $10,600

Total Non Current Liabilities $10,600

Non-Current Liabilities

Note Payable ($38,500 + $148,000) $186,500

Total Non Current Liabilities $186,500

Total Liabilities $197,100

Total Equity and Liabilities $647,100

Explanation:

A Balance Sheet is a Financial Statement report that shows the Assets, Liability and Equity balances as at the end of the Reporting period.

7 0

3 years ago

Adjustments to expense accounts at the end of the accounting period are made to adhere to accrual accounting principles, specifi

kramer

Answer:

Adjustments to expense accounts at the end of the accounting period are made to adhere to accrual accounting principles, specifically the revenue recognition principle.

6 0

3 years ago