A patent is an exclusive right to produce and sell a product for how long

On January 1, 2020, Oriole Company had Accounts Receivable $137,400, Notes Receivable $24,000, and Allowance for Doubtful Accoun

antoniya [11.8K]

Answer:

Oriole Company

Journal entries:

Jan. 5

Debit Accounts Receivable (Sheldon Company) $20,000

Credit Sales Revenue $20,000

To record sale of merchandise, terms n/15.

Jan. 20

Debit Notes Receivable (Sheldon Company) $20,000

Credit Accounts Receivable (Sheldon Company) $20,000

To record acceptance of 3-month, 8% note

Feb 18

Debit Notes Receivable (Patwary Company) $9,000

Credit Sales Revenue $9,000

To record sale of merchandise for a 6-month, 9% note

April 20

Debit Cash Account $20,400

Credit Notes Receivable (Sheldon Company) $20,000

Credit Interest on Notes Receivable $400

To record full settlement on account

April 30

Debit Cash Account $24,720

Credit Notes Receivable (Willingham Company) $24,000

Credit Interest on Notes Receivable $720

To record full settlement on account.

May 25

Debit Notes Receivable (Potter Inc.) $5,200

Credit Accounts Receivable (Potter Inc.) $5,200

To record acceptance of a 3-mont, 7% note.

Aug 18

Debit Cash Account $9,405

Credit Notes Receivable (Patwary Company) $9,000

Interest on Notes Receivable $405

To record full settlement on account.

Aug 25

Debit Accounts Receivable $5,291

Credit Notes Receivable (Potter Inc.) $5,200

Credit Interest on Notes Receivable $91

Sept. 1

Debit Notes Receivable (Stanbrough Company) $13,100

Credit Sales Revenue $13,100

To record sale of merchandise with a 6-month 10% notes receivable.

Dec. 31

Debit Depreciation Expense - Building $

Credit Accumulated Depreciation - Building $

To record depreciation expense for the year.

Debit Depreciation Expense - Equipment $

Credit Accumulated Depreciation - Equipment $

To record depreciation expense for the year.

Explanation:

Journal entries are prepared to record business transactions in the accounting books. They show which account is to be debited and which is to be credited in the ledger.

Note that the book values of building and equipment were not included in this question, hence no figures were added to the adjusting journal entries for depreciation expenses.

7 0

3 years ago

For studying demand relationships for a proposed new product that no one has ever used before, what would be the best method to

dolphi86 [110]

Answer:

the answer is D) all of the above are equally useful in this case

Explanation:

why? every company who is planing to offers a new good or product its important to know to which market you want to sell it, and the average age, either the company who had been working with the same product, perhaps more capacity of production in the same market, you have to do a market strategy to know if you are able to get into the new market.

5 0

3 years ago

A car dealer who sells only late-model luxury cars recently hired a new salesman and believes that this salesman is selling at l

Natasha2012 [34]

Answer:

$t=\frac{5000-5600}{\frac{800}{\sqrt{16}}}=-3$

Explanation:

Data given and notation

$\bar X=5000$ represent the sample mean

$s=800$ represent the standard deviation for the sample

$n=16$ sample size

$\mu_o =5600$ represent the value that we want to test

$\alpha$ represent the significance level for the hypothesis test.

t would represent the statistic (variable of interest)

$p_v$ represent the p value for the test (variable of interest)

State the null and alternative hypotheses.

We need to conduct a hypothesis in order to determine if the mean is lower than 5600, the system of hypothesis would be:

Null hypothesis: $\mu \geq 5600$

Alternative hypothesis: $\mu < 5600$

We don't know the population deviation, so for this case is better apply a t test to compare the actual mean to the reference value, and the statistic is given by:

$t=\frac{\bar X-\mu_o}{\frac{s}{\sqrt{n}}}$ (1)

t-test: "Is used to compare group means. Is one of the most common tests and is used to determine if the mean is (higher, less or not equal) to an specified value".

Calculate the statistic

We can replace in formula (1) the info given like this:

$t=\frac{5000-5600}{\frac{800}{\sqrt{16}}}=-3$

4 0

3 years ago

Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of

vova2212 [387]

Answer and Explanation:

1. The computation of overhead rate based on direct labor cost is shown below:-

Overhead rate = Overhead applied × 100 ÷ Direct labor cost

= 888 × 100 ÷ 1,200

= 74%

2. The Preparation of job-order cost sheet for the four jobs is shown below:

Particulars Job 86 Job 87 Job 88 Job 89

Beginning balance $6,888 $6,820

Direct materials $3,000 $7,000 $2,100 $1,500

Direct labor $800 $6,000 $900 $500

Applied overhead

is 74% of direct labor $592 $4,440 $666 $370

Total $11,280 $24,260 $3,666 $2,370

3. The computation of ending balances of Work in Process and Finished Goods is shown below:-

Work in process of Job 88 = $3,666

Finished goods = Total of Job 86 + Total of Job 89

= $11,280 + $2,370

= $13,650

4. The computation of the Cost of Goods Sold for March is shown below:-

Cost of goods sold is

= Job 87

= $24,260

7 0

3 years ago

. Qiang, an Asian employee, working at Rapid Fire Inc., is terminated on the grounds that he is homosexual. He wants to file a d

erica [24]

Answer:

he was discriminated solely based on his sexual orientation.

Explanation:

The Title VII of the Civil Rights Act of 1964 stated that all employers in united states are prohibited to discriminate their employees based on race, religion, gender, national origin, and sexual orientation.

You do not need to be married for your sexual orientation to be acknowledged by the The Title VII of the Civil Rights Act of 1964 . You just need to proof that any of the factors above are the reason why you're discriminated against.

In Qiang case, he could tried to find witness by talking to other employees or find a recorded email/messages that indicates his boss mistreatment toward him. If there are enough employees who came out as witnesses, he could build a strong enough case to gain support in the court.

5 0

3 years ago