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4 years ago

Cory issued a note to his creditor in exchange for an account. Cory records the transaction by debiting

2 answers:

Taya2010 [7]4 years ago

3 0

The answer is D. a debit to accounts payable and a credit to notes payable. This is because Cory issued a note to his creditor as a promise that he will pay the creditor. With this, he will be gaining a Notes Payable, or a promissory note stating that he will pay, and will be losing an Accounts Payable. So according to the rules of accounting, if a liability is debited, then it will be lessened from the books of the business. If a liability is credited, however, then it will be added to the records of the business.

LiRa [457]4 years ago

3 0

The correct answer is letter C. Accounts Payable and Crediting Notes Payable.

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The following information pertains to Havana Corporation's defined benefit pension plan: ($ in 000s) 2018 2019 Beginning balance

Hitman42 [59]

$504000 is the actual return

Explanation:

particulars calculation Amount

Service cost 700000

Interest cost $600000 * 8 \%$ 480000

Less: Expected return $10 \% * 5760000$ 576000

Prior service cost 48000

Net loss 30000

Pension expense 682000

Therefore, the pension expense is $682000

The computation is as follows for the calculation of return (in $000’s)

Plan assets

Beginning = $5760

Actual return = ?

Cash contributions = 696

Less: Retireee benefits = (624)

Ending balance = $6336

Thus after solving this, we get the actual return that is equal to = $504,000

5 0

3 years ago

MaverickMaverick Co. budgets production of 120 comma 000120,000 units in the next year. MaverickMaverick's CFO expects that eac

Musya8 [376]

Answer:

B. $ 3 comma 600 comma 000$3,600,000

Explanation:

The total manufacturing cost of an entity maybe divided into two broad classes. These are direct and indirect cost. The indirect cost are also known as the overheads and may be further divided into fixed and variable overheads. The variable overheads may be given as a function of direct cost such as machine hours, direct labor hours etc.

Given that

Total units to be produced = 120,000

Time required to produce a unit = 10 hours

Hence total number of hours required

= 120,000 × 10

= 1,200,000 hours

Hourly wage rate = $12

If Factory overheads is applied to direct labor hours at $3 per hour

Factory overheads = $3 × 1,200,000

= $3,600,000

7 0

3 years ago

If expected return is less than required return on an asset, rational investors will ________.

DedPeter [7]

Sell the asset, which will drive down the price and cause the expected return to reach the level of the required return.

6 0

3 years ago

What are the Holland codes?

kirill [66]

Realistic investigate artistic social enterprising and conventional. these are the holland codes that were made by john holland to help collage level students.

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3 years ago

Read 2 more answers

On June 5, Staley Electronics purchases 180 units of inventory on account for $18 each. After closer examination, Staley determi

Oduvanchick [21]

Answer along with its Explanation:

Journal entry to record the credit purchase of the 100 inventory units would be increase in inventory and accounts payables as under:

Dr Inventory Purchases $3,240

Cr Accounts Payables $3,240

The journal entry to record the purchase return is the reversal of the inventory purchases and will be with purchase value of 20 inventory units at $18 per unit. The transaction is given as under:

Dr Accounts Payables $360

Cr Inventory Purchases $360

The entry to record the sale of the inventory would be in two steps and are given as under:

Step 1: Record the increase in Credit Sales, which will also increase the accounts receivables and the sale value $31 per unit will be used.

Dr Accounts Receivables $4,960

Cr Revenue Account $4,960

Step 2: Record the decrease in inventory as the asset after sale would be no more in the inventory so the cost of this inventory would be reduced to zero, which will be allocated to cost of goods sold.

Dr Cost of Goods Sold $2,880

Cr Inventory Account $2,880

7 0

3 years ago