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Ludmilka [50]
3 years ago
7

On August 2, Jun Co. receives a $6,400, 90-day, 12% note from customer Ryan Albany as payment on his $6,400 account.

Business
1 answer:
natita [175]3 years ago
5 0

Answer:

1.

c. October 31

2.

August 2

Dr. Note Receivable       $6,400

Cr. Account Receivable $6,400

October 31

Dr. Cash                           $6,592

Cr. Note Receivable       $6,400

Cr. Interest Income         $192

Explanation:

1. Counting 90 days after August 2,

29 days of August

30 days of September

31 days of October

Total Days = 29 + 30 + 31 = 90 days

The last days is October 31,

2.

Note is received from the customer, to reduce the account receivable value we will credit the account receivable account and note receivable is an asset for Jun co. so, we will debit the Note receivable account to record this note.

Interest amount = $6,400 x 12% x 3/12 = $192

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Answer:

b) $1,900

Explanation:

The computation of the total liabilities is shown below:

= Accounts Payable + Deferred revenue

= $700 + $1,200

= $1,900

The other items are related to the expenses which are shown in the income statement and current assets which are shown on the balance sheet

Therefore, only two items are shown in the total liabilities.

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3 years ago
What is the first step of creating a federal budget A. Congress votes on requirements for a budget plan. B. Executive agencies s
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C. State governments submit their budget proposals.

Explanation:

The Federal budget is a budget for the entire country.  It is an estimate of the expected government revenue and expenditure for a fiscal year.

The first step in the federal budget preparation involves submitting proposals by the government department and agencies. These are the federal agencies such as security agencies. They submit their expenditure proposal to the Whitehouse. All agencies' proposals make up part of the president's budget request.

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3 years ago
A ________ state is one with unstable leadership, whose policies are driven by ideology rather than by economic or human costs a
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A rogue state is one that has unstable leadership and the policies are driven by ideologies instead of economic costs or benefits.

<h3>What is a state?</h3>

A state is a territory that belongs to one country. It is having its own government which runs that particular state or province.

A rogue state is a kind of state which is responsible for shattering and disrupting global laws and is also considered a danger to other countries or nations in the whole world. North Korea, Libya, Iran, Iraq, and Cuba are labeled as rogue states. These states are not driven by an economy and are actually driven by the ideologies developed by their presidents.

Therefore, the state is driven by ideologies instead of an economy that is considered to be a rogue state.

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7 0
2 years ago
In competitive markets, a surplus or shortage will select one:
Andrej [43]

Answer: c.  

In a  competitive market, there are many producers competing to provide consumers the products they needed and thus they cannot dictate prices.

If a surplus occurs, there is an excess of quantity supplied and since producers won't be able to sell all their products, they tend or are forced to lower their price.

The reverse happens when there is a shortage. When there is less supply in the market, price increases.

Surplus and shortage in a competitive market, therefore, will cause shifts in the demand and supply curves that tend to eliminate the surplus or shortage.

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3 years ago
A process produces two types of products A and B. Product A is done in batches of 1000 units. It involves a setup time of 2 hour
aleksley [76]

Answer:

Explanation:

1. Only product A is produced

40 hours= 40*60*60 = 144,000 seconds

Run time 75 seconds

Setup time 2 hours

Batches= 1000 units

Run time to produce one batch of A = 1000*75sec = 75,000 seconds

Setup time = 2 hours = 7200 seconds

Remaining seconds = 144,000 - (75,000+7200) = 61,800 seconds

Product A manufactured in 61,800 sec = 61,800/75 = 824

Total Product A manufactured are = 1824 units

2. Only product B is produced

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Run time 45 seconds  

Setup time= 1 hour

Batches= 500 units

To produce one batch of A = 500*45sec = 22,500 seconds

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Product A manufactured in 78300 sec = 1740

Total Product A manufactured are = 500+1740= 2240 units

3. A and B are produced in a mix of 25% A and 75% B?

Considering loss of 3 hours setup time, 37 hours is left to produce

A is manufactured for = 25% of 37 hours = 9.25 hours = 33300 hours

B is manufactured for = 75% of 37 hours = 27.75 hours = 99900 hours

Production of A = 33300/75 sec= 444 units

Production of B = 99900/45 sec= 2220 units

6 0
3 years ago
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