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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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Newhard Company assigns overhead cost to jobs on the basis of 115% of direct labor cost. The job cost sheet for Job 313 includes
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Explanation:

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But Overhead cost =115% of direct labor cost

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Total manufacturing costs =$29,710 + $10,600+$12,190

=$52,500

Unit Product Cost=Total Manufacturing costs/ Total Number of Units Produced =$52,500 /1,750 units

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8 0
3 years ago
Which of the following statement is false? Group of answer choices Financing activities include the obtaining of cash from issui
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Interest payment on bonds payable is a cash outflow from financing activities.

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The only statement which is false from the list is : Interest payment on bonds payable is a cash outflow from financing activities.

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6 0
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In 2006, selected new automobiles had an average cost of $16,000. The average cost of those same automobiles is now $28,000. Wha
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Answer:

Explanation:

%increase is given as = increase/ original prices ×100

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