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3 years ago

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:

c. October 31

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,

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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"The Carla Vista Boat Company's bank statement for the month of November showed a balance per bank of $8,500. The company's Cash

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Answer:

Explanation:

The Carla Boat Company

Bank Reconciliation Statement

as at 30th November

Balance as per bank balance $8,500

Add: Uncredited payment $6,480

Add: Bank Charges $50

Add: Returned Chq $700

Less: Outstanding Chqs ($6,260)

Less: Note received ($3,880)

Less: transposition error on payment ($54)

Balance as per cash book $5,536

Journal entries for transactions:

1. Debit : Bank Charges Expenses $50

Credit: Bank Account $50

Being bank charges expenses for the month of Nov

2. Debit: Cash in bank $54

Credit: Account Payable $54

Being transposition error on Check No 138

3. Debit: Account payable $700

Credit: Bank Account $700

Being NSF check returned

4. Debit: Bank Account $3,880

Credit: Notes Receivable $3,748

Credit: Interest on investment $132

Being note receivable and accrued int

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3 years ago

Financial markets A. channel funds indirectly between borrowers and lenders. B. channel funds directly from lenders to borrowers

Afina-wow [57]

Answer:

B) channel funds directly from lenders to borrowers.

Explanation:

The complete financial system is a means by which money is transferred from savers to borrowers. The financial system is made up of banks, insurance companies, financial markets, and other financial institutions that allow the exchange of money.

Financial markets are the only type of institution that allows the exchange of money from lenders to borrowers without third parties being involved.

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3 years ago

A firm has a profit margin of 5.1 percent, a total asset turnover of 1.84, and a return on equity of 16.2 percent. What is the d

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Answer:

Debt / Equity = 0.72649 : 1 or 72.649%

Explanation:

The ROE or return on equity can be calculated using the Du Pont equation. It breaks the ROE into three components. The formula for ROE under Du Pont is,

ROE = Net Income / Sales * Sales / Total Assets * Total Assets / Shareholder's equity

ROE = Net Income / Total equity

Assuming that sales is $100.

Net Income = 100 * 0.051 = 5.1

Total Assets = 100 / 1.84

Total Assets = 54.35

0.162 = 5.1 / Total equity

Total Equity = 5.1 / 0.162

Total Equity = 31.48

We know that Assets = Debt + Equity

So,

54.35 = Debt + 31.48

Debt = 54.35 - 31.48

Debt = 22.87

Debt / Equity = 22.87 / 31.48

Debt / Equity = 0.72649 : 1 or 72.649%

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2 years ago

___ is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, pr

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Answer:

Product market expansion grid

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Product market expansion grid -

It is used to plan for the company , when the company is indeed of expanding , is referred to as Product market expansion grid .

The strategy or information required for the company to increase sale of the goods and services or introducing a new product in the upcoming market , uses this plan.

Hence , from the given information of the question,

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3 years ago

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Answer: $27.47

Explanation:

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= (2.50) ÷ (0.091)

≈ $27.47

Hence, you will pay $27.47 for the company's stock today.

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3 years ago