i dont know, it could really be any thing tbh
Answer:
Monthly payment =$32,618.05
Explanation:
<em>To arrive at the monthly installment, we would calculate the total interest due on the loan for nine months, add it to the principal and then divided the sum by 9 months</em>
<em>The monthly installment</em>
= (Principal + total interest for 9 months)/ number of months
<em>Interest for 9 months </em>
= 9%× 9/12 × 275,000
= $18,562.5
<em>Monthly installment</em>
= (275,000 + $18,562.5)/9
=32,618.05 per month
Answer:
$61,500.
Explanation:
Given that,
Beginning cash balance on September 1 = $7,500
Cash receipts from credit sales made in August:
= $150,000 × 70%
= $105,000
Cash receipts from credit sales made in September:
= ($150,000 × 1.20) × 30%
= $54,000
Cash disbursements from purchases made in August:
= $100,000 × 75%
= $75,000
Cash disbursements from purchases made in September:
= $120,000 × 25%
= $30,000
Ending cash balance September 30:
= Beginning cash balance + Cash receipts from credit sales made in August + Cash receipts from credit sales made in September - Cash disbursements from purchases made in August - Cash disbursements from purchases made in September
= $7,500 + $105,000 + $54,000 - $75,000 - $30,000
= $61,500.
B, because the average customer would want 2
Answer:
unearned service revenue 7,500 DEBIT
service revenue 7,500 CREDIT
Explanation:
the job is complete on July 31th
so <em>we write-off the unearned service reveue</em>
and <em>we recognize the service revenue </em>for the whole amount of the contract
The cash receipt occurs on March 1st so w edon't haveto post anythign related to cash on July 31th.
the unearned revenue account is used first because the business has the obligation of perform the job or return the cash. So it is a liablity until the job is completed
