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Elden [556K]
3 years ago
11

On November 1, Year 1 Cove Company borrowed $7,000 cash from Shelter Company. The one-year note carried a 7% rate of interest.

Business
1 answer:
PSYCHO15rus [73]3 years ago
5 0

Answer:

Assets + 7,000

Liabilities +7,000

Net income no effect

Cash flow statement:

+7,000 from financing activities

Explanation:

The loan will not generate no expense as the note has not accrued interest yet.

Then, cash from financing activities will increase by 7,000 as the firm received cash

Finally, the blaance sheet will disclosure the increasein assets (cash) and the increasein liabilities (note payable)

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Professional standards are achieved through _____________.
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Answer:

The correct answer is Habitual Practice

Explanation:

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Morganton Company makes one product and it provided the following information to help prepare the master budget for its four mon
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Answer:

Morganton Company

1. Budgeting increases effective financial management while ensuring proper allocation of scarce resources.  It encourages planning for the future as well as improved business decisions.  It helps management to identify problems before they occur and to develop strategies for solving any problems that may arise.  With budgeting, the organization is in a better position to monitor its overall performance and ensure the achievement of its goals and objectives.  Finally, budgeting increases the motivation to achieve goals for both the management and individual employees.

2. The budgeted sales for July are $10,000.

3. The expected cash collections for July are $9,040.

4. The accounts receivable balance at the end of July are $6,000.

5. According to the production budget, the units produced in July are 1,040 units.

Explanation:

a) Data and Calculations:

Budgeted selling price per unit = $70

                                      June      July       August    September  

Budgeted unit sales     8,400   10,000    12,000       13,000

Cash Collections:

40% month of sale      3,360     4,000      4,800        5,200

60% month following                5,040      6,000        7,200

Total cash collections 3,360     9,040    10,800       12,400

Production costs:

                                      June      July    August    September

Ending Inventory        2,000     2,400     2,600

Cost of goods sold     8,400   10,000    12,000       13,000

Goods available        10,400   12,400    14,600

Beginning Inventory   1,680    2,000      2,400         2,600

Production costs        8,720   10,400    12,200

Unit cost of materials $10         $10          $10   ($2 * 5)

Units produced            872      1,040      1,220

Accounts receivable balance at July end:

June credit sales      $8,400

June cash collection  3,360

July 1 Beginning bal.  5,040

July credit sales       10,000

Cash collections       9,040

Ending balance        6,000

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Answer:

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