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notka56 [123]
3 years ago
11

Valley spa purchased $7,800 in plumbing components from tubman co. valley spa signed a 60-day, 10% promissory note for $7,800. i

f the note is dishonored, but tubman intends to continue collection efforts, what is the journal entry to record the dishonored note? (use 360 days a year.) multiple choice debit bad debt expense $7,800; credit notes receivable $7,800. debit accounts receivable—valley spa $7,930, credit interest revenue $130; credit notes receivable $7,800. debit bad debt expense $7,930; credit accounts receivable $7,930. debit accounts receivable $7,930; debit bad debt expense $130; credit notes receivable $8,060. debit accounts receivable—valley spa $7,800; credit notes receivable $7,800.
Business
1 answer:
lapo4ka [179]3 years ago
8 0

Answer:

The journal entry is given as follows;

Explanation:

Accounts Receivable-Valley Spa           Dr.$7,930

Interest Revenue         (7,800*10%*2/12) Cr.$130

Notes Receivable                                    Cr.$7,800

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In the Labour force

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Reliable Gearing currently is all-equity-financed. It has 10,000 shares of equity outstanding, selling at $100 a share. The firm
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Answer:

Part a. What will be the debt-to-equity ratio if it borrows $200,000?

25%

Part b. If earnings before interest and tax (EBIT) are $110,000, what will be earnings per share (EPS) if Reliable borrows $200,000?

$11.25 or 1125 cents

Part c. What will EPS be if it borrows $400,000?

$11.67 or 1167 cents

Explanation:

Part a. What will be the debt-to-equity ratio if it borrows $200,000?

If it Borrows $200,000 then, debt will Increase by $200,000 and Shares will decrease by $200,000 since they would be bought back under this option

Debt-to-equity ratio measures the extent to which Foreign Money is used by the Company

Debt-to-equity ratio = Total Debt / Total Equity

                                = $200,000/ $1,000,000 - $ 200,000

                                = $200,000/$800,000

                                = 25%

Part b. If earnings before interest and tax (EBIT) are $110,000, what will be earnings per share (EPS) if Reliable borrows $200,000?

Earnings per share (EPS) = Earnings Attributable to Ordinary Shareholders/ Weighted Average Number of Ordinary Shares in Issue during the period

                                         =( $110,000 - $200,000×10%)/ ($800,000/$100)

                                         = $110,000-$20,000/8,000

                                         = $11.25 or 1125 cents

Part c. What will EPS be if it borrows $400,000?

If it borrows $400,000 then, it pursues the High -Debt Plan and exchanges debt for equity

Earnings per share (EPS) = Earnings Attributable to Ordinary Shareholders/ Weighted Average Number of Ordinary Shares in Issue during the period

                                          = ( $110,000 - $400,000×10%)/ ($1,000,000-$400,000/$100)

                                          = $70,000 / 6,000

                                          = $11.67 or 1167 cents

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