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Oliga [24]
3 years ago
6

Taylor Bank lends Guarantee Company $92,811 on January 1. Guarantee Company signs a $92,811, 12%, nine-month note. The entry mad

e by Guarantee Company on January 1 to record the proceeds and issuance of the note is
Business
1 answer:
HACTEHA [7]3 years ago
4 0

Answer:

Dr Cash $92,811

Cr Notes Payables $92,811

(Being the proceeds and issuance of note

Explanation:

Annual rate = 12%

Interest for 9 months will be:

9/12 x 12% = 9%

So disbursal is 9% x $92,811

= $8,353

Principal (borrowed money) is $92,811.

The loan was disbursed on January 1. So it's only the proceeds from the loan which will be recorded on this date. Repayment will start at later date.

Therefore, The entry made by Guarantee Company on January 1 will be:

January 1

Dr Cash $92,811

Cr Notes Payables $92,811

(Being the proceeds and issuance of note)

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A company has an unbiased forecast for its demand. what does that mean?
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The Fabricating Department started the current month with a beginning Work in Process inventory of $11,200. During the month, it
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Answer:

The ending balance of the Work in Process Inventory account for the Fabricating Department is: $11,200

Explanation:

To determine Ending Balance of Work in Process Inventory, <em>Prepare a Manufacturing Cost Statement</em>.

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Direct labor                                                   $25,200  

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Total Manufacturing Costs                          $126,200

<em>Less </em>Transfer to Next Department            ($115,000)

Closing Work in Process Inventory               $11,200

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6 0
3 years ago
Details of invoices for purchases of merchandise are as follows: Merchandise Freight Terms Returns and Allowances(a) $2,800 $45
Lostsunrise [7]

Answer:

A.$2,619

B.$6,800

C.$839

D.$495

Explanation:

Calculation to Determine the amount to be paid in full settlement of each of the invoices,

a) (2,800-200)*99%+45

=2,600*99%+45

=2,574+45

= $2,619

b) (7,600-800)

= $6,800

c)$1,400 – $600 – $16 + $55

=$784+$55

= $839

d)$500 –$5 = $495

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Including scholarships and financial aid, Alex has $32,000 to spend on college. If the total cost of his college education is __
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If the total cost of his college education is 30,000, he will have enough resources to pay.

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Read 2 more answers
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