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Natalija [7]
3 years ago
13

Martinez Co. borrowed $75,600 on March 1 of the current year by signing a 60-day, 9%, interest-bearing note. Assuming a 360-day

year, when the note is paid on April 30, the entry to record the payment should include a ______ .
a. debit to Interest Payable for $750
b. credit to Cash for $54,500
c. credit to Cash for $50,000
d. debit to Interest Expense for $750
Business
1 answer:
guajiro [1.7K]3 years ago
4 0

Answer:

Note payable        75,600 debit

Interest expense       1,134 debit

          Cash                        76,734 credit

Explanation:

NOTE: it semes you paste possible answer for a differnt questions.However it is possible to determiante a correct answer:

interest will be calculate as follows:

principal x rate x time = interest

we should match rate and time in the same metric, in this case portion of a 360 days years:

75,600 x 0.09 x 60/360 =<em> 1.134‬</em>

As we take the debt, this interst are expense.

To record this, we will write-off the note principal, post the interest expense and credit the total amount of cash disbursements to pay up the debt.

Note payable        75,600 debit

Interest expense       1,134 debit

          Cash                        76,734 credit

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3 years ago
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Fill in the missing amounts.
love history [14]

Let understand that the organized table are intended to calculate missing numbers on Income Statement for the two companies are drawn below.

  • Here, we are calculating missing columns for Monty Corp. and Whispering Winds Corp.

  • Also understand that the bold numbers are the columns calculated according to the question.

Particulars                             Monty Corp.    Whispering Winds Corp.

Sales revenue                         $90,000                $111,000

Sales return and allowance   <u>$6,000</u><u>  </u>                 <u>$5,000</u>

Net sales                                 $84,000                 $106,000

Cost of goods sold                 <u>$53,760 </u>                <u>$65,720</u><u>   </u>

Gross profit                             $30,240                 $40,280

Operating expenses               <u>$15,120 </u>                 <u>$19,080 </u>

Net income                              <u>$15,120</u><u> </u>                 <u>$21,200</u>

In conclusion, the formulae used to derived the bolded answers are:

  • Sales revenue - Net sales = Sales returns and allowance
  • Net sales - Cost of goods sold = Gross profit
  • Gross profit - Operating expenses = Net income
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  • Net sales - Gross profit = Cost of goods sold
  • Gross profit - Net income = Operating expenses

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4 0
3 years ago
The following are selected 2015 transactions of Pedigo Corporation.
emmainna [20.7K]

Answer:

Explanation:

The necessary adjusting entries at December 31 to record amortization required by the events above has been prepared.

It should also be noted that due to the goodwill having an indefinite life, no entry was made to amortize the goodwill.

It should be noted that the amortization expense was gotten as:

Annual amortization = $75,000/5

= $15,000

2015 amortization= $15,000 × 8/12months

= $15,000 × 2/3

= $30,000/3

= $10,000

Kindly check the attached file forthe adjusting entries

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