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marta [7]
3 years ago
15

Frame Co. has an 8% note receivable dated June 30, 20X1, in the original amount of $150,000. Payments of $50,000 in principal pl

us accrued interest are due annually on July 1, 20X2, 20X3, and 20X4. In its June 30, 20X3, balance sheet, what amount should Frame report as a current asset for interest on the note receivable
Business
1 answer:
katen-ka-za [31]3 years ago
5 0

Answer:

$8,000

Explanation:

Given the following:

Interest rate on notes receivable = 8%

Original principal balance = $150,000

Amount due by July 1 = $50,000

Therefore, in the June 30, 20X4 balance sheet, the original principal balance that has been outstanding will be :

$150,000 - $50000 = $100,000

Therefore, only $100,000 has been outstanding and is due for calculation in the interest on accounts receivable on June 30.

Interest rate * principal balance due at the date

8% * $100,000

0.08 * $100,000

= $8,000

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What are googles resources
Digiron [165]

Answer:

Resource Based View (RBV) of Google

Valuable Resources – Google is best known for its search engine. The search engine has been Google's most valuable resource, driving advertisements which accounts for a 96% of Google's $37.9 billion revenue. Employees are also one of Google's valuable resources

Explanation:

searched it up i dont think its right tho idk

7 0
3 years ago
Why is the International System of Units (SI) used by scientists all over the world?
borishaifa [10]

Answer:

It allows scientists from disparate regions to use a single standard in communicating scientific data without vocabulary confusion.

Explanation:

8 0
3 years ago
Poland's Paints allocates overhead based on machine hours. Selected data for the most recent year follow.Estimated MOH $238,000A
Ulleksa [173]

Answer:

B.) $11.90

Explanation:

Predetermined manufacturing overhead rate are based on the estimates made by the company.

So the calculation should be:

Estimated MOH of $238,000<em> divided by</em> Estimated Machine Hours of 20,000.

Giving us the result of $11.90

(238,000 / 20,000 = 11.90)

7 0
4 years ago
The Gorman Group issued $970,000 of 13% bonds on June 30, 2021, for $1,042,973. The bonds were dated on June 30 and mature on Ju
omeli [17]

Answer:

Entries are given below

Explanation:

Cash should be recorded as an asset on the issuance of bonds and bonds should be credited as it is a liability for the company. Interest expense should be debited on a semiannual basis

June 30, 2021 ( issuance of bonds)

                                                          DEBIT          CREDIT

Cash                                                 1,042,973

Bonds payable                                                     970,000

Premium on bonds payable                                 72,973

December 31, 2021 ( interest expense)

                                                            DEBIT          CREDIT

Interest Expense                               62,578

(1,042,973 x 12% x 6/12)

Premium on bonds payable               472    

Cash                                                                          63,050

(970,000 x 13% x 6/12)

June 30, 2022 (interest expense)

                                                           DEBIT            CREDIT

Interest Expense                               62,550

(1,042,973-472) x 12% x 6/12)

Premium on bonds payable               500    

Cash                                                                             63,050

(970,000 x 13% x 6/12)

5 0
4 years ago
The sales for​ January, February, and March are​ $150,000, $180,000 and​ $220,000, respectively. For any particular month of​ sa
Gekata [30.6K]

Answer:

Total cash= $193,000

Explanation:

Giving the following information:

Estimated sales ($):

January= $150,000

February= $180,000

March= $220,000

40% in cash from that same month of​ sales

50% in cash from the previous​ month's sales

10% in cash from the sales from two months ago

C<u>ash collection March:</u>

From March= 220,000*0.4= 88,000

From February= 180,000*0.5= 90,000

From January= 150,000*0.1= 15,000

Total cash= $193,000

3 0
3 years ago
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