Answer:
$153.01
Explanation:
For computing the monthly payment we need to apply the PMT formula i.e to be shown in the attachment
Given that,
Present value = $8,100
Future value or Face value = $0
RATE = 60 months = 5 years × 12 months
NPER = 5.04% ÷ 12 months = 0.42%
The formula is shown below:
= PMT(RATE;NPER;-PV;FV;type)
The present value come in negative
So, after applying the above formula, the monthly payment is $153.01
Answer: Debit Notes Receivable 7,800
Sales(to record sales) 7,800
Explanation:
When a customer signs a promissory note in exchange for commodity then the entry to record sales is recorded by debiting notes receivable.
here, sales = $7,800 = Debit Notes Receivable
The entry to record the sales transaction would be
Debit Notes Receivable 7,800
Sales(to record sales) 7,800
Answer:
Flagon Transcontinental Corp.'s board of directors announced that it will pay a $1 million dividend in three months on this date - Declaration Date On the declaration date, the firm announces that it will pay dividends. If the company is large, it pays for a press release on a newspaper, or even, on TV.
Transcontinental Corp. actually sent the dividend checks to stockholders on this date - Payment Date.
Self-explanatory, this is the date on which checks are sent to shareholders who were recorded eligible for payment on the record-date.
Flagon Transcontinental Corp.'s board of directors declared that whoever is listed as the owner of the stock on this date will receive the dividend for this year - Holder-of-Record date.
Also known as the record date, on this date, the firm determines which shareholders will receive the dividend.
Transcontinental Corp.'s board of directors set this date as the date on which the right to the current dividend no longer accompanies the stock - Ex-Dividend Date.
On this date, the value of the next dividend payment is substracted from the stock price. The Ex-Dividend Date is usually the day before the Record-Date, because shareholders that were found uneligible for dividend payment are now the holders of ex-dividend stocks.
Explanation:
The adjusting journal entry to record the given adjustment is shown below:
At the year-end
Insurance expense A/c Dr. A/c $800
To Prepaid Insurance A/c $800
(Being insurance expense is recorded)
The computation is given below:
= Prepayment done for 6 months insurance policy - expired insurance
= $1,200 - $400
= $800
The amount of his monthly net cash flow is the best example of qualitative information
The choice usefulness, decision model approach to accounting theory plays a significant supportive role in the utilization of qualitative traits or qualities required for information. The attributes that make the data supplied in financial statements valuable to users are referred to as qualitative qualities.
Fundamental qualitative traits that are desired in accounting information are produced by the demand for accounting information from investors, lenders, creditors, etc. Accounting information has six distinct qualitative traits.
To lean more about qualitative refer here:
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