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lilavasa [31]
2 years ago
8

Michael Co. is a corporation that sells breakfast bars. Based on the accounts listed below, what are Michael's total trade recei

vables? Income tax refund due $ 1,500 Advance due to the company from the company president 1,300 3-month note due from Michael's main customer 12,000 Interest due this month on the above note 1,100 Due and unpaid from this month's sales 19,000 Due and unpaid from last month's sales 11,000 A. $44,600 B. $42,000 C. $31,000 D. $45,900
Business
1 answer:
Thepotemich [5.8K]2 years ago
7 0

Answer:

B. $42,000

Explanation:

Trade receivables refers total amounts that customers of a company are owing the company for goods or services sold to them.

For Michael Co., this can be calculated as follows:

Michael's total trade receivables = 3-month note due from Michael's main customer + Due and unpaid from this month's sales + Due and unpaid from last month's sales

Therefore, we have:

Michael's total trade receivables = $12,000 + $19,000 + 11,000 = $42,000.

Therefore, Michael's total trade receivables is $42,000.

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Better Buy, Inc. has 7 units in inventory on December 31. The units were purchased in November for $160 each. The price lists fr
ki77a [65]

Answer:

$1,120

Explanation:

Ending Merchandise Inventory is value of closing inventory in hand, to be valued at lower of cost or net realizable value or replacement value

Here, cost of closing inventory = 7 units X $160 each = $1,120

Since current realizable/ replacement value = $1,155

Cost is less than realizable value, therefore cost will be considered.

Thus ending merchandise inventory will be valued at total of $1,120.

3 0
3 years ago
Stonehall Inc. recently borrowed $685,000 from its bank at a simple interest rate of 10 percent. The loan is for eight months an
jeyben [28]

Answer:

a. 20.00%  

Explanation:

Monthly loan payment

= (685000*10%*8/12 + 685000)/8

= $91,333.33

PV = -685000

Nper = 8

Using RATE function

= RATE(8,91333.33,-685000,0)*12

= 20%

Therefore, The loan's annual percentage rate (APR) is 20%.

5 0
3 years ago
If an auditor is expected to detect the overstatement of sales, what should the auditor trace transactions from?.
-Dominant- [34]

If an auditor is asked to observe the overstatement of sales, the auditor trace transactions from The cash receipts diary should be linked to the sales journal.

<h3>How would an auditor detect the overstatement of sales?</h3>

The auditor detect the overstatement of sales are given below-

  • Observe a sample of transfers from the sales journal to the central ledger's sales account.
  • Approve a sample of sales from the sales diary to the shipment papers.

Thus, The cash receipts diary should be linked to the sales journal.

For more information about overstatement of sales, click here:

brainly.com/question/4606877

#SPJ1

7 0
2 years ago
When actions by individuals in a organization are directed toward the goal of furthering their own self-interests, it is termed
STALIN [3.7K]

Answer:

Organizational politics.

Explanation:

An interest group can be defined as a group of people sharing common aims, ideas and concerns, which seeks to influence government or a public policy.

This ultimately implies that, the interest groups consists of individuals who are only concerned about influencing public policy of the government on the basis of a particular common aim and interest.

Similarly, when actions by individuals in a organization are directed toward the goal of furthering their own self-interests such as being promoted, traveling to get estacodes, training, courses, etc., it is generally termed as organizational politics. Thus, you will see such employees (individuals) getting closer to top the executive management and patronizing them, in order to be in their good books.

6 0
2 years ago
Time is money in any business environment. To be successful in the business world, you must be able to create concise and easy-t
Elenna [48]

Answer 1: A flabby expression is the one which consists of the expressions that make it difficult or inhibiting for the people o understand the main point in a sentence. It hinders complete understanding of what is being conveyed. Following are such sentenced;

  •  In addition to the above, the client is of the opinion that, as a general rule, Comic Sans font is childish.
  • I worked on the MarkMaster campaign for the period of 35 hours last week.
  • In very few cases will he return text messages.

Answer 2:

Being concise is one of the major tools used to write business emails and messages to save time of the reader and also convey the message.

a) Because every other office is occupied, it’s recommended that we should convert Dr. Blake’s office into a lounge

b) You can assist callers in many ways.

c) The team has finished the accounting assignment. Please review our questions in column D.

d) I would like to inform you that the Johnson report might not be complete by the deadline.

Answer 3:

Redundancy is the presence of words or sentences that are not required or that have been repeated in a sentence for no real reason at all.

In the question above, the word "absolutely" is redundant because it is followed by the term "essential" which very well identifies the absolute nature and importance of the act followed ahead.

Both the words are hinting towards the same meaning which makes it redundant.

8 0
3 years ago
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