1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ainat [17]
3 years ago
12

On December 31, 2020, Cullumber Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and C

ullumber Co. agreed to accept a $298,600 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 10%. Cullumber is much more creditworthy and has various lines of credit at 6%.1) Prepare the journal entry to record the transaction of December 31, 2020, for the Cullumber Co.2) Assuming Cullumber Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2021.3) Assuming Cullumber Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2022.
Business
1 answer:
Oksi-84 [34.3K]3 years ago
6 0

Answer

The answer and procedures of the exercise are attached in a microsoft excel document.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

Download xlsx
You might be interested in
Which of the following best describes a dividend? ​
iragen [17]

Answer:

The answer is C.

Explanation:

8 0
3 years ago
Why do more educated workers tend to earn more than less-educated workers?
motikmotik

The more education a person has, the more likely that they are to be valuable to their owners,because they would be considered "smarter" than their peers and able to get more work done. This means that answer to the question is A. Education may make a worker more valuable to employers.

HOPE THIS HELPS ; GOOD LUCK <3 !!!!

3 0
2 years ago
Read 2 more answers
Partner Industries sells a single product for $50 that has a variable cost of $30. Fixed costs amount to $15 per unit when antic
DENIUS [597]

Answer:

$20.

Explanation:

As the question require us to calculate the profit when one unit in excess of break-even point is sold, so we have to calculate the break-even quantity first. The formula to calculate the break-even quantity is:

          Break-even Units = Fixed Cost / (Contribution Margin Per Unit)

where

Contribution margin per unit = Selling price per unit - variable cost per unit

⇒ Break-even units = 15 / (50 - 30) = .75.

This makes the one unit in excess of break-even volume to be 1.75. Now, we have to draft the income statement to determine the operating profit when sales volume is 1.75.

                                               Income Statement

Revenue (50 * 1.75)                                                          $87.5

Variable Cost (30 * 1.75)                                                   (52.5)

Fixed Cost                                                                           (15)

Operating Profit                                                                $20

3 0
3 years ago
Read 2 more answers
The ""covenant"" traditionally signifies the a. relationship between Abraham (and later Moses) and Jahweh. b. merging of Judaic
Bogdan [553]

The correct answer to the question above is:

a. relationship between Abraham (and later Moses) and Jahweh.

The covenant was first established by Jahweh with Abraham. He showed his faith to Jahweh’s promises, obedience to His commandments, and worships Him with all his heart.

Download docx
8 0
3 years ago
What is not an example of money?
melamori03 [73]
B. credit because credit is just how well you pay bills
<span />
7 0
3 years ago
Other questions:
  • The following information is available for Sunland Company for the year ended on December 31, 2022. Beginning cash balance $ 20,
    14·1 answer
  • Exercise 24-3 Payback period computation; straight-line depreciation LO P1 A machine can be purchased for $140,000 and used for
    10·1 answer
  • Clipper Company sells two types of nail clippers. One focuses on the economy oriented customer and the other aims to satisfy the
    11·1 answer
  • The short-run aggregate supply curve is most likely to shift to the right if _____. rev: 06_12_2018 Multiple Choice productivity
    15·1 answer
  • The competitive strategy of a firm pursuing a "think global, act local" approach to strategy making: Select one: a. Entails litt
    5·1 answer
  • Grant, Inc., acquired 30% of South Co.’s voting stock for $200,000 on January 2, Year 1, and did not elect the fair value option
    10·1 answer
  • Pollution from a factory that produces cleaners is a(n) _____ of the production process.
    13·1 answer
  • A company is considering a 3-year project that requires paying $5,000,000 for a cutting-edge production equipment. This equipmen
    11·1 answer
  • Take 2014 as the price index base year. That year, you paid $80 for a day at a theme park. In 2015, the price was up to $84. Ass
    12·1 answer
  • NO LINKS OR ELSE YOU'LL BE REPORTED! Only answer if you're very good at drawing logos.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!