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MrRa [10]
3 years ago
11

On April 1, 2020, Clare Barry received a 5%, $600,000 note from John Edwards, a customer. The note is due on March 31, 2021. Cla

re Barry has a December 31st year-end. Clare Barry's entry on March 31, 2021 to record the payment received would include a credit to interest revenue of
Business
2 answers:
ivanzaharov [21]3 years ago
4 0

Answer:

The interest revenue will be credited by $7500 on March 31, 2021.

Explanation:

The 5% interest on $600000 notes is for the whole year. The amount of interest for whole year will be = 600000 * 0.05 = $30000

The important thing to note here is that the year end for Clare Barry is on 21 December which means that on 31st December 2020, we will make adjusting entries and for such a note, an adjusting entry will be passed as,

31 Dec 2020  Interest receivable     22500 Dr

                           Interest Revenue          22500 Cr

This is because the interest of 22500 from April 2020 to December 2020 relates to the period of 2020 and using accrual principle, we will record this as revenue in 2020.

Thus, on 31 March 2021 we will record the interest revenue that pertains to the period of January 2021 to March 2021 which comes out to be,

Interest Revenue = 30000 * 3/12 = $7500

Serjik [45]3 years ago
3 0

Answer:

$7,500

Explanation:

This can be calculated by following the simple steps below:

Total one-year interest revenue = $600,000 × 5% = $30,000

Monthly interest revenue = $30,000 ÷ 12 = $2,500

Number of relevant months in 2021 = 3 months (i.e. January 1, 2021 to March 31, 2021)

Credit to interest revenue in 2021 = $2,500 × 3  = $7,500

Therefore, Clare Barry's entry on March 31, 2021 to record the payment received would include a credit to interest revenue of $7,500.

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inn [45]

Complete/Correct Question:

Participation in sport keeps kids off the street and out of trouble. This is central to which explanation of the relationship between organized sport and delinquency?

a. labeling

b. economic strains

c. undifferentiated arousal

d. social bonding

e. differential association

Answer:

E, Differential association

Explanation:

Differential Association is a criminology term invented by Edwin Sutherland that shows how interaction between these people influence people to learn attitudes, values. characters, techniques as well as criminal behavior from each other.

To this effect, participation in sports brings youths together and as such changes their thoughts and are influenced to have discipline, ethics, etc which is an important aspect of sportsmanship. This influences helps to keep youths off the street and out of trouble subsequently.

Cheers.

7 0
3 years ago
_____ is a marketing research technique that involves introducing a new product in a specific area and then measuring its degree
padilas [110]
Test marketing, the consumers don’t even know it’s being tested
8 0
3 years ago
Cleo is afraid of being viewed as weak, so she uses only her head when managing her team of employees. Which leadership task is
Dmitry_Shevchenko [17]

Answer:

The correct answer is letter "D": Developing employees' skills .

Explanation:

Some of the different managers' tasks include <em>setting and communicating the vision, inspiring, encouraging, and supporting the team, </em>and <em>motivating employees' towards their development</em>. All of those challenges imply interacting directly with subordinates. It is impossible to achieve the firms' goals while helping employees to achieve theirs without communication.

Thus, <em>Cleo is failing at believing by nodding her head she will be seen as a stronger manager. Stronger managers are those whose actions maximize the entity's profits, by maximizing workers' efficiency which implies developing their skills.</em>

4 0
3 years ago
Creative Sound Systems sold investments, land, and its own common stock for $39 million, $15.9 million, and $41.8 million, respe
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Answer:

Creative Sound Systems should report  $15,9 million as net cash flows from financing activities.

Explanation:

Consider only items relating to financing activities.

Cash flow from  financing activities

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Purchased of treasury stock                        ( $25.9 million)

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8 0
3 years ago
Read 2 more answers
Employees earn vacation pay at the rate of one day per month. During the month of July, 28 employees qualify for one vacation da
Stells [14]

Answer:

$2884

Explanation:

Given that:

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  • Average daily wage is $103 per day

So he amount of vacation benefit expense to be recorded for the month of July:

= number of employees * average daily wage

= 28*$103  

= $2884

7 0
3 years ago
Read 2 more answers
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