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geniusboy [140]
3 years ago
9

Described below are certain transactions of Crane Company for 2021:

Business
1 answer:
zmey [24]3 years ago
5 0

Answer and Explanation:

a. The journal entries are shown below:

On May 10

Merchandise inventory Dr  $75,924   ($76,800 × 0.98)

         To Account payable $75,924

(Being merchandise inventory is purchased on account)

For recording this we debited the merchandise inventory as it increased the assets and credited the account payable as it also increased the liabilities

On May 18

Account payable Dr

        To Cash

(Being the cash paid is recorded)

For recording this we debited the account payable as it decreased the liabilities and credited the cash as it reduced the assets

2. On June 1

Equipment Dr $94,800

          To cash Dr $33,600

          To 9% Note payable $61,200

(Being the equipment is purchased on cash and note payable)

For recording this we debited the equipment as it increased the assets and credited the account payable and cash as it also increased the liabilities and reduced the assets

3. On Sep 30

Cash Dr $180,000

   Discount on note payable $20,000

                   To Note payable $200,000

(Being the interest bearing note is recorded)

For recording this we debited the cash as it increased the assets and credited the note payable as it also increased the liabilities and the difference is debited to note payable

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Answer: The correct option is C.

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In order to do this therefore, a SWOT analysis would need to be carried out and utilized in gaining an edge over the competition.

In this case, Thomas would make sure that the expertise of all his team members are brought to bare, the company would analyze the competition to see where it is lacking in customer satisfaction, and then try to gain the upper hand by including features in their product that the competition does not have in theirs.

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The state of maine has a law dealing with groundwater called absolute dominion. describe this law and how nestle uses it to thei
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is the process managers use to continually monitor all phases of the production process to ensure that quality is being built in
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8 0
3 years ago
Lithium, Inc. is considering two mutually exclusive projecLithium, Inc. is considering two mutually exclusive projects, A and B.
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Answer:

  • The modified internal rate of return for PROJECT A:

b. 24.18%

  • The internal rate of return for Project B :

b. 35.27%.

Explanation:

The mean difference between the MIRR and the IRR it's that the IRR assumes that the obtained positive cash flows are reinvested at the same rate at which they were generated, while the MIRR considers that these cashflow will be reinvested at the external rate of return, this case 10%.

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Y 3            $56,000  

Y 4            $45,000  

TIR 35,27%

4 0
2 years ago
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