Answer:
28.6 days
Explanation:
Avg Receivables= Beg Receivables + Ending Receivables /2
=65,800+73,000/2
=$138,800/2
=$69,400
Receivable turn over= Net Sales/ Avg Receivables
=884,000/69,400
=12.74
days to collect during year= 365/ Receivable turn over =365/12.7
=28.6 days
Answer:
Explanation:
The preparation of the partial balance sheet for Sage at December 31, 2020 is presented below
NASH COMPANY
Partial Balance Sheet
At December 31, 2020
Current liabilities
Notes payable $3,176,480
Long term debt
Note payable refinanced in the year 2021 $3,867,520
The computation is shown below:
For note payable i.e shown in the current liabilities is
= $7,044,000 - $6,043,000 × 64%
= $3,176,480
And, the refinanced note payable is
= $6,043,000 × 64%
= $3,867,520
Answer:
This is called deflation.
Explanation:
Deflation refers to the situation when there is a decline in the general price level, it causes the economy to slow down. It generally happens because of a reduction in the money supply.
The nominal costs of goods and services, labor, capital, etc. decline. But the relative prices, generally remain the same. '
The decline in price is not good for everyone and adversely affects producers. It is also harmful to borrowers. The decline in the price level increases the purchasing power of money.
Answer:
Cowboy Law Firm
Income Statement
Service revenue $7,600
<u>Expenses:</u>
Salaries expense $1,350
Utilities expense $1,000
Total expenses <u>$2,350</u>
Net income <u>$5,250</u>
