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
777dan777 [17]
3 years ago
11

On January 2, 2017, Vaughn Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $10,1

00, with payment due in 12 months. The fair value of the goods at the date of sale is $9,100 (cost $5,460). Prepare the journal entry to record this transaction on January 2, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts)
Business
1 answer:
crimeas [40]3 years ago
4 0

Answer:

Dr Notes Receivable $10,100

Cr Discount on Notes Receivable$1,000

Cr Sales Revenue $9,100

Dr Cost of Goods Sold $5,460

Cr Inventory $5,460

Explanation

:

Vaughn Inc

Journal entry

January 2, 2017

Dr Notes Receivable $10,100

Cr Discount on Notes Receivable

$10,100-$9,100) $1,000

Cr Sales Revenue $9,100

Dr Cost of Goods Sold $5,460

Cr Inventory $5,460

Total Revenue:

sales revenue + interest revenue $9,100+$1,000 = 10,100

Total revenue= $10,100

You might be interested in
Brenda young desires to have $15,000 eight years from now for her daughter's college fund. if she will earn 6 percent (compounde
labwork [276]

Present value PV= FV(1/(1+r)^n)

PV = Present Value

FV = Future Value

r= rate

n= number of years

Just plug in the numbers and calculate.

7 0
3 years ago
Read 2 more answers
Sophia could not afford expensive furnishings, but wanted a stylish home. after researching many options, she went to a local ta
maksim [4K]
I think Sophia is responding to Brand Image Consistency.

This retailing challenge must meet Sophia's expectation on what she saw on its website and ads to what she will actually see in person. The image of the brand must be consistent from its advertisement to its actual product. 


6 0
3 years ago
Why do you think pmi created a separate knowledge area for stakeholder management?
DaniilM [7]
PMI stands for the project management institute and organization which in non-profit for the project management in the United States.
And i think Project management institute created separate knowledge area for stakeholder management to keep the information of stakeholder control within the task or project.
3 0
3 years ago
To automate one of its production​ processes, the Milwaukee Corporation bought three flexible manufacturing cells at a price of
liq [111]

Answer:

$1,521,800

Explanation:

The computation of cost basis is shown below:-

Three cells cost price = 3 × $470,000

= $1,410,000

Combination of rate charges = $30,000 + $16,000 + $39,000 + $3,600

= $88,600

Wages of one foreman = wage per hour × weeks worked × hours per week

= $29 × 5 × 40

= $5,800

Wages of 4 foremen = 4 × $5,800

= $23,200

Three cells cost basis = Three cells cost price + Combination of rate charges + Wages of one foreman

= $1,410,000 + $88,600 + $23,200

= $1,521,800

4 0
3 years ago
Kleister Company issues bonds for $100 million and repays a long-term notes payable of $10 million. The company also repurchases
solong [7]

Answer:

TRUE

Explanation:

Kleister Company:

1. Issues bonds for $100 million - INFLOW

2. Repays a long-term notes payable of $10 million. - OUTFLOW

3. The company also repurchases its own shares for $12 million - OUTFLOW

4. Issues stock dividends with a market value of $5 million. - NOT A CASH FLOW

It is therefore true that Net cash flow from financing activities will be: $78 million [100 million - 10 million - 12 million] since the dividends are stock dividends not cash dividends

4 0
3 years ago
Other questions:
  • Candy is trying to decide between two job offers. The compensation package for job A includes a $300-per-month health insurance
    10·1 answer
  • The law creates the foundation for ethical behavior.<br><br><br> True<br><br><br> False
    7·1 answer
  • Why dress code important ?
    11·1 answer
  • After widespread press reports about the dangers of contracting "mad cow disease" by consuming beef from Canada, the likely econ
    10·2 answers
  • After being referred by a friend, Hedyeh attended a job interview. She didn’t feel it went well, but she was surprised when her
    15·1 answer
  • Laser World's income statement reported total revenues of $860,000 and total expenses (including $40,500 depreciation) of $740,0
    11·1 answer
  • A firm is currently operating at full capacity. Net working capital, costs, and all assets vary directly with sales. The firm do
    9·1 answer
  • Christine manages a car wash. The owner of the car wash thinks they could be making bigger profits. Christine looks for ways to
    13·1 answer
  • What are the intermediaries of netflix​
    12·1 answer
  • Consider the following project network and activity times (in weeks): Activity A B C D E F G H Time 5 3 7 6 7 3 10 8 How much ti
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!