Sheridan Company shows the following balances in selected accounts of its adjusted trial balance.

On September 1, 2021, Middleton Corp. lends cash and accepts a $4,000 note receivable that offers 10% interest and is due in six

iris [78.8K]

Answer:

Middleton Corp. will report interest revenue of 133.33 for the period of 2021.

Explanation:

The adjusting entry for the interest receivable for the period ended 31 december will require the Middleton Corp. to record the 4 months interest as interest revenue for the period ended 2021.

The interest on the note for this period is ending 2021 is,

Interest revenue = 4000 * 0.1 * 4/12 = 133.33

The entry on 31 December will be

Interest receivable 133.33 Dr

Interest Revenue 133.33 Cr

8 0

3 years ago

Read 2 more answers

From 2007 to 2012, the u.s. personal savings rate rose. if the additional savings were not translated into investment, keynes wo

ankoles [38]

Keynes would predict that aggregate income would decline, but rise in the future, if the additional savings were not translated into investment.
According to the Keynesian model. the government puts price controls on the economy, keeping the price level fixed.

6 0

3 years ago

White Corporation, a closely held personal service corporation, has $150,000 of passive activity losses, $120,000 of active busi

LenKa [72]

Answer:

correct option is a.$0

Explanation:

given data

passive activity losses = $150,000

active business income = $120,000

portfolio income = $30,000

to find out

how much passive activity loss can White Corporation deduct

solution

as per given we know that here white corporation is a Personal Service Corporation

so that it is not deduct the passive loss against the portfolio income

so correct option is a.$0

3 0

3 years ago

Concord Corporation planned to use 1 yard of plastic per unit budgeted at $91 a yard. However, the plastic actually cost $90 per

Greeley [361]

Answer:

Total Material Variance = $10,060 Unfavorable

Explanation:

Provided Information,

Standard budgeted unit of raw material = 1 yard

Standard price per unit = $91.00

Actual price per yard = $91.00

Actual units produced = 4,600

Actual yards of plastic used = 4,660 yards

Standard yards for actual production = 4,600 $\times$ 1 yard = 4,600

Total Material Variance = Standard Cost for actual output - Actual Cost

Standard Cost = 4,600 $\times$ $90 = $414,000

Actual Cost = 4,660 $\times$ $91 = $424,060

Total Material Variance = $414,000 - $424,060 = - $10,060

Since value is negative as actual cost is more than budgeted, the variance is unfavorable.

Final Answer

Total Material Variance = $10,060 Unfavorable

8 0

3 years ago

When looking at developing a particular residential project in a market, the most important factors in figuring out the market a

wlad13 [49]

Answer: employment opportunities and commuting ranges.

Explanation:

When looking at developing a particular residential project in a market, the most important factors in figuring out the market area are employment opportunities and commuting ranges.

One should look at the employment opportunities that such project will bring as this is vital to improving the standard of living of the people in the area. One should also look at the commuting ranges as that is vital too.

3 0

3 years ago