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Margarita [4]
3 years ago
13

During 2021, Marquis Company was encountering financial difficulties and seemed likely to default on a $300,000, 10%, four-year

note dated January 1, 2019, payable to Third Bank. Interest was last paid on December 31, 2020. On December 31, 2021, Third Bank accepted $250,000 in settlement of the note. Ignoring income taxes, what amount should Marquis report as a gain from the debt restructuring in its 2021 income statement?
Business
1 answer:
Nata [24]3 years ago
7 0

Answer:

$80,000

Explanation:

Calculation for the amount that Marquis should report as a gain from the debt restructuring in its 2021 income statement

Gain from the debt restructuring=$300,000 + ($300,000 x 10%) - $250,000

Gain from the debt restructuring=$300,000+$30,000-$250,000

Gain from the debt restructuring = $80,000

Therefore amount that Marquis should report as a gain from the debt restructuring in its 2021 income statement will be $80,000

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Red Co. uses the product cost concept of applying the cost-plus approach to product pricing. Below is cost information for the p
hammer [34]

Answer:

b 43.50%

Explanation:

Product Cost = Variable Manufacturing Costs + Fixed Manufacturing Cost

Product Cost = 40,000*($7.00 + $11.00 + $3.00) + $80,000

Product Cost = 40,000*$21 + $80,000

Product Cost = $840,000 + $80,000

Product Cost = $920,000

Markup = Total Selling and Administrative Expenses + Desired Profit

Markup = $2.00*40,000 + $140,000 + $1,200,000*15%

Markup = $80,000 + $140,000 + $180,000

Markup = $400,000

Markup percentage = Markup / Product Cost * 100

Markup percentage = $400,000 / $920,000 * 100

Markup percentage = 0.434783 * 100

Markup percentage = 43.47%

6 0
2 years ago
Issued a cheque of rs. 39000 to Saurya stores in full settlement. <br>journal entry​
Semmy [17]

Answer:

When issuing a check to a creditor as is being done here, you need to debit the creditors account (Accounts Payable) to show that you are paying off the debt.

You also need to credit cash because a credit will show that cash was used to pay for something and so has reduced.

Date               Account Title                                                  Debit            Credit

XX-XX-XXX   Accounts Payable - Saurya Stores             Rs. 39,000

                       Cash                                                                                Rs. 39,000

4 0
2 years ago
Issues of growth are generally considered in: Multiple Choice neither the short-run nor the long-run frameworks. the short-run f
liraira [26]

Answer:

the long-run framework.

Explanation:

In Economics, Growth can be defined as an increase or rise in the level of output and production of goods and services over a specific period of time by a business entity.

Issues of growth are generally considered by economists in the long-run framework because growth itself is a long-run phenomenon in economics.

A long-run growth refers to the continuous and sustained increase in the level of output of goods and services or quantity of production that a business is able to achieve.

Hence, all of the four factors of production affects the level of growth that is being experienced by an individual or organization. These factors are;

1. Capital.

2. Labor.

3. Land.

4. Entrepreneur.

<em>In a nutshell, business owners and economist usually consider the growth of a business as a long-run phenomenon rather than as a short-run phenomenon. </em>

7 0
3 years ago
Historically, the geographic division structure is associated with companies pursuing ________ strategies.
aleksandrvk [35]
Hey there Emilymontalva1227,

Historically, the geographic division structure is associated with companies pursuing ______ strategies.

Answer:

Multi Domestic

Hope this helps :D

<em>~Natasha♥</em>
3 0
3 years ago
What's the percentage of Americans living pay check to paycheck
mestny [16]
40 percent of americans
6 0
3 years ago
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