Answer:
Transaction a
Debit : Account Receivable $27,500
Credit : Sales Revenue $27,500
Transaction b
Debit : Cash $5,875
Credit : Deferred Revenue $5,875
Transaction c
Debit : Sales Revenue $1,500
Credit : Account Receivable $1,500
Transaction d
Debit : Deferred Revenue $5,875
Credit : Sales Revenue $5,525
Credit : Discount received $350
Explanation:
The journals have been prepared above.
Prime rate is (a) the best interest rate that banks offer their most creditworthy customers.
A prime rate is decided by the bank to lend money to its customers where the credit giving is decided on the basis of the credit history and points on the customers formally known as the credit rate of investment.
It totally depends upon the allowance of credit by financial institutions and then the payment made by the loan taking customers within a stipulated time frame.
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Answer:
Before issuing the note
Current ratio
= <u>Current assets</u>
Current liabilities
= <u>$502,000</u>
$274,000
= 1.83: 1
After issuing the note
Current ratio
= <u>$538,400</u>
$274,000
= 1.96:1
Explanation:
Current ratio is the ratio of current assets to current liabilities. Before issuing the note, current assets amounted to $502,000 while current liabilities were $274,000. After issuing the note, current assets increased to $538,400 as a result of $39,400 received on note issue. This increases the current ratio from 1.83 to 1.96.
Answer:
Net pay $764.5
Explanation:
given data
wages = $1000
income taxes = $159
solution
particular net pay
Gross wages $1000
less
Income taxes withheld $159
FICA-social security (1000×6.2%) = $62
FICA-Medicare taxes (1000×1.45%) = $14.5
Total taxes withheld (235.5)
So, Net Pay $764.5
