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Digiron [165]
3 years ago
12

On May 1 comma 2019​, Jasper Company purchased inventory costing $ 87 comma 000 by signing a 10​%, ​nine-month, short-term note

payable. Jasper will pay the entire note​ (principal and​ interest) on the​ note's maturity date. Journalize the​ company's (a) purchase of​ inventory; and​ (b) accrual of interest on the note payable on November 31 comma 2019. ​(Record debits​ first, then credits. Exclude explanations from any journal​ entries.)
Business
1 answer:
RSB [31]3 years ago
7 0

Answer:

The Journal entries are as follows:

(i) On May 1, 2019

Inventory A/c     Dr. $87,000

To Notes payable                    $87,000

(To record purchase of inventory)

(ii) On Nov 31, 2019

Interest Expense A/c      Dr. $5,075

To Interest payable                            $5,075

(To record the Accrued the interest.)              

Workings:

May to Nov = 7 months

Therefore,

Interest Expense = 87,000 × 10% × 7÷12

                             = $5,075

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Greg was looking at different websites to complete his paper for his accounting class. He found several websites that ended in .
Masteriza [31]

In this question the options are missing; here are the options:

Which best describes how Greg could find more information about the website to check for its  validation?

Greg could assume it is valid because it is a .net.

Greg could look at the contact page to validate Frank's expertise.

Greg could look to see if the website was updated recently,

Greg could assume it is valid since Frank is not selling anything.

The answer to this question is B. Greg could look at the contact page to validate Frank's expertise.

Explanation:

One of the key factors that make a source to be credible is the expertise of the author because if the author is an expert in the area, the source is generally considered as credible. For example, the words of Isaac Newton are a credible source if these are related to areas such as maths, physics, or astronomy because he was an expert in this area. In this context, one way Greg could validate this source is by checking who is Frank Smith to verify if he is an expert in the topic. This makes option B correct.

3 0
3 years ago
Liberty Corporation had net income of $120,000 during the year. Depreciation expense was $6,000. The following information is av
miss Akunina [59]

Answer:

$146,000

Explanation:

Net income $120,000

Add: depreciation expenses $6,000

Increase Accounts Receivable 10,000

Decrease Accounts Payable 15,000

Less                    $5,000        

(increase Accounts Receivable 10,000-

decrease Accounts Payable 15,000)

Net cash $146,000

Therefore the  amount that Liberty should report as net cash provided by operating activities in its statement of cash flows for the year will be $146,000

5 0
4 years ago
Noric Cruises Inc. began the month of October with the following balances: Common Stock, $150,000; Additional Paid-In Capital, $
Art [367]

Answer:

The statement of stockholders’ equity for the month ended October 31 is $18,450,000.

Explanation:

Noric Cruises Inc.

Statement of stockholders’ equity for the month ended October 31

                                 Common stock    Paid-In Capital    Retained Earnings

Opening balance         $150,000              $3,225,000          $12,400,000

Addition                         800,000                        -                               -

Net income                           -                               -                    $2,350,000

Cash dividends                    -                                -                        (475,000)

Balance at Oct 31        $950,000    $3,225,000    $14,275,000

4 0
3 years ago
The 2014 balance sheet of Steelo, Inc., showed current assets of $3,135 and current liabilities of $1,545. The 2015 balance shee
Pachacha [2.7K]

Answer:

-$35

Explanation:

The computation of the change in net working capital is as follows:

Net working capital = current assets - current liabilities

For 2014,

net working capital i s

= ($3,135 - $1,545)

= $1,590

And,

for 2015,

net working capital is

= ($3,100 - $1,545)

= $1,555

So, the  change in net working capital is

= ($1,555 - $1,590)

= -$35

8 0
3 years ago
Prescott Bank offers you a five-year loan for $53,000 at an annual interest rate of 7.75 percent. What will your annual loan pay
Whitepunk [10]

Answer:

$13,186.84

Explanation:

Use the Time Value of Money Techniques to Solve the Problem

Pv = $53,000

N = 5

i = 7.75 %

Fv = $ 0

P/yr = 1

Pmt = ?

Using a Financial Calculator, the annual loan payment (Pmt) is $13,186.84.

8 0
3 years ago
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