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lilavasa [31]
3 years ago
12

Entries for Notes Payable A business issued a 60-day, 10% note for $83,000 to a creditor on account. Journalize the entries to r

ecord (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year.
Business
1 answer:
sattari [20]3 years ago
6 0

Explanation:

The journal entries are as follows

1. Account payable $81,617

Interest expense $1,383.33

              To Notes payable $83,000

(Being the issuance of the note is recorded)

The interest expense is computed below:

= $83,000 × 60 days ÷ 360 days × 10%

= $1,383.33

2. Note payable Dr $75,000

        To Cash $75,000

(Being the payment is recorded)

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How many method(s) of distributing goods and services can satisfy all wants.?
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Read 2 more answers
Use the following information for exercises 15 to 18 LO P2 The following information applies to the questions displayed below] O
Mrrafil [7]

Answer:

            Ernst Consulting

             Balance Sheet

For the Month Ended October 31, 202x

Assets:

Cash $12,650

Accounts receivable $12,800

Office supplies $2,850

Office equipment $17,530

Land $45,940

Total assets $91,770

Liabilities and stockholders' equity:

Accounts payable $8,110

Common Stock $83,540

Retained earnings $120

Total liabilities and stockholders' equity $91,770

Explanation:

I ordered the accounts and included a couple that were missing:

  • Cash 12,650
  • Accounts receivable 12,800
  • Consulting revenue 12,800
  • office supplies 2,850
  • Land 45,940
  • office equipment 17,530
  • Accounts payable 8,110
  • Cash dividends 1,570  
  • Common Stock 83,540
  • Rent expense 3,110
  • Salaries expense 6,490
  • Telephone expense 850
  • Miscellaneous expenses 660

First we need to determine net profit for the month:

Consulting revenue 12,800

Salaries expense -6,490

Rent expense -3,110

Telephone expense -850

Miscellaneous expenses -660

net profit = $1,690

retained earnings = net profit - dividends distributed = $1,690 - $1,570 = $120

7 0
3 years ago
Investor Palmer has a diversified portfolio consisting of equity and debt valued at $365,000 at the start of the year. During th
garri49 [273]

Answer:

The return after taxes is 7.9%

Explanation:

At the start of the year the portfolio is valued at $365,000.

At the end, his portfolio has returns by dividends ($3,579), interests ($2,783) and portolio's valuation (389,648-365,000=$24,648).

The tax is applied to the dividends and interests, as:

Tax = 0.35 * (3579+2783) = 0.35*6362 = $2,226.70

We can then calculate the investor's return as

R = profit after taxes / initial portfolio valuation

R = ((3579 + 2783 - 2226.70)+24648)/365000

R= 28,783.30 / 365,000 = 0.079 = 7.9%

5 0
3 years ago
A manuscript is sent to a typing firm consisting of typists A, B and C. If it is typed by A, then the number of errors made is a
spin [16.1K]

Answer:

(a) E(X) = 3

(b) Var(X) = 12.1067

Explanation:

(a) E[X]

E[X]T = E[X]T=A + E[X]T=B + E[X]T=C

         = (2.6 + 3 + 3.4)/3

         = 2.6 (1/3) + 3(1/3) + 3.4(1/3)

         = 2.6/3 + 1 + 3.4/3

         = 3

(b) Var (X) = E[X²]−(E[X])²

Recall that if Y ∼ Pois(λ), then E[Y 2] = λ+λ2. This implies that

E[X²] = [(2.6 + 2.6²) + (3 + 3²) + (3.4 + 3.4²)]/3

         = (9.36 + 12 + 14.96)/3

         = 36.32/3

         = 12.1067

Var(X) = E[X²]−(E[X])²

          = 12 - 3²

          = 12.1067 - 9

          = 3.1067

8 0
3 years ago
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