1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
dezoksy [38]
3 years ago
7

Metzler Communications designs and programs a website for a local business. Metzler charges $33,000 for the project, and the loc

al business signs an 4% note January 1, 2019. Required: 1. Prepare the journal entry to record the sale on January 1, 2019. Record sale 2. Determine how much interest Metzler will receive if the note is repaid on July 1, 2019. $ 3. Prepare Metzler's journal entry to record the cash received to pay off the note and interest on July 1, 2019. If an amount box does not require an entry, leave it blank. Record collection of note receivable
Business
1 answer:
Grace [21]3 years ago
3 0

Answer and Explanation:

1. The Journal entry is shown below:-

Notes receivable Dr, $33,000

        To Sales revenue $33,000

(Being sales is recorded)

2. The computation of interest is shown below:-

Interest = $33,000 × 4% × 6 ÷ 12

= $660

3. The Journal entry is shown below:-

Cash Dr, $33,660

       To Interest income $660

       To Notes receivable $33,000

(Being collection of notes receivable is recorded)

You might be interested in
A cosmetic company manufactures products for skin and hair care for both men and women in the 20- to 50-year-old age group. Whic
meriva

Answer:

The correct answer is: Demographic.

Explanation:

To begin with, the term <em>''segmentation''</em> in the field of marketing, refers to the procedure of grouping the people into common groups according to their shared characteristics. Moreover, this procedure is done in order to make it easier for the company to understand to which market is the company addresing and who are they consumers.

To continue, there are many segmentation approaches, however the one used according to the age of the audience is the <em>''demographic segmenation''</em>, that focuses in the consumers' demographic variables such as age, sex and gender, assuming that their similar profiles will exibit similar purchasing patterns.

5 0
3 years ago
On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following informati
BlackZzzverrR [31]

Answer:

The answer is $243,000

Explanation:

The inventory on July 8 immediately prior to the fire is the CLOSING INVENTORY.

To find this closing inventory, we need to find the gross profit first and then cost of sales.

To find gross profit:

Gross profit margin=gross profit ÷sales.

Gross profit margin is 20% or 0.2

Sales is $690,000

Therefore, gross profit is:

0.2 x $690,000

=$138,000

To find cost of sales:

Gross profit = sales - cost of sales.

Gross profit is $138,000

Sales is $690,000

Therefore, cost of sales is

$690,000 - $138,000

=$552,000.

And finally to get closing inventory:

Cost of sales = opening inventory + purchases - closing inventory.

Cost of sales = $552,000

Opening inventory = $140,000

Purchases = $655,000

Closing inventory = $140,000+$655,000-$552,000

=$243,000.

6 0
3 years ago
Globalization in the corporate age enables people who do not have health insurance to take advantage of medical tourism, medical
Vesnalui [34]
Globalization​very useful for health insurance to take advantage of medical tourism, medical tourism is traveling
7 0
3 years ago
In what way is the mississippi college savings account program helping to bridge the economic divide?
3241004551 [841]

Answer:

The mississippi college savings account program helps children save for more expensive schools by starting a savings account at a very young age.

The Mississippi College Savings Account Plan is helping bridge the economic drive by allowing the students to become familiar with the banking service, getting them used to the banking system and saving accounts.

4 0
2 years ago
g An increase in demand is represented by a a. movement downward and to the right along a demand curve. b. movement upward and t
Lana71 [14]

Answer: c. rightward shift of a demand curve.

Explanation:

When there is movement along the demand curve, this is due to a change in the price of the good.

However, an increase in demand is noted by a rightward shift in the Demand curve. This is to signify that the demand has changed even though the price had remained the same. This shift is meant to signify that something else apart from price has caused an increase in demand such as an increase in income. After the shift, the price will have to change to reflect a new Equilibrium which will be the new intersection point with the Supply Curve.

I have attached a graph showing what happens when Quantity Demand increases.

4 0
3 years ago
Other questions:
  • For each watch that Switzerland produces, it gives up the opportunity to make 50 pounds of chocolate. Germany can produce 1 watc
    13·1 answer
  • when demand for electric power is high, power company sometimes reduced the voltage, thereby producing a "brown-out." What is be
    8·1 answer
  • Teenage entrepreneurship is growing especially in the _____ industry
    9·2 answers
  • Corporate Fund started the year with a net asset value of $14.50. By year-end, its NAV equaled $14.00. The fund paid year-end di
    6·1 answer
  • A financial analyst is presented with information on the past records of 60 start-up companies and told that in fact only 3 of t
    15·1 answer
  • A company determined that the budgeted cost of producing a product is $30 per unit. On June 1, there were 80,000 units on hand,
    15·1 answer
  • Which of the following lies primarily within the realm of macroeconomics? a study of the demand for gasoline a study of how tax
    14·1 answer
  • Ophelia Inc. just learned that Patton Inc., one of its customers with an outstanding accounts receivable balance, filed for bank
    8·1 answer
  • If a car company collaborated with a sheet metal supplier, the car company would be the supplier's ______. Multiple choice quest
    12·1 answer
  • Which product would be considered part of the business-to-business market?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!