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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)

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Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If th
Hunter-Best [27]

Answer:

10 hams

Explanation:

It is given that 10 people can produce 1 ham in a month. It is assumed that whatever is produced is consumed. So, 100 people will produce 10 hams that is 100 ÷ 10 = 10 in a month. So, 100 people can consume 10 hams, that are produced in a month.

So, residents can consume maximum 10 hams (same amount as produced) in a month.

4 0
3 years ago
The roles of money Sam just graduated from college and is now in the market for a new car. He has saved up $4,000 for a down pay
Mashutka [201]

Answer:

Explanation: Money is a medium of exchange for goods and services. Money plays a large role in the economy and in the life of an individual.

The role of money include:

1. Medium of Exchange: Money is used to facilitate the sale, purchase, or trade of goods between parties. It is used as a medium of exchange for goods and services that is why Sam had to save some money so that he will have access to the car he wants.

2. Unit of Account: The value of something is measured in a specific currency. From the question, the value of each car was stated using a value of money. This will enable the buyer or seller known the value if what is to be bought or sold.

3. Store of Value: A store of value is something that people use to transfer purchasing power from the present to the future. Here, Same had saved some money which did not change in value as at when he wanted to buy the car and he also had to obtain a loan that would be paid off on a later date.

4 0
3 years ago
_____ is the supply chain function responsible for acquiring raw materials, component parts, tools, services, and other items re
Elden [556K]

Procurement is the supply chain function responsible for acquiring raw materials, component parts, tools, services, and other items required from external suppliers.

<h3>What is procurement?</h3>

Procurement is a branch of supply chain that deals with buying of materials or goods for production purposes.

Procurement give account of all the logistics involved and the materials bought.

Therefore, Procurement is the supply chain function responsible for acquiring raw materials, component parts, tools, services, and other items required from external suppliers.

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5 0
2 years ago
Reuter Bank loaned Sabean Corporation $500,000 in
hammer [34]

Answer:

C) I, II, and III only.

  • I. May demand payment of the full amount immediately from  the sureties when the corporation defaults on the loan.
  • II. May demand payment of the full amount immediately from  the sureties even if Reuter does not attempt to recover any  amount from the collateral.
  • III. May attempt to recover up to $200,000 from the collateral and  the remainder from the sureties, even if the remainder is more  than $300,000.

Explanation:

The bank has several options in this case, depending on the financial position and net worth of the sureties and the corporation. It can decide to collect all the debt directly from them, or collect part of the debt through the collateral property, or it can go after the assets of the corporation, or any type of combination. In this case the bank has three options from which it can collect the debt and it is up to them to decide how they proceed.

4 0
3 years ago
In accounting for a contingent liability, if the likelihood of the obligation is probable but the amount cannot be estimated, a
Tems11 [23]

Answer: d. provide disclosure in the footnotes to the financial statements.

Explanation:

A contingent liability is an obligation that a company might owe in future depending on the outcome of an event such as a law suit.

To record a contingent liability in the books, two conditions must be satisfied;

  1. Loss must be probable
  2. Amount must be estimable

If these two conditions are not satisfied then the contingent liability may simply be disclosed as a footnote in the financial statement. The amount here is not estimable so can be disclosed as a footnote.

6 0
3 years ago
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