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3 years ago

Scott Distributors has the following transactions related to notes receivable during the last two months of the year.

Business

1 answer:

lara [203]3 years ago

5 0

Answer:

Dec 1

Dr Notes Receivable 16,000

Cr Cash 16,000

Dec 16

Dr Notes Receivable 4,800

Cr Sales Revenue 4,800

Dec. 31

Dr Interest Receivable 94

Cr Interest Revenue 94

Explanation:

Preparation of Scott Distributors Journal entry

Since we are told that on Dec. 1 Scott Distributors was tend to Loaned tha amount of $16,000 cash to E. Kinder which was on a 1-year, 6% note this means the transaction will be recorded as:

Dec 1

Dr Notes Receivable 16,000

Cr Cash 16,000

Since we were told that Scott Distributors Sold goods to J. Jones by receiving a sum of $4,800, 60-day, 7% note this means the transaction will be recorded as :

Dec 16

Dr Notes Receivable 4,800

Cr Sales Revenue 4,800

The Accrued interest revenue on all notes receivable transactions will be recorded as:

Dec. 31

Dr Interest Receivable 94

Cr Interest Revenue 94

Computation of interest revenue for E. Kinder note and J. Jones

E.kinder=

The amount of $16,000 *0.06*30/360

= $80

Jones note=

The amount of 4,800 *0.07×15/360

= 14

Total accrued interest (80+14)

$94

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Utica Company’s net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash sales for

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Answer:

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3 years ago

Read 2 more answers

The new CFO thinks that inventories are excessive and could be lowered sufficiently to cause the current ratio to equal the indu

yan [13]

Answer:

4.50%

Explanation:

Note:<em> Question is incomplete but very similar one is attached as picture below</em>

Current ROE = Net Income / Equity = $21,000 / $280,000 = 7.50%

Current Inventory = $210,000

Target Current ratio = 2.70

1. Current assets at target Current ratio = Current Liabilities * Target current ratio = $70000 * 2.70 = $189,000

2. Reduction in Inventories = Present Current assets - Current assets under target current ratio

Reduction in Inventories = $14000 + $70000 + $210000 - $189000

Reduction in Inventories = $105000

3. Reduction on common equity using sale of inventory = Current Equity - reduction

Reduction on common equity using sale of inventory = $280,000 - $105,000

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Employers cite dressing inappropriately as one of the biggest mistakes job applicants make in interviews. True or False

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Answer:

True

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If you dress inappropriately, that is not showing a good first impression. Most, if not all jobs want to have employees that can dress well, cooperate, and work well with others.

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Identify which of the factors below are better short-range predictors and which are better long-range predictors of movements in

alina1380 [7]

Answer:

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