All categories

4 years ago

Mar. 29 Received a $30,000, 60-day, 5% note dated March 29 from Karie Platt on account.

Business

1 answer:

dolphi86 [110]4 years ago

5 0

Answer:

Explanation:

Date Description Post. Ref. Debit Credit Assets Liabilities Equity

1 Mar.29 Notes receivable 30000 30000

2 Accounts receivable-Karie Platt 30000 -30000

3 Apr.30 Notes receivable 24000 24000

4 Accounts receivable-Jon Kelly 24000 -24000

5 May.28 Accounts receivable-Karie Platt 30250 30250

6 Notes receivable 30000 -30000

7 Income Summary ($30000 x 5% x 60/360) 250 250

8 Jun.29 Accounts receivable-Jon Kelly 24320 24320

9 Notes receivable 24000 -24000

10 Income Summary ($24000 x 8% x 60/360) 320 320

11 Aug.26 Cash 30855 30855

12 Accounts receivable-Karie Platt 30250 -30250

13 Income Summary ($30250 x 8% x 90/360) 605 605

14 Oct.22 Allowance for Doubtful Accounts 24320 24320

15 Accounts receivable-Jon Kelly 24320 -24320

163745 163745 1175 0 1175

You might be interested in

The following happened in a recent M&A transaction:

MAVERICK [17]

Answer: D. A deferred tax asset equal to $52.5 million

Explanation:

Original book basis of PP&E = $650 million

Fair market value = $800 million

Then, we calculate the difference between the fair market value and the original book value which will be:

= $800 million - $650 million

= $150 million

Then, the deferred tax liabilities will be:

= 35% × $150 million

= $ 52.5 million

Therefore, assuming a corporate tax rate of 35% for book purposes, the company should record a deferred tax asset equal to $52.5 million.

3 0

3 years ago

What is the best way for a certifying officer to prevent pecuniary liability?

vredina [299]

Answer:

By only certifying travel documents that are legal, proper, and correct.

Explanation:

5 0

3 years ago

Find the present value of $4,300 under each of the following rates and periods:

Aleonysh [2.5K]

Answer:

The present value of $4,300=$3,624.13

Explanation:

The present value is always used to estimate the value of an asset be it financial or financial equivalents to determine their current value accounting for annual interest rates. Continuous compounding is the mathematical limit that can be reached if it's calculated and reinvested into an account's balance over a theoretically infinite number of periods. The formula is expressed as;

F.V=P.V×e^(i×t)

where;

F.V=future value

P.V=present value

e=mathematical constant approximated as 2.7183

i=stated interest rate

t=time in years

In our case;

F.V=$4,300

P.V=unknown

e=2.7183

i=5.7%=5.7/100=0.057

t=3 years

replacing;

4,300=P.V×e^(0.057×3)

4,300=P.V×e^(0.171)

1.1865 P.V=4,300

P.V=4,300/1.1865

P.V=3,624.13

The present value of $4,300=$3,624.13

7 0

3 years ago

An overcurrent condition may result

SCORPION-xisa [38]

Answer:

A.an overload circuit

Explanation:

i hope that help

7 0

3 years ago

A(n) ________ may be defined as a description of a proposed company that explains how it expects to achieve its marketing, finan

sattari [20]

Answer:

Correct option is (c)

Explanation:

Before a business is about to start, a written proposal that states the mission vision, finance, marketing, operational goals and objectives. It also states the short term and long term plans and how they would be achieved.

A business plan help in seeking funds from banks or investors. It also helps companies in staying in track.

8 0

4 years ago