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
Alik [6]
3 years ago
6

Valley Designs issued a 90-day, 6% note for $96,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a

year when computing the interest. a. Determine the due date of the note. July 9 b. Determine the maturity value of the note. $ Feedback The due date is the date the note is to be paid. Remember the interest rate is stated on an annual basis, while the term is expressed as days. Assume a 360 day year. The maturity value is the amount that must be paid at the due date of the note. c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. Accounts Receivable-Valley Designs Allowance for Doubtful Accounts Feedback The account receivable must be removed from the books and the newly issued note receivable recorded. c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Business
1 answer:
Novay_Z [31]3 years ago
3 0

Answer: Please see answer in explanation column

Explanation:

a) Due date = April 22+90 days =  July  21

b) Maturity value = 96,000+(96,000*6%*90/360) = $97,440

c1) Journal entry  for receipt of note by Bork Furniture

           journal       Debit                          Credit

Notes receivable       $96,000  

Account receivable                                        $96,000

C2) Journal entry  to record receipt of payment at maturity

 journal                     Debit                             Credit

Cash                        $97,440  

Notes receivable                                            $96,000

Interest revenue                                       $1,440 (97,440-96,000)

You might be interested in
The term ________ has been coined to describe the ability of companies to use flexible manufacturing technology to reconcile the
ser-zykov [4K]

Answer:

Mass Customization

Explanation:

Found the study flashcards with the answer on quizlet :)

7 0
3 years ago
For a certain item, the cost-minimizing order quantity obtained with the basic EOQ model is 350 units, and the total annual inve
Zina [86]

Answer: $3 per unit per year

Explanation:

Inventory holding cost per unit for this item is:

= Total Annual inventory carrying cost / Average inventory

Total Annual inventory carrying cost = Total annual inventory / 2

= 1,050 / 2

= $525

Average inventory = EOQ / 2

= 350 / 2

= 175 units

Inventory holding cost per unit = 525 / 175

= $3 per unit

4 0
3 years ago
Define career pleaseeeeeee i really need it​
scoray [572]

 la carrera es por decirlo una expresion pero esto lo hace ser diferente como "vas muy a la carrera"

8 0
3 years ago
Discuss the reasons why suppliers are sometimes reluctant to share cost information with buyers - particularly during the early
3241004551 [841]
<span>The supplier may feel that revealing cost information to buyers may put them at a disadvantage because it would hurt their pricing strategy, they would be better of withholding the info to sell at a higher price or more convenient manner. The supplier may also not fully understand the cost information, so he or she may not want to give the buyer false information.</span>
6 0
3 years ago
Suppose that there are two winners for the Nobel Prize in Economics this year, and suppose that one of them is a professor at yo
Ronch [10]

Answer: You would tend to sing the praises of the professor associated with your University, you would want to play the familiarity card to others of how you might know him because he teaches in your University.

Explanation:

There are two things involved in these scenario, one of them is that you would tend to sing the praises of the professor associated with your University, you would want to play the familiarity card to others of how you might know him because he teaches in your University.

The second is that you would be inquisitive about the other professor and want to know more about his profile.

But in most cases the familiarity aspect happen more than the other.

5 0
3 years ago
Other questions:
  • Selena needs to publish her research about chinese culture. her research includes audio clips from an interview with a chinese c
    13·1 answer
  • why would materials such as iron ore, steel, lumber, and coal be transported via ships from the united states to japan,rather th
    11·1 answer
  • "According to Google's 2013 Study on the Incremental Clicks Impact of Mobile Search Advertising, the vertical with the highest C
    11·1 answer
  • The National Coalition on Healthcare Reform reports that nearly 18% of the U.S. population under the age of 65 is without health
    7·1 answer
  • Purple Corporation acquired 75 percent of Socks Corporation’s common stock on January 1, 20X8, for $435,000. At that date, Socks
    9·1 answer
  • The price of apples falls. what happens in the market for apple pies?
    5·1 answer
  • Explain Business Management Definition
    9·1 answer
  • Shelly hired mostly high school and college students at her landscaping business. Although her company was earning a profit, it
    14·1 answer
  • A project that costs $17,000 today will generate cash flows of $4,100 per year for seven years. What is the project's payback pe
    11·1 answer
  • In the early days of selling, companies studied and wrote down the sales pitches of their most successful people, and created ca
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!