Answer:
December 21, 2016,General Journal entries
Account Debit Credit
Notes Receivable $10,000
Account Receivable $10,000
Explanation:
December 21, 2016,General Journal entries
Account Debit Credit
Notes Receivable $10,000
Account Receivable $10,000
The accounts receivable of Alpha company were debited for $10,000 from Bravo company, When bravo company issued the note, Alpha company accepted it. Due to this acceptance, Accounts receivable were replaced by notes payable. So accounts receivable in debit were reduced to zero and were credited. Now notes receivable were debited as new asset.
Companies report prior period adjustments, net of any income tax effects in the single-step income statement.
A single step income statement is one of two commonly used formats for the income statement or profit and loss statement. It uses only one subtraction to arrive at net income. On the other hand, a multi-step statement reveals the company's gross profit, which is the difference between its sales revenue and its cost of goods sold, and operating profit, which is the difference between its gross profit and its operating expenses.
The correct answer to your question is:
Diagnosis Using the PESTEL Framework
Answer:
3.14 years
Explanation:
Year Cash flow Accumulated cash flows
0 -$4,900 -$4,900
1 $1,150 -$3,750
2 $1,350 -$2,400
3 $2,230 -$170
4 $1,250 $1,080
3 years + $170/$1,250 = 3.14
The payback period is 3.14 years, or 3 years, 1 month and 19 days.
