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Minchanka [31]
3 years ago
9

On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the not

e were $20,000 face value and 6% interest. On October 30, the journal entry to record the collection of the note should include a A. credit to Notes Receivable for $20,300B. debit to Interest Receivable for $300C. credit to Interest Revenue for $300D. debit to Notes Receivable for $20,000
Business
1 answer:
lapo4ka [179]3 years ago
4 0

Answer: C. Credit to Interest Revenue for $300

Explanation: As of October 30, the company has generated interest for:

Interest = $ 20,000 x 6% per year

Interest = $ 1,200 / 12 months

Interest = $ 100 per month

Interest = $ 100 x 3 months

Interest = $ 300

These interests are an interest gain from an account receivable, it is credited in the interest income corresponding to the income statement.

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Answer:

  • <u>$6,044.13</u>

Explanation:

The present value formula is:

Present\text{ }value=\dfrac{Future\text{ }value}{(1+r)^n}

Assuming annual compounded interest, r = 9% = 0.09 and n = 68 years.

Substituting and computing:

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3 0
4 years ago
A Work Breakdown Structure (WBS) identifies deliverables, activities, and tasks. Which statement describes a task? Work performe
Ede4ka [16]

Answer:

The correct option is;

Work performed to complete or manage the deliverables for a project

Explanation:

In other to manage project tasks, and make them easier to perform and approachable, it is a common methodology to split the entire tasks into smaller units that are easily managed

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4 0
3 years ago
Gray is a 50% partner in Fabco Partnership. Gray's tax basis in Fabco on January 1, year 4, was $5,000. Fabco made no distributi
arsen [322]

Answer:

$21000

Explanation:

To determine Gray’s tax basis  for a 50% interest in the Fabco Partnership, The interest is increased by the partner’s  distributive share of all partnership items of income and decreased by the partner’s distributive share of all loss and  deduction items.

Gray’s beginning basis = $5,000  

Gray’s 50% distributive share of ordinary  income = 50% × $20000 = $10000

Gray’s 50% tax-exempt income= 50% × $8000 = $4,000 and  

portfolio income = 50% × $4000  = $2,000

Therefore, the ending basis of  Gray’s Fabco partnership interest = $5000 + $10000 + $4000 + $2000 = $21000

6 0
3 years ago
Which of the terms below is often used in addition to the words "writing" and "record", and thus recognizes that UCC contracts a
hoa [83]

Answer:

<em>An electronic record</em>

Explanation:

An electronic record is data <em>that is or is being generated by a desktop. It is obtained when an agency or individual activity is initiated, conducted or completed.</em>

Instances of digital records include: email messages, handwritten documentation, electronic spreadsheets, digital photos, and databases.

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4 years ago
Anne is skilled at programming and wants to study computer science to become a systems analyst. She has researched the costs
umka2103 [35]

Answer:

1st One I Think I'm Not Too Sure =)

Explanation:

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