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3 years ago

At what amount is a short-term notes receivable recorded on the issue date?

Business

1 answer:

laiz [17]3 years ago

6 0

Answer:

At face value

Explanation:

Short term notes are always recorded at face value, and that applies to both interest and non-interest bearing short term notes.

Non-interest bearing long term notes must be recorded at their discounted value, i.e. you must discount the long term note' face value by the discount rate used by the company.

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The following inventory valuation errors have been discovered for Knox Corporation:

Whitepunk [10]

Answer:

Income +/- inventory adjustment

2015: 138,000 - 23,000 = 115,000

2016: 254,000 + 61,000 = 315,000

2017: 168,000 + 17,000 = 185,000

Explanation:

Inventory Identity:

Beginning + Purchases = Ending + COGS

As the mistake is on the right side it compensates by the other component which is COGS

When the inventory is overstated this means COGS is understated.

We didn't record the cost of good sold thefore our gross profit is higher making the net income higher.

When the inventory is understated this means COGS is overstated.

We record more cost of goods sold thefore our gross profit is lower making the net income fewer as well.

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3 years ago

Suppose the government imposes a $10 per month tax on cell phone service. If the demand curve for cell phone service is perfectl

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3 years ago

The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of compu

salantis [7]

Answer:

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7 0

3 years ago

Read 2 more answers

Alison Skateland, a real estate broker in Yuba City, California, has recently become interested in the sale of business opportun

Dafna1 [17]

Answer: the correct answer is A) If real property is involved in the sale, the broker (Alison, in this case) usually treats the sale of the business and sale of the land/building as two separate and concurrent transactions with two concurrent and contingent escrows.

Explanation:

The sale of business opportunities may involve the sale of only personal property.

Alison, in dealing with the sale of business opportunities, must remember to inform the purchaser of the various governmental agencies that the purchaser should contact for required permits, licenses, and clearances. These agencies include the IRS, State Board of Equalization, State Department of Benefit Payments, State Department of Industrial Relations, and various other county and municipal agencies.

The sale of a business opportunity includes the business's stock, trade fixtures, and trade name, a competition agreement, and lease assignment. While such a sale also includes the goodwill of a business, a monetary value cannot be placed on the goodwill.

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3 years ago

Cromwell manufactures specialty electronic circuitry through a unique photo-electronic process. One of the primary products, Mod

WARRIOR [948]

Answer:

the labor rate variance and labor efficiency variance is $2,000 favorable and $3,500 unfavorable

Explanation:

The computation of the labor rate variance and labor efficiency variance is given below;

For Labor rate variance

= $12,000 - (2000 × 7)

= $2000 F

And, the Labor efficiency variance is

= 7 × (2000 - 3000 × 0.5)

= $3500 U

Hence, the labor rate variance and labor efficiency variance is $2,000 favorable and $3,500 unfavorable

8 0

3 years ago