All categories

3 years ago

Notes receivable:_______.

Business

1 answer:

Phoenix [80]3 years ago

5 0

Answer:

D. are supported by a promissory note

Explanation:

Notes receivable defines as a written agreement or promise that is to be received in a future date

It is a mix or combination of both the principal and the interest

It is shown in the current asset side of the balance sheet and it contains the debit balance. Moreover, it is also supported by the promissory note.

Hence the correct option is d.

You might be interested in

Evelyn, who owns and operates Eve's Farm & Garden Company, agrees to sell Hill & Dale Produce, Inc., fifty bushels of ap

IrinaK [193]

Answer:

The answer is: A) breached

Explanation:

Evelyn breached her contract with Hill & Dale because she failed to perform her duties. In order for the contract to end, both parties must fulfill their duties or both parties must agree to cancel the contract. Any party involved in a contract can sue for damages, so Hill & Dale are entitled to sue Evelyn for compensatory damages.

5 0

3 years ago

Lake Corp., a newly organized company, reported pretax financial income of $100,000 for 20X0. Among the items reported in Lake's

liubo4ka [24]

Answer:

b.$0

Explanation:

As we know that

When there is a temporary discrepancy between financial income and taxable income a deferred tax benefit or liability occurs. Temporary difference means an benefit or cost with respect to treatment that has just a timing gap.

Moreover, the Premium on officer's life insurance is tax deductible i.e $15,000 as it is paid by the company due to which difference arise between the financial and taxable income.

And,

Interest received on municipal bonds $20,000 are mostly exempt from federal income tax.

Therefore, it shows no such difference as it indicates the permanent difference

6 0

3 years ago

The BobCat Inc. reported gross sales of $100,000, sales returns and allowances of $5,000, and sales discounts of $2,000. The com

Y_Kistochka [10]

<u>Answer:</u>0.775 times

<u>Explanation:</u>

Given

Gross sales 100000

Sales returns 5000

Sales discounts 2000

Tangible assets 25000

Average total assets 120000

Calculation of assets turn over ratio

Assets turnover ratio = Net sales / Average total assets

=(100000-5000-2000)/120000

=0.775 times

Assets turnover ratio is 0.775 times

Gross sales is the sales made by the company but net sales is where the actual value of sales has happened after the rebates, allowances and discounts. Assets turn over ratio is used to measure the company's abilities to utilize its assets efficiently in generating sales income to the company.

4 0

3 years ago

Grab Manufacturing Co. purchased a 10-ton draw press at a cost of $172,000 with terms of 2/15, n/45. Payment was made within the

DIA [1.3K]

Answer:

$184,260

Explanation:

Total cost of draw press is $172,000 and if it paid 15 days, there will be a discount of 2% and it is paid within the discount period

The discount is = $172,000 * 2/100 = $3,440

Total amount that would be capitalized is:

= ($172,000 - $3,440) + $4,600 + $11,100

= $168,560 + $4,600 + $11,100

= $184,260

So, the capitalized cost of the 10-ton draw press is $184,260

Note:

- The shipping costs and installation cost will be capitalized

- The cost of insurance in transit and cost incurred to remove a section of a wall will be capitalized as well as they are included in the cost above already

7 0

3 years ago

What is critical thinking?

Jlenok [28]

Answer:

Critical thinking is the analysis of facts to form a judgment. The subject is complex, and several different definitions exist, which generally include the rational, skeptical, unbiased analysis, or evaluation of factual evidence.

Explanation:

i just know

3 0

3 years ago

Read 2 more answers