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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.

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Roofing Issues. Sally agrees to roof a house for Bob. After doing his research, Bob chooses Sally based on her great reputation

expeople1 [14]

Answer:

C. Spencer will win because regardless of whether Glen was acting within the scope of his employment, Sally is liable for his negligence

Explanation:

Spencer will win the lawsuit and Sally is liable for negligence.

This is because, Sally was the person originally hired to do the roofing job.

She hired other workers to help her with the job, so she's liable to their actions and inactions.

Sally is operating under a working agreement (contract) and has already charged a fee of $10,000 so any punitive damages would be her responsibility.

Spencer was moving around and Glen threw some roofing shingles without any word of warning to people that might be in harm's way. So for Glenn's actions, Sally is liable for his negligence.

5 0

3 years ago

A Caterpillar tractor acquired on January 12 at a cost of $171,000 has an estimated useful life of 25 years. Assuming that it wi

Kay [80]

Answer and Explanation:

a. The computation of depreciation for each of the first two years by the straight-line method is shown below:-

Depreciation

= (Assets cost - Salvage value) ÷ Useful life

= ($171,000 - 0) ÷ 25

= $6,840

For First year = $6,840

For Second year = $6,840

It would be the same for the remaining useful life

b. The computation of depreciation for each of the first two years by the double-declining-balance method is shown below:-

First we have to determine the depreciation rate which is shown below:

= One ÷ useful life

= 1 ÷ 25

= 4%

Now the rate is double So, 8%

In year 1, the original cost is $171,000, so the depreciation is $13,680 after applying the 8% depreciation rate

And, in year 2, the ($171,000 - $13,680) × 8% = $12,585.60

7 0

3 years ago

A company is preparing financial statements using IFRS for the first time for the year ended December 31, 2018. The "transition

8_murik_8 [283]

Answer:

E. January 1, 2017

Explanation:

Financial statements are prepared showing at least two years for the sake of comparability.

It will be important for the company in presenting its financial statement using the IFRS for the year ended December 31st 2018 to show the financial statements for the year ended 31st December 2017 as if it had always applied the IFRS.

The basic idea is to show in the financial statements the effects of adopting the IFRS from a preceding period in order for the entity to show the financial statement for 2017 and 2018 and be able to compare them having been prepared on the same basis.

Thus, the transition date will be the beginning of the preceding period when the IFRS was applied (1st Jan. 2017 oe 31st Dec. 2016).

I hope this explanation makes the concept easy to grasp.

Thank you.

7 0

3 years ago

How does globalization affect your life?

lina2011 [118]

Globalization affects all lives across the world with the world being completely connected by it. All of the points given here are valid.

Explanation:

Due to a globalized economy we are able to -

-Buy clothes and items from across the world and get them shipped to us. We also are able to buy things made in different parts of the world.

- The communication between the whole world is now clicks away from each other

- The websites we use are created in other countries sometimes.

-The businesses in one's own country are often foreign businesses.

All of these are things that are happening due to globalization as the world has become completely interconnected and interdependent.

4 0

3 years ago

The Dougherty Furniture Company manufactures tables. In March, the two production departments had budgeted allocation bases of 4

Bezzdna [24]

Answer:

a. Manufacturing overhead rate - Department 100 = $57,500 / 4,000 hours = $14.375 per machine hours

Manufacturing overhead rate - Department 200 = $62,500/8,000 hours = $7.8125 per machine hours

b. Journal Entries

S/N Account Titles Debit Credit

1 Inventory - Raw material $110,000

Account Payable $110,000

2 Work in process $32,500

Manufacturing overhead $7,500

Inventory - Raw materials $40,000

3 Work in process $52,500

Manufacturing overhead $11,000

Materials control $63,500

4 Manufacturing overhead $17,250

Leasehold payable $16,250

Utilities payable $1,000

5. WIP Control (14,375*800) $11,500

Manufacturing overhead allocation $11,500

c. Particulars Dep 100 Dep 200 Total

Direct materials $32,500 $13,500 $46,000

Direct labour $52,500 $13,500 $106,000

Manufacturing overhead $35,750 $18,750 $54,500

(11,000+7,500+16,250+1,000

+9,000+4,750+3,750+1,250)

Total Cost of Job A $120,750 $85,750 $206,500

7 0

3 years ago