1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ElenaW [278]
3 years ago
7

Lundquist Company received a 60-day, 9% note for $28,000, dated July 23, from a customer on account. Required: a. Determine the

due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
Business
2 answers:
Alex3 years ago
6 0

Answer:

a. Sep 10

b. $21,823

c. $21,500

Explanation:

a) Due date of the note

July 13 to 31 = 19 days

Aug 1 to 31 = 31 days

Sep 1 to Sep 10 = 10 days

due date is Sep 10

b) Maturity value of the note

$ 21500 + $ 21500*9%*60/360

= $ 21823

c) Journal entry

Cash debit $ 21823

interest recieved credit $323

Notes Receivable credit $ 21500

Gemiola [76]3 years ago
5 0

Answer:

A. SEPTEMBER 10

B.$28,420

C.Dr Cash $28,420.00

Cr Notes Receivable $28,000

Cr Interest Revenue $420.00

Explanation:

A.

September 10

B.

[$28,000 + ($28,000x 9% x 60 ÷ 360)

$28,000+$420

=$28,420

C.

Sept 10

Dr Cash $28,420.00

Cr Notes Receivable $28,000

Cr Interest Revenue $420.00

You might be interested in
Distinguish between private and public company???​
Mashutka [201]

Answer:

-Private company has mininmum 1 and maximum 101 member.

Public company has minimum 7 member and maximum is bounded by its share capital.

-Private company is smaller than the public companies by the no.of capital.

Public company is larger than private company and spread in different place.

-Private company uses the term Private limited after its name.

Public company uses the term Limited after its name.

-Examples of Private company are: Asmita Book Publication Pvt.ltd and Karunanidhi Education Foundation Pvt.ltd

Examples of Public company are:Nepal oil corporation and Nepal electricity Authority.

5 0
2 years ago
Read 2 more answers
Which of the following statements is true about pension funds?
KATRIN_1 [288]

C) They are income distributed only to retirees who have worked a certain amount of years. A pension plan provides for future retirement income based on the employee's earnings and length of service with the company. This type of pension plan is termed as a defined benefit plan.

8 0
3 years ago
Read 2 more answers
The wireone company manufactures high-quality coated electrical wire in two departments, weaving and coating. materials are intr
storchak [24]
<h2><u>Answer:</u></h2>

Equal Units; Assigning Costs—Weighted-Average Method [LO2, LO3, LO4, LO5] The WireOne Company makes high caliber covered electrical wire in two offices, Weaving and Coating. Materials are presented at different focuses amid work in the Weaving Department.

After the weaving is finished, the materials are moved into the Coating Department, where strength plastic covering is connected. Chosen information identifying with the Weaving Department amid May are given underneath:

The organization utilizes the weighted-normal strategy. Required: 1. Figure the proportional units of creation. 2. Register the expenses per proportional unit for May. 3. Decide the expense of completion work in procedure stock and of the units exchanged to the Coating Department. 4. Set up a cost compromise between the costs decided in (3) above and the expense of starting stock and expenses included amid the period.

6 0
3 years ago
I'll give brainliest!!! Which descriptions offer examples of Governance workers? Check all that apply.
Vlad1618 [11]

Answer:

A, B, and E

Explanation:

3 0
3 years ago
Read 2 more answers
Kate is a florist. Kate can arrange 20 bouquets per day. She is considering hiring her husband William to work for her. Together
Andrew [12]

Answer:

(d) 15 bouquets

Explanation:

it is given that kate alone can arrange 20 bouquets per day

and it is also given that when Kate and his husband William work together then they arrange 35 bouquets

we have to find the William marginal product

if both together arrange 35 bouquets and Kate alone arrange 20 bouquets it means that 35-20=15 bouquets are arranged by William alone

so the marginal product of William is 35-20=15 so the option will be the correct answer

6 0
3 years ago
Other questions:
  • What is the importance of the variation in statistics?
    12·1 answer
  • Whats the difference between the salary and hourly calculator? pleaseeee helpp
    5·1 answer
  • Consumer’s expectations of doing new things with varied kinds of information in ways that create value have resulted in the emer
    10·1 answer
  • Provide an example of two companies that have built in effective co-opetition. Briefly explain the benefit of the relationship d
    11·1 answer
  • A measure of risk-adjusted performance that is often used is the Sharpe ratio. The Sharpe ratio is calculated as the risk premiu
    15·1 answer
  • When a user is entering data on a form, they would use which view?
    12·1 answer
  • Given the following financial structure for Company S for all of 2016:
    11·1 answer
  • rialto company collected $5,000 on account. what impact will this transaction have on the firm's current ratio
    7·1 answer
  • A company invests $40,000 in a project with the following net cash flows: Year 1: $3,000 Year 2: $8,000 Year 3: $14,000 Year 4:
    7·1 answer
  • Practicing smiling and shaking hands with friends and family can help to ease your nerves before an interview or first meeting w
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!