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maxonik [38]
3 years ago
12

Ivor borrowed $420,000 from Lear Bank. At Lear's request, Ivor entered into an agreement with Ash, Kane, and Queen for them to a

ct as co-sureties on the loan. The agreement between Ivor and the co-sureties provided that the maximum liability of each co-surety was: Ash, $84,000; Kane, $126,000; and Queen, $210,000. After making several payments, Ivor defaulted on the loan. The balance was $280,000. If Queen pays $210,000 and Ivor subsequently pays $70,000, what amounts may Queen recover from Ash and Kane?
Business
1 answer:
I am Lyosha [343]3 years ago
6 0

Answer:

what amounts may Queen recover from Ash and Kane?

Ash   56000

Kane 84000

Explanation:

Ivor Borrowed 420000  

 

Ash 84000 20,00%

Kane  126000 30,00%

Queen 210000 50,00%

420000  

 

Ash 56000 40,00%

Kane 84000 60,00%

Queen 210000  

Ivor 70000  

280000  

140000  

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Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list
arlik [135]

Answer:

November 17

Trade Receivable-Thomas Company  $56,250 (debit)

Revenue  $56,250 (credit)

November 26

Cash $55,125 (debit)

Discount Allowed $1,125 (debit)

Trade Receivable-Thomas Company  $56,250 (credit)

Explanation:

November 17

Recognize Revenue and Recognize an Asset : Trade Receivable

Trade Receivable-Thomas Company  $56,250 (debit)

Revenue  $56,250 (credit)

Revenue Calculation = 100 units × $760 × 75% = $56,250

November 26

The payment date is within the cash discount period in terms of credit sale. Hence Thomas Company is granted cash discount of 2% (2/10, n/30).

Cash $55,125 (debit)

Discount Allowed $1,125 (debit)

Trade Receivable-Thomas Company  $56,250 (credit)

5 0
3 years ago
Equity method journal entries (price greater than book value) An investor purchases a 25% interest in an investee company, and t
Crazy boy [7]

Answer:

See answer an explanation below.

Explanation:

The journal entries will look as follows:

<u>General Journal </u>

<u>Description                                          Debit ($)             Credit ($)          </u>

Equity investment                               145,000

Cash                                                                                  145,000

<em><u>(To record purchase of investment.)                                                      </u></em>

Cash                                                      25,000

Income from equity investment (w.1)                              25,000

<em><u>(To record equity income.)                                                                       </u></em>

Cash                                                     20,000

Equity investment                                                            20,000

<u><em>(To record receipt of cash dividend.)                                                      </em></u>

Income from equity investment           2,000

Equity investment (w.2)                                                     2,000

<em><u>(To record patent amortization expense.)                                             </u></em>

Cash                                                   180,000

Gain on sale of equity invest. (w.4)                                 32,000

Equity investment (w.3)                                                  148,000

<u><em>(To record sale of investment.)                                                              </em></u>

Workings

w.1: Income from equity investment = Investee's net income * Percentage of interest = $100,000 * 25% = $25,000

w.2: Equity investment = (Patent value / Remaining useful life) * Percentage of interest = ($80,000 / 10) * 25% = $8,000 * 25% = $2,000

w.3: Equity investment = $145,000 + $25,000 - $20,000 - $2,000 = $148,000

w.4: Gain on sale of equity investment = Sales proceed - w.3 = $180,000 - $148,000 = $32,000

4 0
2 years ago
The _____ frame of an organization focuses on providing harmony between the needs of the organization and the needs of people.
earnstyle [38]

Answer:

The correct answer is: human resources.

Explanation:

The Human Resources (<em>HR</em>) department is in charge of recruiting and selecting new personnel with the characteristics and profile the organization is looking for. Besides, the HR role is to provide employees the sources necessary so they can perform their duties in a proper environment within the firm.

3 0
3 years ago
I’ll give 20 points to the best answer !!!
elena-14-01-66 [18.8K]

Answer:

The answer is "Slide Master View"

Explanation:

Slide Master Look is indeed the name of this feature. This can help you keep track of all the presentations you've created and change those ones that require work or even more information. The additional feature is the ability to change the presentation's actual picture, as it may be extended to all slides. Slide master view also allows you to change the text format & placeholders.

7 0
3 years ago
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:
stiv31 [10]

Answer:

a) Determination of the amount of the amortization, depletion, or impairment for the current year for each item:

   Item                 Impairment   Amortization    Depletion

                             Expense         Expense          Expense

a. Timber rights                                                  $304,000

b. Goodwill        $ 1,110,000

c. Patent                                     $456,000

b) Adjusting Journal Entries:

Date       Account Titles                                   Debit         Credit

Dec. 31   Depletion Expense -Timber rights  $304,000

              Accumulated Depreciation - Timber rights     $304,000

To record the depletion expense for Timber rights.

Dec. 31   Goodwill Impairment Loss             $1,110,000

              Accumulated Goodwill Impairment                $1,110,000

To record the impairment loss for Goodwill

Dec. 31   Amortization Expense - Patent     $456,000

              Accumulated Amortization - Patent                 $456,000

To record the amortization expense for Patent.

Explanation:

a) Data and Calculations:

February 22, Purchase of Timber rights $1,140,000

Estimated stand of timber = 6,000,000

Used board feet of timber = 1,600,000

Units of product Depletion

= $1,140,000/6,000,000 * 1,600,000

= $304,000

December 31, Goodwill impairment

= $1,110,000

April 3 Patent:

Cost incurred $9,120,000

Amortization per annum = $608,000 ($9,120,000/15)

Amortization for the current year = $456,000 ($608,000 * 3/4)

8 0
2 years ago
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