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bija089 [108]
3 years ago
8

g Skysong, Inc. lends Concord industries $40800 on August 1, 2022, accepting a 9-month, 9% interest note. If Skysong, Inc. accru

ed interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date
Business
1 answer:
nirvana33 [79]3 years ago
4 0

Answer:

May 1 2022  Cash                         435540 Dr    

                         Notes Receivable       408000 Cr

                         Interest Revenue          12240 Cr

                        Interest Receivable        15300 Cr

Explanation:

The interest revenue for 5 months was already recorded on 31 december against an interest receivable account that has a balance of 5 months of interest due.

The interest on note for 9 month period is = 408000 * 0.09 * 9/12 = $27540

The 5 month interest recorded on 31 december is 408000 * 0.09 * 5/12 = 15300

Thus, the interest revenue to be recorded on May 1 will be 4 months interest that is 27540 - 15300 = 12240

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4 0
4 years ago
Brooke and Sandy both attend the same college and have the same expenses for tuition, books, and supplies. However, Brooke is a
baherus [9]

Answer: Option (B) is correct.

Explanation:

Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.

If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.

The opportunity cost of attending college for Brooke is the amount that she could earn as an actress i.e. $2 million per year.

The opportunity cost of attending college for Sandy is the amount that he could earn by serving hamburgers i.e. $10,000 a year.

Therefore, opportunity cost of attending college is greater for Brooke than for Sandy.

3 0
4 years ago
To what extent is there anything positive to be said for bureaucratic structures? Select a large-scale organization of your choi
seropon [69]

Answer:

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3 0
2 years ago
An activity-based costing system is developed in four steps: a. Compute the predetermined overhead allocation rate for each acti
Andru [333]
<h3>Hello there!</h3>

Your question asks what order does a activity-based costing system work by.

<h3>Answer: b, c, a, d</h3>

The order:

1. b). Identify activities and estimate their total indirect costs.

2. c). Identify the allocation base for each activity and estimate the total quantity of each allocation base.

3. a). Compute the predetermined overhead allocation rate for each activity.

4. d). Allocate indirect costs to the cost object.

The reason why the answer choice "b, c, a, d" is the correct answer because that's the correct order for the activity-based costing system.

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<h3>I hope this helps!</h3><h3>Best regards,</h3><h3>MasterInvestor</h3>
8 0
3 years ago
The following information relates to Clyde Corporation, which produced and sold 50,000 units during a recent accounting period.
KiRa [710]

Answer:

option $13.30

Explanation:

Data provided in the question:

Units sold = 50,000

Revenue = $850,000

Fixed cost = $210,000

Variable cost = $140,000

Selling and administrative costs:

Fixed = $300,000

Variable = $45,000

Tax rate = 40%

Production and sales for the next accounting period = 40,000

Now,

Total Contribution margin = Revenue - Variable cost

= $850,000 - $140,000 - $45,000

= $665,000

Therefore,

For 40,000 units

Contribution margin per unit

= ( Total contribution margin ) ÷ (Number of units sold )

= $665,000 ÷ 50,000

= $13.30

Note : Contribution margin remains the same in per unit

Hence,

For 40,000 sales the Contribution margin per unit will be option $13.30

3 0
3 years ago
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