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
Aleks04 [339]
3 years ago
7

On November 1, 2021, New Morning Bakery signed a $207,000, 6%, six-month note payable with the amount borrowed plus accrued inte

rest due six months later on May 1, 2022. New Morning Bakery records the appropriate adjusting entry for the note on December 31, 2021. What amount of cash will be needed to pay back the note payable plus any accrued interest on May 1, 2022? (Do not round your intermediate calculations.)
a) $208,035.
b) $212,175.
c) $207,000.
d) $213,210.
Business
1 answer:
Gnesinka [82]3 years ago
8 0
The right answer is B 212,175.
You might be interested in
Rebel Technology maintains its records using cash-basis accounting. During the year, the company received cash from customers, $
Elden [556K]

Answer:

The cash-basis net income and accrual-basis net income for the year is $19,500 and $22,800 respectively.

Explanation:

The computation is shown below:

1. Net income under cash basis:

= Received cash from customers - paid cash for salaries

= $43,000 - $23,500

= $19,500

2. Net income under accrual basis:

= Cash received - salary paid

where,

Cash received = Cash owed at the end of the year + cash received - cash owed at the beginning of the year

= $6,600 + $43,000 - $1,000

= $48,600

And, the salary paid = salary owed at the end of the year + salary paid - salary owed at the beginning of the year

= $5,600 + $23,500 - $3,300

= $25,800

Now put these values to the above formula  

So, the value would equal to

= $48,600 - $25,800

= $22,800

3 0
3 years ago
The quantity supplied: is the amount that buyers are willing and able to buy at a particular price. shows how much sellers are w
asambeis [7]

Answer:

is the amount that sellers are willing and able to sell at a particular price.

Explanation:

Quantity supplied refers to the amount of goods sold or supplied at a particular price by the sellers in the market. According to the law of supply, there is a positive relationship between the price of the commodity and the quantity supplied of that commodity.

This indicates that an increase in the price of the commodity will lead to increase the quantity supply of the commodity and a decrease in the price of the commodity will lead to decrease the quantity supplied of the commodity.

7 0
3 years ago
Fitzgerald Supermarkets (FS) operates at capacity and decides to apply ABC analysis to three product lines: baked goods, milk an
Alex777 [14]

Answer:(1) Baked Goods profit $6,700, Milk and Fruit juice profit $200, Frozen Products profit $8,900 (2) Baked Goods profit $160, Milk and Fruit juice profit $2,870, Frozen Products Profit $12,860. (3) it provide insight to FS managers that Frozen Products is the most profitable among the three product lines.

Explanation:

(1) Baked Goods. Milk and Fruit juice. Frozen Products

$ $ $

Revenue. 60,000. 66,500. 50,500

Less : Cost of good sold 41,000. 51,000. 32,000

------------- -------------- ---------------

Gross Margin. 19,000. 15,500. 18,500

Less: Store Support. 12,300. 15,300. 9,600

----------- ------------ -------------

Profit. 6,700. 200. 8,900

------------- --------------- ----------------'

(2)

Baked Goods. Milk and Fruit juice. Frozen Products

$ $ $

Revenue. 60,000. 66,500. 50,500

Less Cost of good sold 41,000. 51,000. 32,000

------------- ---------------- -----------

Contribution. 19,000. 15,500. 18,500

Less Overhead

Ordering cost. 4,180. 2,280. 1,,330

Delivery&Receipt. 9,120. 4,560. 2,736

Shelf Stocking. 3,230. 2,850. 380

Customer Support & Assistant 2,310. 3,030. 1,194

------------ -------------- ------------

Profit. 160. 2,870. 12,860

------------------ ----------------- ---------------

(3) The new insight to FS managers is that Frozen Products is the most profitable among the three products lines

Workings

Ordering cost ($95 × 44) = 4,180 ($95 × 24) = 2,280 ($95 × 14) = 1,330

Delivery &Receipt ($76 × 120) = 9,120 ($76 × 60) = 4,560 ($76 × 36) = 2,736

Shelf Stocking ($19 × 170) = 3,230 ($19 × 150) = 2,850 ( $19 × 20) = 380

Customer Support &Assistant ($0.15 × 15,400) = 2,310 ($0.15 × 20,200) = 3,030 ($0.15 × 7,960)= 1,194

7 0
3 years ago
On September 30, Year 1, Payne, Inc. exchanged some of its shares for all of the common stock of Salem, Inc. in a business combi
MrRissso [65]

Answer:

Payne should exclude Salem's January 1, Year 1, Retained Earnings and income for January 1 to September 30 from consolidated Retained Earnings and consolidated income

Explanation:

The Retained Earnings of Salem on January 1, Year 1 and and its income during the period between January 1 and September 30 would not be included in the Year 1  consolidated financial statements.

The reason is that The Retained Earnings of Salem on January 1, Year 1 and and its income during the period between January 1 and September 30 are part of the equity of the shareholders that that Payne acquired on September 30, Year 1. They would then be eliminated in the eliminating entry of the consolidating investment.

6 0
3 years ago
During the year, Eleanor earns $120,000 in wages as an employee of an accounting firm. She also earns $30,000 in gross income fr
madam [21]

Answer:

Self employment tax will be $24000

So option (e) will be correct option

Explanation:

We have given that earning from outside consulting service = $30000

Deductible amount paid in connection with consulting service = $6000

We have to find the self employment tax

Self employment tax is the difference of earning from outside source and deductible amount

So self employment tax = $30000 - $6000 = $24000

So option (e) will be correct option

5 0
3 years ago
Other questions:
  • Explain how petrocalpetrocal did not achieve its target market share in the total gasoline market but still exceeded its financi
    15·1 answer
  • 1 Select the correct answer. Steven is an HR manager in a large company. After several interview rounds, he has selected a candi
    6·1 answer
  • Megan, an agent for a department store, orders one hundred dresses from Sal’s Clothing Shop for the Spring Blossom Sale. There i
    12·1 answer
  • Makes our arms, legs, and head move
    13·2 answers
  • At many amusement parks, customers who enter the park after 4 p.m. receive a steep discount on the price they pay. This is a typ
    15·1 answer
  • A $7,500 face value, 20-year bond has a nominal annual coupon rate of 7.4%, paid semiannually. The yield to maturity is 5.3% con
    12·1 answer
  • Which of the following should you NOT do when collecting and evaluating data on your market?
    13·1 answer
  • sam manages a fast-food restaurant. he is frustrated because employees often call in sick at the last minute before the start of
    5·1 answer
  • what is the bank discount rate on a $100,000 face value t-bill priced at $97,500, maturing in 181 days?
    12·1 answer
  • hard hat company is in the process of purchasing several large pieces of equipment from machine corporation. several financing a
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!