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ad-work [718]
3 years ago
13

Zenephia Corp. accepted a 9-month note receivable from a customer on October 1, 2019. If Zenephia has an accounting period which

ends on December 31, 2019, when would it most likely recognize interest income from the note?A) December 31,2019, and june 30,2020B) October 1,2019C) December 31,2019,onlyD) June 30,2020,only
Business
1 answer:
salantis [7]3 years ago
4 0

Answer:

A) December 31,2019, and june 30,2020

Explanation:

According to accrual the income that is realized and expenses that are accrued must be recorded. Matching concept requires that the income should be recorded in the same period in which the expenses against it incurred and recorded.

First an adjusting entry will be recorded on the year end December 31,2019 to recognize the interest income of 3 months from October to December 2019. In next period at the time of Note maturity the remaining income of 6 months from January 1, to June 30,2020.

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nonprogrammed decision

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Nonprogrammed decision refers to a form of decision that is made based on new circumstances that never really happened in the past. Typically This type of decision happen when there is an external factor that mess up without initial plan.

In the example above, Ocelot need to consider their decision due to unexpected large expenses. This unexpected situation will force ocelot to explore a new solution that they never encountered before.

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3 years ago
A client sks his accountant to ignore a mistake which overstated the accounts receivable account. The accountant decides that th
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3 years ago
Department E had 4,000 units in Work in Process, that were 40% completed at the beginning of the period, at a cost of $12,500. 1
garri49 [273]

Answer:

Total equivalent units= 17,250 units

Explanation:

<em>Under the weighted average method of valuation, to account for completed units, it is assumed that the entire degree of work required to a complete a set of work is done in the period under consideration.So there is no separation of the completed units into opening inventory and fully worked. </em>

Equivalent units = Degree of completion× units of inventory

Item                           units                                        Equivalent unit

Completed                 15,000           100%× 15,000 =  15,000

Closing inventory        3,000            75%× 3,000 =     <u>2,250 </u>

Total equivalent units                                                   <u>  17,250</u>

Total equivalent units= 17,250 units

5 0
3 years ago
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