Answer:
B. Notes Receivable.
Explanation:
Since the company is signed an agreement for lending out of its customers for $200,000 that could be repaid in one year at 5% interest so it is not revenue not note payable and also not account receivable
Therefore it is a note receivable
Hence, the option b is correct
and, the same is to be considered and relevant
You can use excel to create one
Answer:
Ernst Consulting
Balance Sheet
For the Month Ended October 31, 202x
Assets:
Cash $12,650
Accounts receivable $12,800
Office supplies $2,850
Office equipment $17,530
Land $45,940
Total assets $91,770
Liabilities and stockholders' equity:
Accounts payable $8,110
Common Stock $83,540
Retained earnings $120
Total liabilities and stockholders' equity $91,770
Explanation:
I ordered the accounts and included a couple that were missing:
- Cash 12,650
- Accounts receivable 12,800
- Consulting revenue 12,800
- office supplies 2,850
- Land 45,940
- office equipment 17,530
- Accounts payable 8,110
- Cash dividends 1,570
- Common Stock 83,540
- Rent expense 3,110
- Salaries expense 6,490
- Telephone expense 850
- Miscellaneous expenses 660
First we need to determine net profit for the month:
Consulting revenue 12,800
Salaries expense -6,490
Rent expense -3,110
Telephone expense -850
Miscellaneous expenses -660
net profit = $1,690
retained earnings = net profit - dividends distributed = $1,690 - $1,570 = $120
Answer:
C) 1.6
Explanation:
The real exchange rate is calculated by multiplying the nominal exchange rate by the price level of the countries:
nominal exchange rate = 2 US dollars per British pound = $2/£
real exchange rate = $2/£ x (US price level / British price level) = $2/£ x 0.8 = $1.6/£
Answer:
Option (a) is correct.
Explanation:
Given that,
Sales = $700,000
Beginning total assets = $240,000
Ending total assets = $280,000
The asset turnover ratio refers to the ratio of sales to the average total assets.
Average total assets:
= (Beginning total assets + Ending total assets) ÷ 2
= ($240,000 + $280,000) ÷ 2
= $260,000
Therefore, the asset turnover ratio is as follows:
= Sales ÷ Average total assets
= $700,000 ÷ $260,000
= 2.69
