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3 years ago

Juniper Bush Farm has a December 31 fiscal year end. The company has six notes payable

1 answer:

4 0

Juniper Bush Farm has a December 31 fiscal year end. The company has six notes payable
outstanding on December 31, 2014, as follows:
i. A nine-month, 5%, $25,000 note payable issued on July 1, 2014. Interest is payable
monthly on the first day of each month starting on August 1.
ii. A six-month, 4%, $10,000 note payable issued on September 1, 2014. Interest and
principal are payable at maturity.
iii. A seven-month, 4.5%, $40,000 note payable issued on November 1, 2014. Interest and
principal are payable at maturity.

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The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2016, trial

dlinn [17]

Answer:

purchase of supplies 5,600

insurance expense 2,300 debit

prepaid insurance 2,300 credit

Explanation:

(1) What was the cost of supplies purchased during December?

invneotry identity:

beginning supplies + purchase = ending supplies + expense

the left side are the input. The supplies could come from previous prior or be pruchase.

The right side the outputit could be consumer or kept at stock

3,100 + p = 4,600 + 3,600

purchase = 4,600 + 3,600 - 3,100 = 5,100

(2) What was the adjusting entry recorded at the end of December for prepaid insurance?

beginning insurance 7,600

ending insurance (5,300)

adjustment: 2,300

there was insurance expired for the value of 2,300

6 0

3 years ago

Which career professionals would typically work in their own private office?

frosja888 [35]

Its actually <em><u>A) Office Managers and Human Resource workers</u></em>

6 0

3 years ago

Read 2 more answers

Satellite Systems modified its model Z2 satellite to incorporate a new communication device. The company made the following expe

Korvikt [17]

Answer:

1 - Amount to be capitalized as patent is $118,000

2 - Amount to be reported as research and development expense is $6,060,000

Explanation:

1. - Amount to be capitalized as patent is $118,000

Legal fees for patent application -------------------------$79,000

Legal fees for successful defense of new patent -- $39,000

Total ---------------------------------------------------------------- $118,000

2. - Amount to be reported as research and development expense is $6,060,000

Basic research to develop the technology ---- $3,900,000

Engineering design work ---------------------------- $1,180,000

Development of a prototype ----------------------- $590,000

Testing and modification of the prototype ---- $390,000

Total -------------------------------------------------------- $6,060,000

3 0

4 years ago

Which of the following statements is CORRECT? a. The advantage of the basic earning power ratio (BEP) over the return on total a

leonid [27]

Answer: The advantage of the basic earning power ratio (BEP) over the return on total assets for judging a company's operating efficiency is that the BEP does not reflect the effects of debt and taxes

Explanation:

a. This is correct.

The advantage of basic earning power ratio over the return on the total assets for judging a firm's operating efficiency is that the basic earning power does not reflect effects of debt and taxes.

b. This is incorrect.

Only the price/earnings ratio of the company will tell us nothing about a company. When we compare the price/earnings of a company with the peers, we would know whether such company is under valued, or over valued or maybe fairly valued.

c. This is incorrect.

The total assets is made up of total liabilities plus the shareholders equity, when other things are held constant, less debt simply means less liabilities. To balance both sides, the total assets should reduce as the shareholder's equity is constant. When total assets decreases, the return on the assets will increase.

d. This is incorrect.

We can reach a conclusion on which firm is better managed based on the facts given. The debt ratio is the total liabilities divided by total assets, and a lower ratio is known to be good in comparison to a higher ratio. Similarly, the profit margin is the profit divided by the sales, and low profit margin shows high expenses and also a need for the management to decrease the expense.

3 0

3 years ago

Emily works in an orphanage and strongly believes that what she does is important and adds real values to the lives of others. S

Allushta [10]

Answer: EMPATHY

Explanation: Empathy can be defined as the ability of an individual to understand the feelings of other individuals. It is the capacity of experiencing the difficulties that the others are facing.

In the given case, Emily works in an orphanage and believes what she do is important. Emily understands the feeling of loneliness that those orphan children experiences even though she is not an orphan herself. Hence , we can conclude that she is reflecting empathy.

3 0

4 years ago

Read 2 more answers