Please help me, I suck at this class ToT

Exercise 5-15B Record notes receivable and interest revenue (LO5-7) On March 1, Company A provides legal services to Company B r

Alex787 [66]

Answer:

March 1: Note acceptance

Debit Note receivable $9,100

Credit Accounts receivable $9,100

(To record note receivable from Company B)

Sept 1: Cash collection

Debit Cash $9,100

Credit Note receivable $9,100

(To record cash collection of note receivable)

Debit Cash $364

Credit Interest receivable $364

(To record cash collection of interest receivable on note)

Explanation:

Note is a promissory note with a written promise made by the borrower to the lender (payee) to pay a certain, definite sum at a specified date.

Interest revenue on the note is calculated as: Principal x Interest Rate x Time

The total interest revenue is $9,100 x 8%/12 x 6 months = $364.

Monthly interest revenue is therefore $364 / 6 months = $60.67.

The 6 months is from March 1 to Sept. 1.

On a monthly basis, Company A would accrue for the interest revenue as follows:

Debit Interest receivable $60.67

Credit Interest revenue $60.67

(Interest accrual on notes receivable)

6 0

3 years ago

Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or (c) constraint.

german

Answer and Explanation:

The identification of the following terms as an accounting principle, assumption or constraint is

1 Business entity = Assumption

2. Measurement = Principle

3 Cost-benefit = Constraint

4 Revenue recognition = Principle

In this way the identification of the accounting terms would be done

The same is relevant too

7 0

3 years ago

Mentor Graphics Corporation, a supplier of electronic design automation systems, just announced its second quarter results. Acco

saveliy_v [14]

Answer:

1. Which of the excluded items represent ongoing costs of running the business and which are one-time "special" costs?

it depends on the company and the actual transactions, e.g. equity based compensation might be a one time special cost because it occurred only once and is doubtful that it happens again. But if the company regularly rewards its top managers with this type of compensation, then it is an ongoing cost. E.g. Tesla awarded a HHHHUUUUUUGGGGGGGEEEEEEE bonus to Elon Musk (worth hundreds of millions) but it was a one time event. While many companies use equity compensation on a regular basis.

Severance and related employee "rebalancing" costs generally take place when a company fires a lot of people because it is cutting down some division or product line. Hopefully, they should never happen, and if they do, it should be only a one time event.

Fees paid to consultants and interest expenses are ongoing costs that will probably occur in the future.

Losses related to the abandonment of excess facility space and a facility fire should be one time events. It would be really bad for them to keep happening (same as severance and rebalancing costs)

8 0

3 years ago

________ involves highly trained employees known as Champions, Master Black Belts, Black Belts, and Green Belts.

gizmo_the_mogwai [7]

Champions, Master Black Belts, Black Belts, and Green Belts are highly trained employees required in six sigma.

What is Six sigma?

Six Sigma is a tool of management and procedures aimed at increasing the capabilities of a business process by lowering the risk of error. Six sigma is a data strategy to defect elimination, failure reduction, and enhancement of the profitability that employs a statistical technique.

Six sigma basically works on some main principles which include focusing on the customer as the customer is considered the king of the market. It helps to identify the areas of problems and wastage of resources and helps to improvise them.

It works on the resolution of issues once the issue gets identified in real-time to avoid any differences in the result and eliminates the elements which decrease customer value.

The concept of six sigma is introduced to bring change in the system through innovation and technology.It encourages flexibility in working by efficient techniques and optimum utilization of resources.

Learn more about six sigma, here:

brainly.com/question/16180406

#SPJ1

3 0

2 years ago

Help me, please.

Lena [83]

Answer:

1) Auto loan - a lot of people take auto loans to purchase their dream car although it considered as a bad debt as a car usually is very expensive.

2) potential debt I wouldn't mind getting into would probably be something for myself aka self development. investing in yourself by borrowing for more education or to consolidate debt. it can increase your ability to save for the future, build wealth, etc.

8 0

2 years ago