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3 years ago

2018

Business

1 answer:

Juliette [100K]3 years ago

5 0

Answer:

Feb 6

Dr Account receivable $97,000

Cr Sales revenue $97,000

Jul 1

Dr Notes receivable $18,000

Cr Cash $18,000

Dec 31

Dr Interest receivable $630

Cr Interest revenue $630

July 1

Dr Cash $19,260

Cr Notes receivable $18,000

Cr Interest receivable $630

Cr Interest revenue $630

(To record collection)

Explanation:

Preparation of the journal entries

Feb 6

Dr Account receivable $97,000

Cr Sales revenue $97,000

(To credit sales)

Jul 1

Dr Notes receivable $18,000

Cr Cash $18,000

(To record loan given)

Dec 31

Dr Interest receivable ($18000*7%*6/12) $630

Cr Interest revenue $630

(To record accrued interest)

July 1

Dr Cash $19,260

($18,000+$630+630)

Cr Notes receivable $18,000

Cr Interest receivable $630

Cr Interest revenue $630

(To record collection)

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Economists argue that the pace of economic growth: Determines the size of the population of a nation over the long term. Determi

hammer [34]

Answer: Determines the standard of life of a nation over the long term.

Explanation:

Economists believe that the economic growth of a country determines the standard of living of its people over the long term which is why measures such as GDP per capita exist.

They argue that if the economy is growing, more wealth will be created for citizens to access and the higher production of goods and services will give citizens more choice on what to buy to be able to improve their standard of living.

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3 years ago

Hale Company sells merchandise on account for $1,000 to Long Company with credit terms of 2/10, n/30. Long Company returns $200

Vladimir79 [104]

Answer:

Amount of Check = $784

so correct option is a. $784

Explanation:

given data

Merchandise on account = $1,000

Long Company returns = $200

credit terms = 2/10

n/30

to find out

What is the amount of the check

solution

we know here that Total Merchandise will be

Total Merchandise = Merchandise on account - returns ....................1

Total Merchandise = $1000 - $200

Total Merchandise = $800

and

discount will be here

Discount = 0.02 × 800

returns = $16

Amount of Check will be as

Amount of Check = Total Merchandise - Discount ...................2

put here value

Amount of Check = Total Merchandise - Discount

Amount of Check = $800 - $16

Amount of Check = $784

so correct option is a. $784

7 0

3 years ago

A bond has a face value of $1,000, a coupon of 4% paid annually, a maturity of 30 years, and a yield to maturity of 7%. What rat

Lelechka [254]

Answer:

-11.8%

Explanation:

the key to answer this question is to remember that valuation of a bond depends basically of calculating the present value of a series of cash flows, so let´s think about a bond as if you were a lender so you will get interest by the money you lend (coupon) and at the end of n years you will get back the money you lend at the beginnin (principal), so applying math we have the bond value given by:

$price=\frac{principal*coupon}{(1+i)^{1} }+ \frac{principal*coupon}{(1+i)^{2} } \frac{principal*coupon}{(1+i)^{3} }+...+\frac{principal+principal*coupon}{(1+i)^{n} }$

so in this particular case that one year later there are 29 years to maturity so we have:

$price=\frac{1,000*0.04}{(1+0.08)^{1} }+ \frac{1,000*0.04}{(1+0.08)^{2} } \frac{1000*0.04}{(1+0.08)^{3} }+...+\frac{1,000+1,000*0.04}{(1+0.08)^{30} }$

$price=553.6638$

so as we have a higher rate the investment has the next return:

$return=\frac{553.66}{627.73} -1$

$return=-11.8\%$

4 0

3 years ago

Russell Co. reports sales revenue of $30,600 and interest revenue of $5,600. Its comparative balance sheet shows that accounts r

Goryan [66]

Answer:

Cash provided by operating activities $39,650

Explanation:

The computation of the cash provided by operating activities under the direct method is as follows:

Sales Revenue $30,600

Decrease in Account Receivable $4,600

Interest Revenue $5,600

Increase in Interest Receivable - $1,150

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We simply applied the above sequence so that the correct value could come

And, the same is to be considered

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3 years ago

Luke Corporation issued at a premium of $5,000 a $100,000 bond issue convertible into 2,000 shares of common stock (par value $2

In-s [12.5K]

Answer:

Face Value of Bonds = $100000

Unamortized Premium = $2000

Conversion of Equity Shares = 2000 * $20 = $40,000

Paid in Capital in Excess of Par = $100000 + $2000 - $40000 = $62000

Journal Entries

Account Title & Explanation Debit Credit

Bond Payable Account $100000

Unamortized Premium $2000

Common Stock $40000

Paid in Capital in Excess of par $62000

(To record conversion of Bonds)

8 0

3 years ago