All categories

2 years ago

2018

Business

1 answer:

Juliette [100K]2 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)

You might be interested in

The notes to a recent annual report from Weebok Corporation indicated that the company acquired another company, Sport Shoes, In

ikadub [295]

Answer: $230,500

Explanation:

Goodwill is the amount over the value of a company that is purchased for.

Fair market value is the relevant value used in goodwill calculation because it represents the current value of the assets acquired.

Goodwill = Acquisition price - Fair market values of the assets

= 511,000 - 35,000 - 183,000 - 46,500 - 16,000

= $230,500

8 0

3 years ago

A winning strategy is one that results in a company becoming the dominant industry leader. fits the company's internal and exter

Anastasy [175]

Answer:

The options are not properly aligned.Find the same question with proper alignment in the attached.

A winning strategy fits the company's internal and external situation, builds sustainable competitive advantage, and improves company performance.

Explanation:

For a strategy to be tagged a winning one,it must carefully take into the consideration the internal and external environments that the business operates in,such that internal strengths and weaknesses can be discovered as well as external opportunities and threats.

In addition, it must also consider the capabilities ans skills peculiar to the business that are difficult to imitate by others, in essence competitive advantage.

Above all, the strategy must positively impact the bottom-line,in that the business records positive strong performances period after period.

Download xlsx

4 0

3 years ago

In a business combination in which an acquiring company purchases 100% of the outstanding common stock of another company, if th

spin [16.1K]

Answer:

It will be reported as gain.

Explanation:

If the fair value of the net identifiable assets acquired exceeds the fair value of the consideration given (purchase cost) will be a <u>negative goodwill.</u>

It will be due to <em>"bargain purchase"</em> and the accounting records the "negative goodwill" as a gain in the income statment

4 0

3 years ago

On January 1, Year 1, Alla Co. sold a property to Mish Co. for $400,000 and simultaneously leased it back for 3 years. The carry

vichka [17]

Answer: $30,000

Explanation:

In accounting, the treatment of the Sale and Operating Leaseback operation is such that a gain is only recognized if the sales price is more than the fair value. In such a case the difference between the fair value and the carrying price is considered the Gain on Sale.

The Difference between the sales price and the fair value is to be amortized over the period of use.

Seeing as the selling price is more than the fair value, the Gain on Sale is therefore,

= Fair Value - Carrying Value

= 310,000 - 280,000

= $30,000

$30,000 is the amount of gain on sale of the property recognized by Alla on January 1, Year 1.

7 0

3 years ago

_________ involves reviewing the project charter, requirements documents, and organizational process assets to create a scope st

Shalnov [3]

Answer:

The correct answer is B

Explanation:

Defining the scope means all the work which is required to be completed in order to accomplish the objectives or goals of the project. In short, it comprise of the procedure of documenting, reviewing and the identifying the particular goals of the project, tasks, timeline dates, outcomes and costs to the objective of the project.

Therefore, the defining scope comprise of the process of organizational, reviewing the project charter and documents in order to establish the scope statement adding information as the requirements are developed.

7 0

3 years ago