1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
OleMash [197]
3 years ago
13

Valley Spa purchased $10,200 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 14% promissory note for $10,200.

If the note is dishonored, but Tubman intends to continue collection efforts, what is the journal entry to record the dishonored note
Business
1 answer:
zavuch27 [327]3 years ago
8 0

Answer:  Debit Accounts Receivable -Valley Spa  of $10,438 Credit interest revenue $238, Credit Notes receivable $10,200

Explanation:

Interest  Revenue =  Principal x Rate X time

$10,200 x 14% x 60/ 360 ( Using 360 days in a year)

$238

Journal to record dishonored note  for Tubman

Accounts titles and explanation           Debit         Credit

Accounts receivable                         $10, 438  

Interest revenue                                                                $238

Notes receivable                                                    $10,200

You might be interested in
John is interested in joining with a large corporation in a cooperative venture to share risks and pool resources for his small
s344n2d4d5 [400]

Answer:

<em><u>An international strategic alliance.</u></em>

Explanation:

An international strategic alliance is characterized by the collaboration of companies based in different countries whose main objective is to share resources and know how for the development of the economic growth strategy.

Companies that establish an alliance remain independent, and can be categorized according to their type of collaborative activity, which may be:

  • franchise,
  • management,
  • licensing,
  • procurement,
  • research and development,
  • marketing, manufacturing (...)

7 0
3 years ago
A system of accounting in which the costs of each process are accumulated separately and then assigned to the units of product t
vova2212 [387]

Answer:

B. Process cost accounting system.

Explanation:

On Process costing the cost added during the month are allocated to the units that passed through the process.

It is use for high volume of homogenueos units, meaning a unit has no diference with another and their cost are the same. This goes with the concept of equivalent units, so the ending inventory can be valuated base on completion.

7 0
3 years ago
On January 1, 2019, Metco Inc. reported 268,000 shares of $5 par value common stock as being issued and outstanding. On March 24
elena55 [62]

Answer:

The number of shares of stock issued in the stock dividend is 5,312.20 shares.

Explanation:

This can be determined as follows:

Number of shares before stock dividend = Number of shares reported on January 1, 2019 - Number of shares purchased for its treasury on March 24, 2019 + Number of treasury shares were sold on August 19, 2019 = 268,000 - 3,000 + 610 = 265,610

Number of dividend shares = Number of shares before stock dividend * Rate of stock dividend issued = 265,610 * 2% = 5,312.20

Therefore, the number of shares of stock issued in the stock dividend is 5,312.20 shares.

7 0
3 years ago
If the marginal propensity to consume (MPC) is 0.75, and if the goal is to increase real GDP by $400 million, then by how much w
mr Goodwill [35]

Answer:

Government spending would have to change by <u>$1.6 billion</u>

Explanation:

The marginal propensity to consume (MPC) refers to the proportion of an increase in aggregate income that is spent on consumption of commodities by a consumer.

Since from the question, we have:

MPC = Marginal propensity to consume = 0.75

The MPC can therefore be used to calculate the fiscal multiplier which measures the effect of government spending on real GDP as follows:

Fiscal multiplier = 1 / (1 - MPC) = 1 / (1 - 0.75) = 1 / 0.25 = 4.0

Therefore, we have:

Change in government spending = Fiscal multiplier * Amount of targeted increase real GDP = 4.0 * $400 million = $1.6 billion

Therefore, government spending would have to change by <u>$1.6 billion</u> to generate $400 million increase in real GDP.

6 0
3 years ago
In a spreadsheet, what is the rectangular space where a row meets a column? A. A formula B. A function C. A calculation D. A cel
Flauer [41]
A function which is be
8 0
3 years ago
Read 2 more answers
Other questions:
  • Schnusenberg Corporation just paid a dividend of D0 = $0.75 per share, and that dividend is expected to grow at a constant rate
    6·1 answer
  • Discuss the reasons why suppliers are sometimes reluctant to share cost information with buyers - particularly during the early
    6·1 answer
  • 3) Drew receives an inheritance that pays him $54,000 every three months for the next two years. Which of the following is close
    6·1 answer
  • Burberry's global marketing strategy of offering "affordable luxury" to customers in the United States, with a value proposition
    7·1 answer
  • If the superior's job with a particular employee during a performance appraisal is simply to sit and listen and then have open d
    15·1 answer
  • An entity should consider the cost of a control in relationship to the risk. Which of the following controls best reflects this
    9·1 answer
  • 3/4 two equipment fractions​
    10·1 answer
  • Agent Daisy agrees to a 5% commission to list a home at $330,000. The property is sold through another cooperating brokerage wit
    11·1 answer
  • What is the difference between feedback and coaching?
    8·1 answer
  • The Beckham Company has the following information about their activity cost pools: Activity Cost Pools Total Overhead Cost Total
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!