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3 years ago

Journalize transactions and follow through accounting cycle to preparation of financial statements.

Business

1 answer:

MrRa [10]3 years ago

8 0

Answer:

Salaries expense DR. $1220

Cash Cr. $1220

Cash Dr. $1860

Account receivable Cr. $1860

Cash Dr. $3810

Account receivable Cr. $3810

Purchases Dr. $3900

Cash Cr. $3900

Explanation:

Accounts payable Dr. 2600

Cash Cr. $2600

Rent expense Dr. $450

Cash Cr. $450

Account receivable Dr. $980

Services Cr. 980

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Assume the Residential Division of KappyKappy Faucets had the following results last year: Net sales revenue $16,320,000 Operat

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Answer:

3.20

Explanation:

The computation of the asset turnover ratio is shown below:

Total asset turnover = (Net Sales revenue ÷ Average Total assets)

= ($16,320,000 ÷ $5,100,000)

= 3.20

It shows a ratio between the net sales revenue and the average total assets.

All other information which is given is not relevant. Hence, ignored it

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3 years ago

Choose a well-known company that you know of, and describe its direct and indirect competitors. Describe at least three direct c

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Wal-Mart, direct competitors would be places like Target, K-Mart, and Kohls.

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3 years ago

Nate is a supply-side economist. as such, nate predicts that the deregulation of industries would result in __________

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2 years ago

Tatum Company has four products in its inventory. Information about the December 31, 2021, Inventory is as follows: Product 101

DanielleElmas [232]

Its okay just 19191 + 1020

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3 years ago

Cullumber Co. receives $343,800 when it issues a $343,800, 10%, mortgage note payable to finance the construction of a building

Katyanochek1 [597]

Answer:

See the journal entries below.

Explanation:

The journal entries will look as follows:

Date Description Debit ($) Credit ($)

31 Dec 20 Cash 343,800

Mortgage note payable 343,800

(To record the issue of mortgage note.)

31 Dec 21 Interest expense (w.1) 34,380

Mortgage note payable (w.2) 22,920

Cash 57,300

(To record the first annual installment on Mortgage note.)

31 Dec 22 Interest expense (w.4) 32,088

Mortgage note payable (w.5) 25,212

Cash 57,300

(To record the second annual installment on Mortgage note.)

Workings:

w.1. Interest expense on December 31, 2021 = Mortgage loan amount * Interest rate = $343,800 * 10% = $34,380

w.2. Principal paid on December 31, 2021 = Annual installment payments - Interest expense on December 31, 2021 = $57,300 - $34,380 = $22,920

w.3 Mortgage loan balance on December 31, 2021 = Mortgage loan amount - Principal paid on December 31, 2021 = $343,800 - $22,920 = $320,880

w.4. Interest expense on December 31, 2022 = Mortgage loan balance on December 31, 2021 * Interest rate = $320,880 * 10% = $32,088

w.5. Principal paid on December 31, 2022 = Annual installment payments - Interest expense on December 31, 2022 = $57,300 - $32,088 = $25,212

6 0

3 years ago