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pochemuha
2 years ago
6

On August 1, Sparky assigned $100,000 of the accounts receivable to B Bank and received 90% of the value of the accounts assigne

d less a finance fee of $1,000. B Bank charges 1% per month on the outstanding loan balance. Cash collections from assigned accounts are to be remitted monthly to B Bank to cover both principal and interest payments. During August Sparky collected $30,000 in cash of the accounts receivable assigned and also accepted sales returns of $3,000 from assigned accounts. During September, Sparky collected $50,000 in cash on accounts assigned and, in addition, wrote off $2,000 of assigned accounts receivable as uncollectible. As a result of these transactions, determine the ending balance in the Accounts Receivable Assigned and Note Payable.
Business
1 answer:
ryzh [129]2 years ago
3 0

Answer and Explanation:

The computation of the ending balance in the Accounts Receivable Assigned and Note Payable is shown below:

For account receivable assigned:

Beginning account receivable $100,000

cash collected -$300,000

Sales returns - $3,000

Cash collected during September -$50,000

Uncollectible account receivable -$2,000

Ending balance of the account receivable $15,000

For note payable

Beginning balance (90% of $100,000) $90,000

Interest on the loan (1% of $90,000) $900

Cash paid during the August -$30,000

Beginning balance of September $60,900

Interest paid (1% of $60,900) $609

Cash paid during September -$50,000

Ending balance $11,509

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Colleen Mooney earned a salary of $400 for the last week of September. She will be paid on October 1. The adjusting entry for Co
gayaneshka [121]

Answer:

b. Salaries and Wages Expense 400 Salaries and Wages Payable 400

Explanation:

The expense shall be recognized in the accounts of Colleen's employer at September 30, in respect of the salary earned by Colleen Mooney for the last week of September.

The following adjusting entry shall be recorded in Colleen's employer accounts:

                                                                               Debit                          Credit

Salaries and Wages Expense                               400

Salaries and Wages Payable                                                                   400

Based on above journal entry, the answer shall be b. Salaries and Wages Expense 400 Salaries and Wages Payable 400

3 0
3 years ago
In 3–5 sentences, describe how a consumer can use a cost-benefit analysis to decide between buying a concert ticket or buying a
OverLord2011 [107]
First, a consumer will analyze the cost of the products.

Next, the costumer will analyze the benefit that that products could bring for them. Let's say that both products cost  $ 50. The costumer may think :
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- while the jeans could give me about 3 years and it motivate me to maintain my weight.

After weighing the benefit, the jeans is more favorable to him because it bring more benefit to him than the tickets so he chose to use his money to buy the jeans instead
5 0
3 years ago
Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following:
Anastaziya [24]

Answer and Explanation:

The preparation of  the stockholder equity section is presented below:

Tandy Company

Balance Sheet (Partial)  

Stockholders Equity :  

Contributed Capital :  

Common stock (21,900 shares ×  $6) $131,400

Preferred stock (5,000 shares × $13) $65,000

Additional Paid in Capital - Common stock (21,900 shares ×  $20)  $438,000

Additional Paid in Capital - Preferred stock (5,000 shares × $17) $85,000

Total Contributed Capital $719,400

Add: Retained Earnings $41,600

Total Stockholders Equity $761,000

4 0
3 years ago
Q7. Which of the following is a necessary condition – something that must occur—for nominal GDP to rise? Explain your answers.
shusha [124]

Answer:

Either the price level or real GDP must increase

Explanation:

Gross Domestic Product (GDP) is used to measure the economic growth, purchasing power, and overall economic health of a country. nominal Gross Domestic Product, measures the value of all final goods and services produced within a country’s borders at current market prices. It takes change in prices and interest rates, inflation and money supply into account when calculating a country’s gross domestic product. Real GDP takes nominal GDP and adjusts for inflation or deflation by comparing and converting prices to a base year’s prices. For nominal GDP to rise there must be increase on either the price level or real GDP.

5 0
3 years ago
Tatsuo has just been awarded a four-year scholarship to attend the university of his choice. The scholarship will pay $9,000 eac
a_sh-v [17]

Answer:

Value of scholarship today = $30,484.90

Explanation:

The value of the Scholarship is the present value of the annual payment of $9,000 discounted as the annual interest rate of 7% per annum.

This can be computed using the formula below

Present Value = Annual cash flow ×  (1- (1+r)^(-n)/r)

n -number of years, r-interest rate

rate r- 7%, n=4, Annual  cash flow = 9,000

Present Value = 9,000× (1-1.07^-4)/0.07

                      = 9,000× 3.3872

                      = $30,484.90

Value of scholarship today = $30,484.90

4 0
3 years ago
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