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astra-53 [7]
3 years ago
5

Garcia Corporation purchased a truck by issuing an $80,000, 4-year, zero-interest-bearing note to Equinox Inc. The market rate o

f interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck
Business
1 answer:
Yuliya22 [10]3 years ago
3 0

Answer: See explanation

Explanation:

The journal entry to record the purchase of the truck will be:

Dr Trucks $54641

Dr Discount on Notes Payable $25359

Cr Notes Payable $80000

Note:

Face value of Note = $80000

× PV factor = 1/1.10⁴ = 0.68301

Present value of Face value of Note = $54641

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should be the letter B. $22,046

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You work for a local convenience store. At the end of 2nd shift, 11PM, any foods in the heated kiosk are to be discarded. Money
Yuliya22 [10]
Well this is a good question I think its not
4 0
3 years ago
A firm has sales of $1.8 million, and 20 percent of the sales are for cash. The year-end accounts receivable balance is $225,000
Juliette [100K]

Answer:

The average collection period is 56.25 days

Explanation:

The average collection period is the number of days' sales in receivables and calculated by using following formula:

The number of days' sales in receivables = 360/Accounts receivable turnover ratio

Accounts Receivable Turnover = Net Credit Sales/Accounts Receivable

Net Credit sales = Total Sales - the sales are for cash = $1,800,000 - 20% x $1,800,000 = $1,440,000

Accounts Receivable Turnover = $1,440,000/$225,000 = 6.4 times

The number of days' sales in receivables = 360/6.4 = 56.25 days

7 0
3 years ago
Ruis Corporation, a publicly held corporation, has thirty-five members on its board of directors. In order to conduct business e
Oliga [24]

Answer:

illegal

Explanation:

According to my research on the rules or regulations that a corporation must follow, it can be said that based on the information provided within the question what was done is illegal. Based on the Sarbanes-Oxley Act every entity titled as a corporation is required by law to have an audit committee. Since one was not created for the Ruis Corporation it is technically an illegal corporation.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

6 0
3 years ago
Once values and ethical standards have been formally adopted, a company must …….. A. require every employee to memorize the comp
grandymaker [24]

Answer:

B. make it unequivocally clear that the company's core values and ethical standards are strictly enforced cultural norms.

Explanation:

Once values and ethical standards have been formally adopted, a company must make it unequivocally clear that the company's core values and ethical standards are strictly enforced cultural norms.

This ultimately implies that, when an organization has developed its policy which normally connotes its values and ethical standards, it is very important and essential that it communicates succinctly to its employees they must abide by this policy and must be strongly adopted and adhered to by them.

7 0
3 years ago
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