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Vlada [557]
3 years ago
11

Pina Colada Corp. lends Sheffield industries $56400 on August 1, 2022, accepting a 9-month, 6% interest note. If Pina Colada Cor

p. prepares its financial statements as of December 31, 2022, what adjusting entry must it make?
Business
1 answer:
SOVA2 [1]3 years ago
3 0

Answer:

31 December 2022    Interest Receivable     $1410 Dr

                                        Interest Revenue          $1410 Cr

Explanation:

The adjusting entry made on 31 December will record the interest revenue that relates to this year from August to December following the accrual principle. The interest revenue for these 5 months is 56400 * 0.06 * 5/12 = $ 1410

The interest is not received now as it will be received on note's maturity. Thus, we will debit the interest receivable account which is an asset.

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A company has the following selected account balances: Sales $ 250,000 Sales Discounts 1,500 Sales Returns and Allowances 2,300
Ulleksa [173]

Answer:

$121,200

Explanation:

Calculation to determine the gross profit that would appear on a multiple-step income statement

First step is to determine the Net sales

Sales $ 250,000

Less Sales Discounts ($1,500)

Less Sales Returns and Allowances ($2,300 )

Net sales $246,200

Now let determine the Gross profit using this formula

Gross profit=Net sales-Cost of Goods Sold

Let plug in the formula

Gross profit=$246,200-$125,000

Gross profit=$121,200

Therefore the gross profit that would appear on a multiple-step income statement is $121,200

8 0
3 years ago
After the civil war, what became the major form of business organization because of its ability to raise money through the sale
Illusion [34]
After the civil war, CORPORATION became the major form of business organization because of its ability to raise money through the sale of shares of stock. A corporation is a type of business that is owned by stockholders who share its profits but are not personally responsible for its debts.
7 0
4 years ago
Which of the following is a nonmanufacturing business where process costing would most likely be used? An auto body shop. A furn
solmaris [256]

All of them are the non-manufacturing business where process costing would most likely be used.

Explanation:

  • All are non-manufacturing business which are as follows,
  • An auto body shop.
  • A furniture repair shop.
  • A laboratory that tests water samples for lead A tailoring shop.
  • A beauty shop.
  • Non-manufacturing business costs refers to those business where it is incurred outside the factory or production unit
  • Non-manufacturing costs includes,
  • selling expenses
  • general expenses
  • Selling Expenses
  • It is also called as selling and distribution expenses.
  • Non-manufacturing expenses have no impact on the production cost of the company due to their period costs.
7 0
4 years ago
Is it wise for a firm to employ a worker at $20 per hour when another worker does the same job for $10 per hour? It would be a r
grandymaker [24]
The right answer for the question that is being asked and shown above is that: "The government will pay firms to give some workers extra pay to increase the total economy." <span>Is it wise for a firm to employ a worker at $20 per hour when another worker does the same job for $10 per hour? </span>
6 0
3 years ago
Quien es el equipo con más champions​
Black_prince [1.1K]

Responder:

Real Madrid

Explicación:

El Real Madrid ha ganado la Liga de Campeones un récord asombroso 13 veces. (Todo lo que hice fue buscar en Google "quién es el equipo con más campeones" y eso es lo que obtuve) Espero que esto ayude.

6 0
3 years ago
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