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
finlep [7]
3 years ago
12

A business issued a 120-day, 5% note for $84,000 to a creditor on account. Journalize the entries to record (a) the issuance of

the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year.
Business
1 answer:
sveta [45]3 years ago
3 0

Answer:

a. Issuance of note:

Date             Account title                                         Debit                   Credit

XX-XX          Accounts Payable                            $84,000

                    Notes Payable                                                                $84,000

b. The payment of the note at maturity, including interest. Assume a 360-day year.

Interest payment = 84,000 * 5% * 120/360

= $1,400

Date             Account title                                         Debit                   Credit

XX-XX          Note Payable                                    $84,000

                     Interest payable                               $1,400

                     Cash                                                                              $85,400

You might be interested in
If the U.S. dollar appreciates, an MNC's: a. exports denominated in foreign currencies will probably increase. b. U.S. sales wil
Hoochie [10]

Most likely when the U.S. dollar appreciates, the MNC's interest owed on foreign funds borrowed will probably increase.

MNC refers to Multinational corporation .

  • The Multinational corporation are known to borrow from foreign bodies in dollars.

  • Hence, when the dollar appreciates, the amount owed to the foreign bodies will increase consequently.

Therefore, the Option C is correct because the MNC's interest owed on foreign funds borrowed will probably increase when U.S. Dollars appreciates.

Read more about this here

<em>brainly.com/question/14124450</em>

4 0
2 years ago
Suppose the Board of Directors of The Staten Island Suppliers Co. announces on October 4th that the regular quarterly dividend o
kipiarov [429]

Answer:

a. October 4th

b. November 15th 2019

c. November 14th 2019.

d. December 13th, 2019 (Note: This is assumed based on the explanation below as it is not specifically stated in the question).

Explanation:

a. What date is the declaration date?

The declaration date is the date the announcement to pay the next dividend is made by the board of directors of a company. In this case, the declaration date is October 4th, 2019.

b. What date is the holder of record date?

The holder of record date refers to the cut-off date set by a company to ascertain the eligible shareholders that will receive the next dividend payment. In this case, the holder of record date is November 15th 2019.

c. What date is the ex-dividend date?

The ex-dividend date refers to date that a seller of stock is still eligible to receive dividend despite that the stock has already been sold to a by him. This is because it is the person that hold the security on the ex dividend date that will receive the dividend payment not the holder on the payment date. Generally, ex-dividend date is usually one business day before the record date. In this case,he ex-dividend date is November 14th 2019.

d. What date is the payment date?

The payment date refers to the actual day that eligible shareholders are paid the declared dividend by the company. It is usually a few weeks or month after the ex-dividend date. If we assumed to be a month, the payment date would be December 13th, 2019.

6 0
3 years ago
Flawless Cosmetic Company manufactures and distributes several different products. The company currently uses a plantwide alloca
IgorC [24]

Answer:

Option (D) is correct.      

Explanation:

Total Overhead Cost:

= (Overhead × Number of cases) for all products

= (20 × 350) + (25 × 550) + (17 × 650)

= 31,800

Total Machine Hours:

= Machine hours × Number of cases

= (5 × 350) + (3 × 550) + (4 × 650)

= 6,000

Overhead Rate:

= Total Overhead Cost ÷ Total Machine Hours

= 31,800 ÷ 6,000

= 5.30

Total product cost per case for Product GC:

= Direct Material + Direct Labor + Overhead

= 80 + 30 + (Machine hours × Overhead Rate)

= 80 + 30 + (3 × 5.3)

= 80.00 + 30.00 + 15.90

= $125.90

4 0
3 years ago
During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following tr
DanielleElmas [232]

Answer:

Trial Income Statement:

Service revenue         $17,000

Rent expense            ($3,500)

Insurance expense      ($350)

<u>Wages expense       ($10,500)</u>

Net income                $2,650

*We need to adjust other expenses like supplies or utilities. I assumed the salaries paid were for a 10 days period since no one pays salaries in advance.

Trial Balance Sheet

Assets:

Cash $62,200

Supplies $1,000

Prepaid insurance $3,850

<u>Equipment $10,000           </u>

Total Assets $77,050

Liabilities and Equity:

Accounts payable $8,000

Wages payable $7,000

Common Stock $60,000

<u>Retained earnings $2,050               </u>

Total Liabilities and Equity $77,050

Explanation:

July 1

Dr Cash 60,000

    Cr Common stock 60,000 (6,000 stocks $10 par value)

July 3

<u>Rent expense 3,500</u>

    Cr Cash 3,500

July 5

Dr Prepaid insurance 4,200

    Cr Cash 4,200

Adjusting entry July 31

Dr Insurance expense 350

    Cr Prepaid insurance 350

July 7

Dr Supplies 1,000

    Cr Accounts payable 1,000

July 10

Dr Wages expense 3,500

    Cr Cash 3,500

Adjusting entry July 31

Dr Wages expense 7,000 ($3,500 x 2 10 day periods)

    Cr Wages payable 7,000

July 14

Dr Equipment 10,000

    Cr Cash 2,500

    Cr Accounts payable 7,500

July 15

Dr Cash 8,000

    Cr Service revenue 8,000

July 19

Dr Accounts payable 500

    Cr Cash 500

July 31

Dr Cash 9,000

    Cr Service revenue 9,000

Dr Retained earnings 600

    Cr Dividends payable 600

Dr Dividends payable 600

    Cr Cash 600

6 0
2 years ago
Saphire Company budgeted the following production in units for the second quarter of the year:
Ugo [173]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Sales:

April 45,000

May 38,000

June 42,000

Each unit requires one pound of raw material. Saphire's policy is to have 30% of the following month's production needs for materials in inventory.

A) Budgeted production= sales + desired ending inventory - beginning inventory

Budgeted production:

Sales=38,000

Ending inventory= 42,000*0.3= 12,600

Beginning inventory= 38,000*0.3= (11,400)

Total= 39,200

B) Desired beginning inventory= budgeted sales*30%

Beginning inventory= 42,000*0.3= 12,600

6 0
3 years ago
Other questions:
  • Sonny Corporation has a simple capital structure of 100,000 shares of $1 par common stock and 20,000 shares of 5 percent preferr
    5·1 answer
  • The Ascent, a mountain bicycle manufacturer, has been in the bicycle industry for a year now. The CEO wishes to better the compa
    9·1 answer
  • If a foreign country's consumers tend to only purchase products that are produced locally, the least effective strategy for a U.
    7·1 answer
  • The amount of income that would result from an alternative use of cash is called:_______.
    12·1 answer
  • QUESTION 7
    11·1 answer
  • ​You're traveling in Japan and are thinking about buying a new kimono.​ You've decided​ you'd be willing to pay​ $175 for a new​
    9·2 answers
  • How do safe investments usually have a lower rate of return than riskier ones?
    15·2 answers
  • What is Location? Explain the factors affecting location decision.
    15·1 answer
  • The table below reports the total population in a country and the number of people in different groups as below:Total population
    5·1 answer
  • If Sally gets paid 13$ per hour and she works 6 hours a day and 7 days a week, how much money will Sally make in 2 weeks?
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!