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snow_lady [41]
3 years ago
13

On August 2, ABC Co. receives a $7,900, 90-day, 10.5% note from its customer who is past due on what he owes. This note is repla

ces the customer's $7,900 account receivable. Prepare ABC's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.)
Business
1 answer:
Ratling [72]3 years ago
7 0

Answer:

Oct 31

Dr Cash $8,107

Cr Notes receivable$7,900

Cr Interest revenue $207

Explanation:

Prepare ABC's journal entry assuming the note is honored by the customer on October 31 of that same year

Oct 31

Dr Cash $8,107

[$7,900+($7,900*10.5%*90/360)]

Cr Notes receivable$7,900

Cr Interest revenue $207

($7,900*10.5%*90/360)]

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2 years ago
Brooklyn sells a single product to wholesalers. The company's budget for the upcoming year revealed anticipated unit sales of 33
ELEN [110]

Answer:

E. not change.

Explanation:

The break even point is a point at which the company produces a quantity at which it does not earn any profit or face any losses, so it is a point where the revenues are equal to cost. The break even quantity depends on the fixed cost, variable cost and price of the product and not on the quantity sold. So when the Brooklyn Unit sales are 300 units less than expected it wont change the break even point because the break even point has no relation to it.

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3 years ago
It takes K’s Boutique an average of 53 days to sell its inventory and an average of 16.8 days to collect its accounts receivable
dezoksy [38]

Answer:

The accounts receivable turnover rate is 21.73

Explanation:

The formula for accounts receivable turnover is

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This way we can find how many times a year does the company collect payments for its accounts receivable, so when we divide the total number of days in a year by the average number of days to collect we can calculate how many times we collect payment for accounts receivable.

In the question we are given the average days to collect which is 16.8

We have to put that into a formula

365/16.8=21.73

5 0
3 years ago
According to economists, natural resources, labor, capital, and entrepreneurship are called
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It is called Factors of production. It is a financial term that depicts the data sources that are utilized as a part of the creation of merchandise or administrations keeping in mind the end goal to make a monetary benefit. The variables of creation incorporate land, work, capital, and business enterprise.
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4 years ago
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