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
jonny [76]
2 years ago
7

You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: (Ro

und answers to 0 decimal places, e.g. $62,482.)
If cash is borrowed on a $60,000, 9-month, 10% note on August 1, how much interest expense would be incurred by December 31?
The cash register total including sales taxes is $42,000, and the sales tax rate is 5%. What is the sales taxes payable?
If $42,000 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31?
Business
2 answers:
Flauer [41]2 years ago
8 0

Answer:

Sry that i could answer the question but i hope u have a great day.

Explanation:

agasfer [191]2 years ago
4 0

Answer:

If cash is borrowed on a $60,000, 9-month, 10% note on August 1, how much interest expense would be incurred by December 31?

accrued interest expense = $60,000 x 10% x 5/12 = $2,500

The cash register total including sales taxes is $42,000, and the sales tax rate is 5%. What is the sales taxes payable?

100%X + 5%X (sales tax) = $42,000

105%X = $42,000

X = $42,000 / 105% = $40,000

sales tax = total invoice - X = $42,000 - $40,000 = $2,000

If $42,000 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31?

accrued subscription revenue = $42,000 x 2/6 = $14,000

You might be interested in
Markley Manufacturing calculated its predetermined overhead rate to be 120% of direct labor cost. During June, the company incur
Nana76 [90]

Answer:

Applied Manufacturing Overheads are $102,000

Overapplied Manufacturing overheads are $18,000

Explanation:

Under or over applied manufacturing overhead can be determined by comparing the actual and applied manufacturing overheads.

Applied overheads can be calculated by multiplying pre-determined overhead rate and actual level of quantity. Predetermined overhead rate is calculated using estimated overhead and estimated activity on which overheads are applied.

In this question the predetermined overhead rate is 120% of direct labor cost.

Applied overhead = Direct labor cost x 120% = $85,000 x 120% = $102,000

Actual overheads incurred = $84,000

Overapplied Manufacturing overheads = $102,000 - $84,000 = $18,000

3 0
3 years ago
Why do large corporations want to become more like small businesses?
notsponge [240]

Answer:

Many large corporations want to become more like small businesses because they want to make their firm more flexible, resourceful, innovative, and competitive. ... For businesses based off the internet, they are able to adapt to market changes quickly.

3 0
2 years ago
Read 2 more answers
A report that shows the financial picture of a company at a given time and itemizes assets, liabilities and stockholders' equity
natta225 [31]

Answer: e

Explanation :

A balance sheet is a statement of the financial position of a business that lists the assets, liabilities and owner's equity at a particular point in time. In other words, the balance sheet illustrates your business's net worth.

The balance sheet may also have details from previous years so you can do a back-to-back comparison of two consecutive years. This data will help you track your performance and will identify ways to build up your finances and see where you need to improve.

A balance sheet reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure . the balance sheet is divided into two sides (or sections). The left side of the balance sheet outlines all a company’s assets. On the right side, the balance sheet outlines the companies liabilities and shareholders’ equity. On either side, the main line items are generally classified by liquidity. More liquid accounts like Inventory, Cash, and Trades Payables are placed before illiquid accounts such as Plant, Property, and Equipment (PP&E) and Long-Term Debt. The assets and liabilities are also separated into two categories: current asset/liabilities and non-current (long-term) assets/liabilities.

3 0
3 years ago
A stock with a beta of 1.1 has an expected rate of return of 16%. If the market return this year turns out to be 10 percentage p
Sedbober [7]

Answer:

The rate of return on the stock can be best guessed to be 5%

Explanation:

Beta = 1.1

expected rate of return = 16%

But return = 10%

1.1 x 10%

= 11%

The updated expectation for the stock return is

= 16% − 11%

= 5%.

Therefore The rate of return on the stock can be best guessed to be 5%

7 0
3 years ago
Chris has been offered a seven-year bond (face value $1,000) issued by Bayley Ltd at a price of $943.22. The bond has a coupon r
ZanzabumX [31]

Answer:

As the actual price of such bonds should be $950.51 and the bonds are offered at a lower price, the bonds should be bought at the offered price.

Explanation:

To determine whether the bonds should be bought at the given price or not, we first need to calculate the price of the bond. The formula for the price of the bond is attached.

The interest payed by the bonds can be treated as an annuity.

The semiannual rate will be = 9% / 2 = 4.5%

The number of semi annual payments will be = 7 * 2 = 14

The YTM expressed semi annually will be (r) = 10% / 2 = 5%

Semi annual coupon payment or C = 1000 * 0.045 = 45

Bond Price = 45 * [(1 - (1+0.05)^-14) / 0.05] + 1000 / (1+0.05)^14

Bond Price = 950.5068 rounded off to $950.51

As the actual price of such bonds should be $950.51 and they are offered at a lower price, the bonds should be bought at the offered price.

5 0
2 years ago
Other questions:
  • Your firm has the opportunity to invest $90,000 in a new project opportunity but due to cash flow concerns, your boss wants to k
    7·2 answers
  • Assets for a particular business might include: A) cash, accounts payable, and notes payable. B) cash, retained earnings, and ac
    14·1 answer
  • A target income refers to: ?a. income at the break-even point.?b. income from the most recent period.?c. income planned for a fu
    12·1 answer
  • Mallory needs to inform her staff that their insurance benefits are changing. as she prepares her strategy for presenting the in
    5·1 answer
  • Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when
    7·1 answer
  • Help 50 Points <br><br> This is economics question,please help
    7·1 answer
  • At the beginning of 2021, Artichoke Academy reported a balance in common stock of $150,000 and a balance in retained earnings of
    7·1 answer
  • Suppose that there are only two firms in the automobile industry in a particular country. Which term describes the country's aut
    9·1 answer
  • Connie is analyzing the financial statements of MegaMart and Bullseye Company. She wants to invest in one of the companies and i
    7·1 answer
  • _______ is a system for gathering information from respondents by continuously monitoring the advertising, promotion, and pricin
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!