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8090 [49]
3 years ago
10

Kingbird, Inc. receives a $11000, 9-month, 6% promissory note from Sunland Company in settlement of an open accounts receivable.

What entry will Kingbird, Inc. make upon receiving the note
Business
1 answer:
Scorpion4ik [409]3 years ago
6 0

Answer and Explanation:

The journal entry at the time of receiving the note is as follows:

Note receivable Dr $11,000

         To Account receivable $11,000

(Being the note receivable is recorded)

Here the note receivable is debited as it increased the assets and credited the account receivable as it decreased the assets

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M. K. Gallant is president of Kranbrack Corporation, a company whose stock is traded on a national exchange. In a meeting with i
lys-0071 [83]

Gallant's actions are ethical. This statement can be argued upon because of the below-mentioned reasons.

As the president of a corporation, M.K Gallant will, of course, make any strategic plan available for his company in order to attract investors, customers, and even competitors.

In my opinion, his choices and decisions are ethical enough as to maintain the company's profitability.

Cost-cutting measures, such as deferring and canceling expenditures and orders, delaying maintenance and training, and reducing travel and advertising expenses, are rational if your company's sales are declining and it is expected that it will not meet its revenue targets for the year.

However, this is risky because

  1. advertisements are extremely important in a company's marketing,
  2. delaying orders from suppliers can cause problems within the company and its vendors because these are pre-ordered.
  3. Maintenance and training are important aspects for a company because they can lead to bigger problems in the future.

Finally, cost reclassification is debatable.

Because stocks are traded in this case, we can expect an audit.

The auditors will examine the reclassifications to see if they implement accounting principles (GAAP). M.K Gallant and his controller must have legitimate reasons for reclassifying the company's costs.

Hence, Gallant's actions are ethical if he has valid reasons for doing so.

Learn more about ethics:

brainly.com/question/24606527

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5 0
1 year ago
Which of these is an example of a shortage?
AveGali [126]
Answer:

“Water cannot be used for certain crops because you are using it on others.”

Explanation:

The first and second option aren’t shortages. It just shows that no one is around to do any business. So the first 2 options are incorrect. The third option isn’t correct either. No items would be unavailable because they were shipped. If items were shipped, it would be a gain for a certain amount of time for people.
4 0
2 years ago
Maria is not a very financially literate person. in the past, she has been a victim of various forms of fraud. recently, she sig
BabaBlast [244]

Answer:

a. Mortgage fraud

b. Since Maria will not be able to make her payments, she will most likely default on her loan payments. When she defaults on her loan payments, the cost of credit rises. One can however, sue the lender for mortgage fraud. If found guilty in a court of law, they will be punished for fraud.

Explanation:

a.

Fraud in basic terms means a deliberate omission or misrepresentation of facts for the purpose of deceives others. Mortgage fraud there for means a deliberate misrepresentation or omission of facts by a lender to a borrower with malicious financial intent to the borrowers. Any form of mortgage fraud is a criminal offense that is punishable in a court of law, since it usually involves huge amounts of money. An example is the mortgage scam that occurred in Sacramento, Calif where seven people were convicted in a $10 million mortgage scam in early 2019. Most people who fall victim to mortgage scams are not financially literate and there for they easily agree to the loan agreement without necessarily reading and understanding the loan agreement.

Financial literacy can be defined as a proficiency in financial principles like; financial planning, debt management and financial investments with the aim of being financially stable. Financial illiteracy can be defined as lacking financial principles and skills to make sound financial decisions.

In our case, Maria being financially illiterate fell victim to mortgage fraud since she signed a loan agreement that she did not quite understand. The lenders also committed a fraud since they knew that Maria did not understand the agreement but they did not educate her properly to ensure that she knew exactly what she was signing up for. This was a clear act of misrepresentation with the aim of fraud.

b.

Since Maria will not be able to make her payments, she will most likely default on her loan payments. When she defaults on her loan payments, the cost of credit rises. One can however, sue the lender for mortgage fraud. If found guilty in a court of law, they will be punished for fraud.

8 0
3 years ago
In a market economy, decisions about which goods are produced are based
STatiana [176]

Answer:

B. what businesses believe will generate the most profits.

Explanation:

A market economy is one where the factors of production are owned by the private sector. Production and distribution of products and services are in the hands of private individuals and firms. The government's role is mostly regulation and the provision of public goods.

In the market economy, the private sector engages in business to make profits. They risk their resources in producing goods and services that can increase their wealth. Only the products that are likely to generate profits are produced.

4 0
2 years ago
Southwest airlines' "ding" widget pops up on your computer desktop to let you know of lower fares to cities you want to visit. t
GREYUIT [131]
<span>Southwest airlines' "ding" widget pops up on your computer desktop to let you know of lower fares to cities you want to visit. this is an example of a reminding promotion objective. Southwest is using this way of letting customers know bigger and better deals on airlines by reminding them of their service each time it pops up. When the consumer gets the </span>notification from the widget, they are reminded and thinking about the Southwest airlines brand. 
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3 years ago
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