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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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As a store manager, Leah has to play the role of negotiator, such as purchasing products at a fair price for her company. As she
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decisional

Explanation:

She is playing a decisional role in the above scenario since she has to make the necessary arrangements and arguments and select the best possible price for the given scenario.

7 0
3 years ago
You have the following information on Marco's Polo Shop: total liabilities and equity = $210 million; current liabilities = $50
KengaRu [80]

Answer:

$60 million

Explanation:

The quick ratio is  the financial ratio of the current assets less inventory to current liabilities. While the accounting equation shows the relationship between the elements of a balance sheet which are assets liabilities and equity.

This may be expressed mathematically as

Assets = Liabilities + Equity

Given that quick ration is 1.7 and current liabilities = $50 million

1.7 = current assets less inventory/$50 million

current assets less inventory = 1.7 * $50 million

= $85 million

The total asset is made up of the current assets less inventory, inventory, fixed assets. Let the balance for fixed assets be y

$85 + $65 + y = $210   (all amounts in millions)

y = $210 - $150   (all amounts in millions)

y = $60   (all amounts in millions)

3 0
3 years ago
Suppose it costs $2,500 to buy a defibrillator. Find the expected value of owning a defibrillator if there is a 4% probability t
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3 0
3 years ago
Suppose that a company needs 1,500,000 items during a year and that preparation for each production run costs $900. Suppose also
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Answer:

30,000 units

Explanation:

we can use the economic order quantity formula:

EOQ = √(2SD/H)

where:

  • S = order cost (per purchase order) ≈ production run cost = $900
  • D = demand in units (annual basis) ≈ production requirement = 1,500,000 units
  • H = holding costs (per unit, per year) = $3 per item, per year

EOQ = √[(2 x $900 x 1,500,000) / $3] = 30,000 units

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Discuss the errors that can be detected through a trial balance. How are they spotted and corrected? Consider a particular type
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