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On December 31, 2020, McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2021. On J

o-na [289]

Answer and Explanation:

The preparation is presented below:

McDaniel Company

Partial balance sheet

Particulars Amount

Current liabilities

Note payable $250,000

Long term debt

Note payable refinance $950,000

Total liabilities $1,200,000

We simply added the long term debt and the current liabilities so that the total liabilities could come

8 0

2 years ago

A music teacher asked her students to set a really hard goal, such as increasing their practice time by 10 hours per week, which

PilotLPTM [1.2K]

The answer is Stretch Goal. It is also called a Stretch Target, it is a high and difficult level of success that a student must achieve if they are to be considered to be doing their job in a satisfactory way. Practicing 10 hours a week would cause the students to reach beyond what they think is possible.

5 0

2 years ago

The following information is available for Montrose Company at December 31: Cash in bank account $ 8,540 Petty cash $ 250 Short-

navik [9.2K]

Answer:

Cash $10,430

Cash equivalents $20,400

Explanation:

Calculation to determine the amount reported as CASH on December 31

Using this formula

Cash = Cash in bank + Petty cash + Check from customer + money order

Let plug in the formula

Cash = $8,540 + $250 + $1,350 + $290

Cash = $10,430

Calculation to determine the amount reported as CASH EQUIVALENTS on December 31

Using this formula

Cash equivalents = Money market fund + Treasury bills

Let plug in the formula

Cash equivalents=$10,400+$10,000

Cash equivalents= $20,400

Therefore the amount reported as Cash and Cash Equivalents on December 31 are:

Cash $10,430

Cash equivalents $20,400

7 0

2 years ago

Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay one-third of the sales price of a jet s

ValentinkaMS [17]

Answer:

$650,000

Explanation:

Calculation to determine what Lake would report in its December 31, 2021, balance sheet

First step is to calculate Net installment Receiveble for 2020 sales

2020 sales Installment Receiveble 300,000

($900,000-$300,000 2018 Collection -$300,000 2021 Collection)

Less Deferred gross profit $150,000

(450,000-$150,000 2020 collection-$150,000 2021 collection )

Net installment Receiveble for 2020 sales $150,000

Second step is to determine Net installment Receiveble for 2021 sales

2021 sales Installment Receiveble $860,000

($1,290,000-$430,000

Less Deferred gross profit $360,000

($600,000-$240,000)

Net installment Receiveble for 2021 sales $500,000

Now let determine what Lake would report in its December 31, 2021, balance sheet

December 31, 2021, balance sheet=$150,000+$500,000

December 31, 2021, balance sheet=$650,000

Therefore In its December 31, 2021, balance sheet, Lake would report: $650,000

6 0

2 years ago

Define the "tour operator" tourism company

ArbitrLikvidat [17]

The anser would be yhat tour operator mean when toeiat come to a diffrecr place

6 0

2 years ago