Answer:
A) The balance sheet will report the note receivable of $8,400
Explanation:
Notes receivables and promissory notes are part of the Notes Receivables account, which is an asset account in the balance sheet. They are recorded as follows:
- Dr Notes Receivable account 8,400
- Cr Accounts Receivable account 8,400
Both accounts are asset accounts, but notes receivable is replacing accounts receivable. Therefore since notes receivable is increasing, it should be debited, and since accounts receivable is decreasing, it should be credited.
You don't record any interest, only after the interest is paid, you should record it as interest revenue.
Answer:
$1,000
Explanation:
Beginning balance in supplies account = $200
The supplies account is an asset account and ordinarily should have a debit balance. If additional supplies of $1,400 were purchased during the month, it goes into the account as a debit.
If at the end of the month, only $600 of supplies was still on hand total supplies expense
$200 + $1,400 - supplies expense = $600
supplies expense = $200 + $1,400 - $600
= $1,000
The supplies expense is debited when supplies are used and the corresponding credit goes to the supplies account.
Answer:
Explanation:
Given:
Excess cash = $218,500
Assets = $897,309
Equity = $547,200
outstanding shares of stock = 40,000
Net income = $59,800.
Repurchase program = 15% of excess cash
Book value per share (price per share) = equity/number of shares
= $547200/40000
= $13.68 per share
Total cost of repurchase program = percentage of excess cash used × value of excess cash
= 15/100 × 218500
= $32775
Total number of shares bought in repurchase program = total cost of the repurchase program/price per share
= $32775/$13.68
= 2395.8 shares
= 2395 shares
Sue would be BENCH MARKING.
Bench marking is the process of comparing one's business processes and performance metrics to industry best and best practices from other companies. Bench marking is usually done in order to achieve a competitive advantage in an industry.<span />
