Answer:
1.Jan 01 Dr Cash 360,000
Cr Notes payable 340,000
2.Interest expense 28,800
Principal Reduction 61,364
Explanation:
MM Co.
1 . Journal entry
Since MM Co. borrows $360,000 cash on January 1 from a bank this means we have to
Debit Cash with the amounts of money he borrowed which is $360,000 and Credit Notes Payable with the same amount.
Jan 01 Dr Cash 360,000
Cr Notes payable 340,000
2. Calculation of the amount goes toward interest expense and Principal reduction
Interest expense 28,800
(360,000*8%)
Principal Reduction 61,364
(90,164-28,800)
Answer:
E. Reports how equity changes over a period of time.
Explanation:
Statement of owner's equity as the name suggests is the statement which describes the changes in owner's equity, as it is obvious that the change cannot occur at a point of time, it will occur over a period of time.
And therefore, the statement is prepared over a period generally for a fiscal year, or a financial year.
There is no statement prepared to show any change in owner's equity at a point.
Statement reporting cash flows is called cash flow statement.
Therefore, correct option is:
Statement E
The core process which includes the activities required to produce and deliver the service or product to the external customer is <u>order</u> <u>fulfillment</u> <u>process</u>
Order fulfilment is a process of fulfilling a sales order according to the customer's specifications. That is, delivering goods as promised at the time of sale. There are four main steps in fulfilling a customers order which are- processing orders, warehousing, packing, and shipping products.
After the customer places an order, there is a procedure to be followed where you need to prepare and deliver the items accordingly. This process typically takes up to 48-72 hours to be completed.
After an order has been submitted for fulfillment, it has to be received and accepted by the logistics company.
Hence, the answer was given and explained above.
To learn more about the order fulfillment process here:
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Answer:
Legal and environmental.
Explanation:
PEST is a short form for political, economic, social, and technological factors. These are external factors likely to impact business performance. Entrepreneurs should analyze, understand them, and include their effects in business plans.
Other external factors that may affect business performance are legal and environmental.
For the legal factors, an entrepreneur should analyze the impact of possible changes in laws and legal interpretations on their businesses. In the environmental analysis, the entrepreneur should be aware of the industry's environmental regulations and restrictions. They should plan for possible changes in license limitations.
Answer:
$0
Explanation:
Data given in the information
Product X is the byproduct.
In addition, the By products are recorded in the general ledger at the point of sale
So in this case, the quantity sold is considered only no other things would be recognized
Hence, in this the quantity sold and quantity produced is not recorded
Therefore , No ending inventory should be recognized in the general ledger for this by products
