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vichka [17]
3 years ago
15

QS 7-12 Note receivable honored LO P4 On August 2, Jun Co. receives a $7,100, 90-day, 12.0% note from customer Ryan Albany as pa

yment on his $7,100 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.)
Business
1 answer:
steposvetlana [31]3 years ago
3 0

Answer: See explanation

Explanation:

Firstly, the interest revenue will be calculated as:

= 7,100 × 12% × 90/360

= 7100 × 0.12 × 0.25

= $213

Therefore, Jun's journal entry assuming the note is honored by the customer on October 31 will be:

Debit: Cash = $7313

Credit: Notes receivable = $7100

Credit: Interest revenue = $213.

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homas is planning to start his own business in 10 years, at which time he will buy all the equipment and land needed. Currently
aalyn [17]

Answer:

FV $4,594,590

Explanation:

The annuity which produce funds will start on the seventh year thereofre there will be 4 annual deposits at the beginning of each year.

We solve for the future value of an annuity-due of 4 year at 10% interest rate:

C \times \frac{(1+r)^{time} -1}{rate}(1+r) = FV\\

C 900,000.00

time 4

rate 0.1

900000 \times \frac{(1+0.1)^{4} -1}{0.1}(1+0.1) = FV\\

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This is the amount accumualted at the end of the tenth year

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3 years ago
Which is TRUE?
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D. is correct. Both share responsibility
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pshichka [43]

In this instance, Xavier and Shawn are general partners. In this arrangement, all partners are equally responsible for the business, meaning they are both liable for any financial loss. LLC would protect their personal assets from this type of claim. Obviously, this isn't a sole proprietorship because there is more than one owner.

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Bargeron corporation has a target capital structure of 64 percent common stock, 9 percent preferred stock, and 27 percent debt.
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The lower-priced caskets are positioned in the higher mark-on quartile in accordance with price progression. Caskets that cost less will be marked up more.

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A pricing strategy is a plan or technique for choosing the most competitive price for a good or service. It assists you in setting prices while taking customer and market demand into account in order to maximize profits and shareholder value.

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