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Nesterboy [21]
3 years ago
6

Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $36,000 of merchan

dise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. __
Business
1 answer:
Gennadij [26K]3 years ago
8 0

Answer:

the requirements are missing, so I looked for similar questions:

1) determine the maturity date of these transactions

2) determine the interest due at maturity

1) maturity dates of the notes:

note                                  Locust                 NBR bank

note issued on                May 19                  July 8

term of note                    90 days                120 days

maturity date                  August 17              Nov. 5

2) interest due at maturity

Locust note = $35,000 x 9% x 90/360 = $787.50

NBR bank note = $57,000 x 11% x 120/360 = $2,090

the journal entries should be:

August 17, 202x, note paid to Locust

Dr Notes payable 35,000

Dr Interest expense 787.50

    Cr Cash 35,787.50

November 5, 202x, note paid to NBR Bank

Dr Notes payable 57,000

Dr Interest expense 2,090

    Cr Cash 59,090

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Acquired $60,000 cash from the issue of common stock. Received an $8,200 cash advance for services to be provided in the future.
emmainna [20.7K]

Answer:

<u>TRIAL BALANCE:</u>

                   Debit Credit

Cash            79600

AR                       7500

Supplies                  400

slaries expense 3100

op- expense        16100

supplies expense 1600

dividends        2000

Account Payable               3000

saalaries expense                3100

Unearned Revenue               5100

Common Stock             60000

Service revenue              39100

                       110300    110300

Explanation:

We have to record eahc time an accoutn is used and once we got all transactions we determiante the balance

Cash

Debit Credit

60000

8200

28500

        15100

        2000

<u>96700 17100</u>

<em>79600</em>

AR

Debit Credit

36000

<u>        28500</u>

7500

Supplies

Debit Credit

2000

<u>         1600</u>

 400

salaries expense op- expense supplies expense

Debit Credit    Debit Credit Debit Credit

3100        16100          1600

Account Payable

Debit Credit

       2000

       16100

15100

<u>15100  18100    </u>

        3000

Salaries Payable

Debit Credit

         3100

Unearned Revenue

Debit Credit

        8200

<u>3100               </u>

        5100

Common Stock

Debit Credit

       60000

Service revenue

Debit         Credit

      36000

<u>          3100   </u>

        39100

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3 years ago
The first step in the target market selection process is
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Identifying a target strategy
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Which of the following will improve your bargaining position with customers a. ​The product your team produces has become more c
exis [7]

"There are fewer close substitutes for the product your team supports"  will improve your bargaining position with customers.

<u>Option: B</u>

<u>Explanation:</u>

Bargaining is the procedure which is preferred by citizens not only with street shops but it is famous internationally too, where defense, economic trade deal, etc are signed between two different nations to corporate and shake hand of unity. Bargaining is more effective when one allow seller to know that the party itself have more substitutes if the product is not provided by the seller in appropriate rate.

For an instance, if India need to buy some rolling defense helicopters for nation from Russia but prices are high and United States is providing same material with lower price or may be with better rewards on buying from them.

3 0
3 years ago
Knowing that a third party may use the information that Ray is providing, does Ray owe a duty of confidentiality to Onyx?
artcher [175]

Answer:

<em>B. Yes, although it may be breached in most states if there is a court order to do so.</em>

Explanation:

<em>Duty of confidentiality is a provision that has been put in place in most states, to enable clients open up freely if they need help. This allows professionals to take whatever actions necessary to carry out full service delivery when helping the client. </em>Some of these details include health status, a client-lawyer case story, a social media's access to users' personal details, etc. The law prohibits professionals from disclosing information made available to them by the client to a third party. This duty is held by many professional bodies like the medical body, legal body, among others. <em>This duty can be broken by law in situations where the client sues the professional, or when there is a legal court order to do so</em>.

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Vac N' Sew will give customers $100 for a used vacuum cleaner, regardless of condition, when they purchase a new vacuum or sewin
kondor19780726 [428]

Answer:

Trade-in allowance

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