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Paladinen [302]
2 years ago
12

Accounts Receivable 82,000 debit

Business
1 answer:
Flauer [41]2 years ago
6 0

Answer:

1) Dr Cash $21,449

Dr Loss on Sale $2,651

Cr Account Receivable $24,100

2) Dr Cash $57,868

Dr Interest Expense $5,032

Cr Note Receivable $62,900

3) Bad Debt Expense $7,860

Allowance for Doubt Acc $7,860

4) Bad Debt Expense $4,695

Allowance for Doubt Account $4,695

Explanation:

Preparation of the journal entries required to record each cases

1) Dr Cash $21,449

($24,100-$2,651)

Dr Loss on Sale $2,651

(11%*$24,100)

Cr Account Receivable $24,100

2) Dr Cash $57,868

($62,900-$5,032)

Dr Interest Expense $5,032

(8%*$62,900)

Cr Note Receivable $62,900

3) Bad Debt Expense $7,860

Allowance for Doubt Acc $7,860

[( 7%*82,000)+$2,120]

4) Bad Debt Expense $4,695

Allowance for Doubt Account $4,695

($5,899-$1,204)

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Answer:

Correct option is C $6700

Explanation:

It is calculated that the net cash balance is $3,300. But, the minimum cash balance should be $10,000. The difference amount should be borrowed. Thus, $3,300 is deducted from $10,000. The amount to be borrowed by the company is $6,700.

8 0
3 years ago
During 2020, Bayside Inc. has 9% cumulative non-participating preferred stocks with a total par value of $300,000 and common sto
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Answer:

Date - December 14, 2020

Debit  : Dividend $16,000

Credit : Shareholders for dividends $16,000

Date - January 16, 2021

Debit : Shareholders for dividends $16,000

Credit : Cash $16,000

Date - December 12, 2021

Debit  : Dividend $62,000

Credit : Shareholders for dividends $62,000

January 15, 2022

Debit : Shareholders for dividends $62,000

Credit : Cash $62,000

Explanation:

Dividends are initially declared before they are paid to the respective shareholders. So it is important to first record the journal at the <em>declaration date</em> of the dividend, then the <em>payment date</em> of the dividend as shown above.

7 0
3 years ago
A homeowner in a sunny climate has the opportunity to install a solar water heater in his home for a cost of $2900. After instal
quester [9]

Answer:

correct option is A. $145  

Explanation:

given data

investment cost = $2900

interest rate = 5% per year

solution

formula for present value of perpetuity is

investment cost = fixed cash saving per year ÷ interest rate    ..................1

put her value we get fixed cash saving per year that is

saving per year cost =  $2900 × 5%

saving per year cost =  $2900 × 0.05

saving per year cost =  $145

so correct option is A. $145  

8 0
2 years ago
Whispering Winds Corp. just began business and made the following four inventory purchases in June: June 1 147 units $882 June 1
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Answer:

the ending inventory using the LIFO method is $1,225

Explanation:

The computation of the value of the inventory using the LIFO method is shown below;

Since there are 196 closing units

So,

= 146 units × $6 + 49 units × $7

= $882 +  $343

= $1,225

The $6 come from

= $882 ÷ 147 units

And, $7 comes from

= $1,372 ÷ 196 units

Hence, the ending inventory using the LIFO method is $1,225

5 0
2 years ago
Continuing the analysis of Ginnie's Gym Refreshment Bar:
IrinaVladis [17]

The bundle prices for Hydration Power Drink and Satisfying Smoothie are given below.

<h3>What is Contribution Margin?</h3>

The contribution margin (CM), also known as the dollar contribution per unit, is the difference between the selling price and the variable cost per unit.

Because 100% is the best contribution margin, the closer the contribution margin is to 100%, the better. The greater the figure, the better a company's ability to meet its overhead expenditures with cash on hand.

The contribution margin =

Unit Margin (Profit) = Unit Revenue - Unit Variable Cost (Marginal Cost)

<h3>What is the bundle prices and Net Profit?</h3>

For Hydration Power Drink:

High 7 -1 = 6

Low: 6 - 1 = 5

Total = 11

For Satisfying Smoothie:

High: 10 -4 = 6

Low: 5-4 = 1

Total  = 7

High Bundle Price for both products:
6 + 6 = 12

Low Bundle price for both products:
5 + 1 = 6

From the above information, it is clear that the Bundle Price that will maximize profit is the High Bundle Price.

The product that will yield the most profit is: The Hydration Power Drink.

Learn more about bundle price:
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