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3 years ago

I know no one might answer this but..

Business

1 answer:

Rudiy273 years ago

6 0

Your monthly income is $3,000 and I would most likely pay no more than $800 a month hope I helped

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Michael McNamee is the proprietor of a property management company, Apartment Exchange, near the campus of Pensacola State Colle

AnnyKZ [126]

Answer:

a. Michael’s personal assets are not recorded on the Apartment Exchange’s balance sheet. ECONOMIC ENTITY PRINCIPLE, the owner's personal assets are not part of his business assets and therefore should be reported separately.

b. The Apartment Exchange records furniture at its cost of $9,000, not its market value of $13,000. HISTORIC COST PRINCIPLE, assets must be recorded at their purchase price.

c. The Apartment Exchange reports its financial statements in U.S. dollars. MONETARY UNIT PRINCIPLE, businesses must record their transactions in a unit of currency (US dollar).

d. Michael expects the Apartment Exchange to remain in operation for the foreseeable future. GOING CONCERN PRINCIPLE, the business will remain in operation for the foreseeable future.

7 0

3 years ago

LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $24 mi

Ivan

Based on the details given by LCD Industries such as the amount of the note and the interest rate, the journal entries are:

Date Account title Debit Credit

Nov. 1 2021 Inventory $24,000,000

Note payable $24,000,000

Nov. 30, 2021 Interest expense $240,000

Note payable $1,892,366.66

Cash $2,132,366.66

Amount of interest to be reported in income statement = $481,076.33.

<h3>What are the journal entries?</h3>

Inventory will be debited with the payment amount of $24 million. This amount will also be credited to the Note payable account.

The interest expense will be:

= 24,000,000 x 12% x 1/12 months

= $240,000

Cash payment:

= Amount / Present value interest factor of annuity, 1 year, 12%

= 24,000,000 / 11.2551

= $2,132,366.66

<h3>What is the amount of interest to be reported in the income statement?</h3>

= Interest expense in November + (Note amount - note payable for November ) x 1%

= 260,000 + (24,000,000 - 1,892,366.66) x 1%

= $481,076.33

Find out more on notes payable at brainly.com/question/25148915.

5 0

3 years ago

In the ____ stage, denial occurs despite signs of deteriorating performance.

Likurg_2 [28]

<span>In the inaction stage, denial occurs despite signs of deteriorating performance.

There are 5 stages of decline
1) Blinded stage
2) Inaction stage
3) Faulty action stage
4) Crisis stage
5) Dissolution stage</span>

4 0

4 years ago

The 2013 and 2014 balence sheet for Northwest plumbing showed cash of $6,500 and $8,000 respectively. Accounts receivable of $15

ankoles [38]

Answer:

The cash conversion cycle for 2014 was 105 days.

Explanation:

To calculate the Cash Conversion Cycle you need first to calculate three indicators that are the components of the Cash Conversion Cycle.

DIO - Days of Inventory Outstanding

DSO - Days Sales Outstanding

DPO - Days Payables Outstanding

The CCC is the sum of DIO + DSO - DPO

Please see details below:

CCC - Cash Conversion Cycle = 105 days

DIO - Days of Inventory Outstanding = 99 days

Average Inventory $15.750

Cost Of Goods $58.000

DSO - Days Sales Outstanding = 57 days

Accounts Receivable $18.000

Sales $116.000

DPO - Days Payables Outstanding = 50 days

Accounts Payables $8.000

Cost Of Goods $58.000

5 0

3 years ago

Private businesses have the most influence over the production of goods and

IrinaK [193]

Answer:

The characteristics of a mixed economy include allowing supply and demand to determine fair prices, the protection of private property, innovation being promoted, standards of employment, the limitation of government in business yet allowing the government to provide overall welfare, and market facilitation by the self-interest of the players involved.

6 0

2 years ago