Access Macros are built from a set of predefined actions, allowing you to automate common tasks.

On July 9, Mifflin Company receives an $7,200, 90-day, 8% note from customer Payton Summers as payment on account. What entry sh

Dmitry [639]

Answer:

Oct 6 Cash 7344 Dr

Interest Revenue 144 Cr

Notes Receivable 7200 Cr

Explanation:

First we calculate the day on which notes receivable is due.

We start from July 9 as being our first day and in July there are 31 days so 31 - 8 = 23

In August there are 31 days.

In September there are 30 days.

So total days till september are 22+31+30 = 84

So the note is due to be received on October 6.

The amount of interest due is 7200 * 0.08 * 90/360 = $144

The entry to be passed on Oct 6 is a debit to cash for the amount of principal and interest (7200+144) and a credit to interest revenue of 144 and notes receivable of 7200

7 0

4 years ago

It is estimated that the maintenance cost on a new car will be $500 the first year. Each subsequent year, this cost is expected

Vsevolod [243]

Answer:

$-8,609

Explanation:

Calculation for How much would you need to set aside

Year Cashflows PVF 5% Present values

1 -500 *0.952381 =-476.19

2 -650(500+150) *0.907029 =-589.569

3 -800(650+150) *0.863838 =-691.07

4 -950(800+150) *0.822702 =-781.567

5 -1100(950+150) *0.783526 =-861.879

6 -1250(1100+150) *0.746215 =-932.769

7 -1400(1250+150) *0.710681 =-994.954

8 -1550(1400+150) *0.676839 =-1049.1

9 -1700(1550+150) *0.644609 =-1095.84

10 -1850(1700+150) *0.613913 =-1135.74

PV=Present value $-8,609

Therefore the amount you will need to set aside is $-8,609

7 0

3 years ago

Investments created to invest many people's money in many different firms are called:

abruzzese [7]

C) Mutual funds. They usually invest capital that has different origins (clients of an investment organization) to buy securities from different firms and create a profit from it.

8 0

3 years ago

Read 2 more answers

Belltone Company made the following expenditures related to its 10-year-old manufacturing facility:

scoundrel [369]

Answer:

The journal entries are as follows:

(1) Accumulated depreciation - Building A/c Dr. $250,000

To Cash $250,000

(To record the replacement of heating system)

(2) Building A/c Dr. $750,000

To cash $750,000

(To record the new wing)

(3) Maintenance expense A/c Dr. $14,000

To cash $14,000

(To record the maintenance expense)

(4) Equipment A/c Dr. $50,000

To cash $50,000

(To record the new equipment)

6 0

4 years ago

So im 12 yrs old and i have been asked to babysit my neighbors two boys for 4 hours 5 days a week ( one 4 one 2 yrs old) since i

garik1379 [7]

Babysitters make more in cities with a high cost of living. According to Care.com's study, the average hourly babysitting rate in San Francisco, for example, is $16.65, compared to the national average of $13.44 an hour. Babysitters in all of the 75 cities examined all made over $11 an hour.

Babysitters now bring in an average of $15.71 an hour, an increase from about $14.91 an hour in 2015, according to new data from childcare website UrbanSitter. Watching two kids comes with an hourly wage of at least $18, the site reported.

Babysitters make more in cities with a high cost of living. According to Care.com's study, the average hourly babysitting rate in San Francisco, for example, is $16.65, compared to the national average of $13.44 an hour. Babysitters in all of the 75 cities examined all made over $11 an hour.

I would say at least half the amount an average babysitter would get paid because your 12. SO around 6.50 an hour would work. Professionally if she wants you to do anything around the house for the children like cleaning up after them, feeding them, supervising them, that comes with responsibility, if you don't think 6.50 is enough for an hour, then go with no more than 8 dollars. Someone your age in reality should get paid no more than an average person. Especially because the person is young, like yourself. Goodluck. :)

There is not a set amount of money that an 11 year old kid can expect to earn working side jobs. For instance, 11 year old youngsters can expect to earn $5 and up at certain jobs like shoveling snow. There is, however, a limited amount of time that 11 year old can dedicate to working side jobs though.]

3 0

4 years ago