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Fofino [41]
3 years ago
6

coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount owed is now past-due

. On June 15, Coolidge meets with Ross and convinces Ross to accept $400 cash and a 30-day, 10 percent, $600 note payable to replace the account payable. Prepare the June 15 journal entry for Coolidge entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Business
1 answer:
erastova [34]3 years ago
5 0

Answer:

June 15

Dr Accounts payable $1,000

Cr Cash $400

Cr Notes Payable $600

Explanation:

Preparation of the June 15 journal entry for Coolidge

Based on the information given the June 15 journal entry for Coolidge will be :

June 15

Dr Accounts payable $1,000

Cr Cash $400

Cr Notes Payable $600

(Being to record amount payable )

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Answer:

Sustainable Growth Rate: 2.5%

Explanation:

Sustainable growth rate is calculated by multiplying return on equity with retention ratio.

Logic behind above is that whatever portion of net profit is retained by the Company, is used in the Company's operations, which earns certain percentage of equity known as return on equity. By multiplying both return on equity with retention ratio, we assume that the practice will continue for foreseeable future and the Company will continue to grow at the calculated growth rate.

Growth rate = Retention ratio * return on equity

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Return on equity = Net profit available for distribution / Opening equity

Return on Equity = (25,000 * 10%) / 50,000

Return on Equity = 5%

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3 years ago
Factory Overhead Rates, Entries, and Account Balance Eclipse Solar Company operates two factories. The company applies factory o
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Answer:

Predetermined manufacturing overhead rate= $14.8 per machine hour

Explanation:

Giving the following information:

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T<u>o calculate the predetermined manufacturing overhead rate we need to use the following formula:</u>

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8 0
3 years ago
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Answer:

The correct answer is letter "D": Glocalization .

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Suppose that web slinger provides internet service for all 40,000 homes that purchase internet service in the metropolitan area.
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This situation is a monopoly
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A 38-year-old investor places $25,000 into a single premium qualified deferred variable annuity. Twenty years later, with the ac
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The total tax liability is $12,500.

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To learn more about taxes, please check: brainly.com/question/25311567

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