Answer:
Dr Notes Payable 349,000
Dr Interest Payable 10,470
Cr Cash 359,470
Explanation:
Preparation of Vaughn's Carpet Service Journal entry
Since we were told that Vaughn's Carpet Service borrows the amount of $349,000 on 1st October from First National Bank based on a 4-month, $349,000, 9% note the transaction will be recorded as :
Dr Notes Payable 349,000
Dr Interest Payable 10,470
Cr Cash 359,470
$349,000 +($349,000 *.09* 4/12)
=$349,000+10,470
=$359,,470
Answer:
The below solution will guide your believe of what should be appropriate qualitative assumptions for inherent risk.
Explanation:
Answer:
It breaks down on two parts to be fully explained.
Explanation:
Part 1
The correct answer is:
The D option (All of the above are correct) which applies perfectly in the firms of competitive markets.
Part 2
Referred to Table 2.
For this firm, the average revenue from selling 3 units is A) $12. B) $4. C) $3. D) $1.
Table 2
The reference to table 2 represents a demand curve faced by a firm in a competitive market.
Price Quantity
$4 0
$4 1
$4 2
$4 3
$4 4
$4 5
The correct answer is:
The B option ($ 4) which it would represent the overall average revenue from selling 3 units.
Answer:
The current ratio is 1.18 times
Explanation:
Current Ratio: The current ratio is that ratio which shows a relationship between the current assets and the current liabilities
The computation of the current ratio is shown below
Current ratio = Total Current assets ÷ total current liabilities
where,
Total current assets = Cash + short-term investments + net accounts receivable + merchandise inventory
= $43,500 + $27,000 + $102,000 + $125,000
= $297,500
And, the total current liabilities is $251,000
Now put these values to the above formula
So, the ratio would equal to
= $297,500 ÷ $251,000
= 1.18 times
The long term note payable is not a current liabilities,hence it is not considered in the computation part.
