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On June 1, Parson Assoc. sold equipment to Arleo and agreed to accept a 3-month, $55,000, 10% interest-bearing note in payment a

goldfiish [28.3K]

Answer:

Parson would recognize an interest revenue of $1375

Explanation:

The quoted interest rate on bond is the annual rate of interest. The bond is for 3 months which means that the interest revenue will be recorded for the 3 months period from June to August and the bond will mature on 31 August.

The interest revenue to be be recorded on this note is,

Interest Revenue = 55000 * 0.1 * 3/12 = $1375

The entry to record the receipt of interest and face value will be,

Cash 56375

Interest revenue 1375

Bonds Receivable 55000

6 0

3 years ago

Consider an individual who serves on the board of a bank and also sits on the board of a computer manufacturing company that bor

Elan Coil [88]

Answer:

<u>Interlocking corporate director</u>

Explanation:

Interlocking corporate director refers to an individual serving as a director on the board of multiple companies.

Interlocking directorship is not considered illegal if the companies of which the same individual serves as a director, are not competing firms.

In the given case, an individual serves on the board of a bank, also serves the board of a computer manufacturing company that usually borrows from the bank.

Here, the independence and objectivity of the director would be impaired and this may lead to a situation of conflict of interests as the director exercises sizable influence in framing the lending policies of the bank.

Thus, such a situation would be in violation and the director may have to step down from the board of one of the companies.

7 0

4 years ago

Operating leverage is a measure of how sensitive ______ is to a given percentage change in sales dollars.

Alex777 [14]

Answer: net operating income

Explanation:

5 0

1 year ago

Ayala Architects incorporated as licensed architects on April 1, 2017. During the first month of the operation of the business,

JulsSmile [24]

Answer:

Ayala Architects

General Journal

April 1

Debit : Cash $18,270

Credit : Common Stock $18,270

April 1

Debit : Salaries expense ($381 x 4) $1,524

Credit : Salaries Payable $1,524

April 2

Debit : Rent expense $914

Credit : Cash $914

April 3

Debit : Supplies $1,320

Credit : Accounts Payable - Burmingham Company $1,320

April 10

Debit : Accounts Receivable $1,929

Credit : Service Revenue $1,929

April 11

Debit : Cash $711

Credit : Deferred Revenue

April 20

Debit : Cash $2,842

Credit : Service Revenue $2,842

April 30

Debit : Salaries expense $1,524

Credit : Cash $1,524

April 30

Debit : Accounts Payable - Burmingham Company $305

Credit : Cash $305

Explanation:

Journal entry for the transactions have been prepared above.

4 0

3 years ago

What is the Selling Division’s opportunity cost per unit from selling 3,000 units to the Purchasing Division? g

tekilochka [14]

Answer:

the opportunity cost per unit is $19

Explanation:

The computation of the opportunity cost per unit is shown below:

The opportunity cost per unit is

= Selling price per unit - variable cost per unit

= $34 - $15

= $19

Hence, the opportunity cost per unit is $19

The same should be considered and relevant

We simply deduct the variable cost per unit from the selling price per unit so that the opportunity cost could come

7 0

3 years ago