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Ber [7]
3 years ago
12

A customer redeems 1,000 shares of ABC Fund on Wednesday, June 14th. Under the provisions of the Investment Company Act of 1940,

the customer must be paid the money no later than:
Business
1 answer:
Colt1911 [192]3 years ago
7 0

Answer:

Wednesday, June 21st

Explanation:

In this scenario, since the customer redeemed the shares on Wednesday, June 14th then he must be paid before Wednesday, June 21st. This is 7 days after the redemption. According to section 22 article (e) of the Investment Company Act of 1940, all companies are prevented from postponing the date of payment for more than seven days as stated below.

(e) No registered investment company shall suspend the right

of redemption, or postpone the date of payment or satisfaction upon

redemption of any redeemable security in accordance with its terms

for more than seven days after the tender of such security to the

company or its agent designated for that purpose for redemption

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Corrector guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be approximately 5 %
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Answer:

A.CORRECTOR JOURNAL ENTRIES

1.2016

Dr Cash 240,000

Dr Note receivable 560,000

Cr Sales Revenue 800,000

2. Record of the warranty expense.

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Dr Warranty Expense 40,000

Cr Estimated Warranty Payable 40,000

3.To Record the warranty payments for the company.

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Dr Estimated Warranty Payable 12,000

Cr Cash12,000

B . T-ACCOUNT

DEBIT SIDE

The Estimated Warranty Payable will be:

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Beginning balance 0

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Explanation:

A. Preparation of the Record of the sales, warranty expense, and warranty payments for the company while Ignore cost of goods sold.

CORRECTOR JOURNAL ENTRIES

2016

Dr Cash 240,000

(30%× Sales amount $800,000)

Dr Notes Receivable 560,000

(800,000-240,000)

Cr Sales Revenue 800,000

(560,000+240,000)

To record sales for 2016

Record of the warranty expense.

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Dr Warranty Expense 40,000

(5%×800,000)

Cr Estimated Warranty Payable 40,000

To record the accrue warranty payable.

To Record the warranty payments for the company.

2016

Dr Estimated Warranty Payable12,000

Cr Cash12,000

To record Warranty payments.

B . T-ACCOUNT

DEBIT SIDE

The Estimated Warranty Payable will be:

Dr Payments12,000

CREDIT SIDE

Beginning balance 0

Accrual 40,000

Ending balance 28,000

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4 0
3 years ago
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Answer:

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An Activity Rate for receiving   $8 per receiving order

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An Activity Rate for packing $ 10 per packing order

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Digital            10,000          250          800                  2000

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