Answer:
Explanation:
1. April 1, 2018
Dr Notes Receivable 570,000
Cr Cash 570,000
2. Dec 31, 2018
Dr Interest Receivable 47,025
Cr Interest revenue 47,025
*Interest Revenue = Face value*Annual int. rate*Fraction of the year = 570,000*11%*9/12 = 47,025
3. April 1, 2019
Dr Cash 632,700
Cr Notes receivable 570,000
Cr Int receivable 47,025
Cr Int revenue 15,675
*Int revenue = 570,000*11%*3/12 = 15,675
<u>Answer:</u>
The correct option is Unit of account
<u>Explanation:</u>
One of the functions of money is Unit of accounts in economics. The worth of an object is measured in a distinct currency. One of the downfalls of unit of account is that it is regarded as the steady unit of account but inflation factor devastate the said assumption that money is steady. It is regarded as the basic property of the money.
Thus, the correct option will be Unit Of Account.
Answer:
Requirement: Prepare the entry to record the sales transactions and related taxes.
1. Date Account Titles and Explanation Debit Credit
Apr. 10 Cash $30,975
Sales Revenue $29,500
Sales Tax Payable $1,475
(To record Cash sales along with sales tax)
2. Date Account Titles and Explanation Debit Credit
Apr. 15 Cash $18,530
Sales Revenue $17,000
Sales Tax Payable $1,530
(To record Cash sales along with sales tax)
<u></u>
<u>Workings</u>
- Total Sales along with sales tax = $18,530, Sales Tax Rate = 9%. Sales Tax Amount = 18530*(0.09/1.09) = $1,530
- Sales Without Sales Tax = $18,530 - $1,530 = $17,000
Answer:
a. Wheels are direct material cost as are essential for the automobile to complete, as the cars one of the main equipment is wheels as it will not work without wheels.
b. Glass used in vehicle's windows are also direct material cost, as the material is directly used in automobiles to complete it.
c. Wages are direct labor cost, as to make an automobile labor need to work on the process and assemble all the materials properly in the automobile and then they re paid wages in exchange.
Answer:
Check: Review the test, analyze the results, and identify what you’ve learned.
Explanation:
The four phases are:
Plan: identify and analyze the problem or opportunity, develop hypotheses about what the issues may be, and decide which one to test.
Do: test the potential solution, ideally on a small scale, and measure the results.
Check/Study: study the result, measure effectiveness, and decide whether the hypothesis is supported or not.
Act: if the solution was successful, implement it
