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kati45 [8]
2 years ago
15

On January 1, 2022, Austin Company received a 12-month, $100,000 note with a stated rate of 7%. On April 30, 2022, Austin discou

nted the note at the Houston Bank. The bank's discount rate is 8%. What are the cash proceeds from discounting the note receivable?
Business
1 answer:
Olin [163]2 years ago
8 0

Answer:

$101,293

Explanation:

$100,000 face amount + $7,000 interest to maturity ($100,000 x 7%) = maturity value less the discount for the time remaining to maturity of $5,707 ($107,000 x 8% x 8/12) = $101,293

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How many patents have been issued in the united states?
Artemon [7]

Answer: 399,055 patents hope this helps

Explanation:

4 0
3 years ago
The following account appears in the ledger prior to recognizing the jobs completed in January:
Pie

Answer:

A. Dr Finished Goods $560,240.00

Cr Work In Process $560,240.00

B. $76,760.00

Explanation:

A. Preparation of the journal entry to record the jobs complete

First step is to Calculate the amount of total jobs completed

Job 210 182,500.00

Job 224 232,190.00

Job 216 78,300.00

Job 230 67,250.00

Cost of completed jobs 560,240.00

(182,500.00+232,190.00+78,300.00+67,250.00)

Now let prepare the Journal Entry

Dr Finished Goods $560,240.00

Cr Work In Process $560,240.00

B. Calculation to Determine the cost of the unfinished jobs at January 31.

First step is to calculate the work in process Amount

Balance at January 1 85,800.00

Add Direct Materials 115,000.00

Add Direct Labor 140,000.00

Add Factory Overhead 296,200.00

Balance in work in process 637,000.00

Now let determine the cost of the unfinished jobs at January 31

Balance in work in process 637,000.00

Less: Cost of completed jobs 560,240.00

Cost of unfinished jobs on January 31 76,760.00

Therefore the cost of the unfinished jobs at January 31 will be $76,760.00

3 0
3 years ago
Xavier has been working at his first post college job for almost a year when his company gives him a raise, resulting in a paych
marshall27 [118]

Answer:9900

Explanation:

600=700

5 0
3 years ago
Most destinations can afford to be one-season operations.<br><br> true or false
Marizza181 [45]
That statement is False.
One-season operation requires a lot Fixed-assets that woud be a waste if simply un-used for other seasons.
The only destinations that could operate one-season operation are the ones that popular enough and could attract a lot of consumers or the ones that injected by a huge amount of capital
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