The qualitative characteristic of using the same accounting method each period over time refers to the concept of

On July 9, Mifflin Company receives an $7,200, 90-day, 8% note from customer Payton Summers as payment on account. What entry sh

Dmitry [639]

Answer:

Oct 6 Cash 7344 Dr

Interest Revenue 144 Cr

Notes Receivable 7200 Cr

Explanation:

First we calculate the day on which notes receivable is due.

We start from July 9 as being our first day and in July there are 31 days so 31 - 8 = 23

In August there are 31 days.

In September there are 30 days.

So total days till september are 22+31+30 = 84

So the note is due to be received on October 6.

The amount of interest due is 7200 * 0.08 * 90/360 = $144

The entry to be passed on Oct 6 is a debit to cash for the amount of principal and interest (7200+144) and a credit to interest revenue of 144 and notes receivable of 7200

7 0

4 years ago

If the multiplier equals 2 and the AD shortfall is $6 million, the desired fiscal stimulus is

Ahat [919]

If the multiplier equals 2 and the AD shortfall is $6 million, the desired fiscal stimulus is $3 million.

<h3>What is the shortfall?</h3>

The term shortfall has referred to the deficiency of something in the market. When the availability of goods is not adequate and suppliers fail to provide them. This situation is considered as shortfall.

To calculate the desired fiscal stimulus

desired fiscal stimulus= AD shortfall/ Multiplier

=$6 million/ 2

= $3 million

Therefore, the desired fiscal stimulus is $3 million.

Learn more about desired fiscal stimulus , here:

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3 0

2 years ago

Treyvawn wants to obtain a new credit card. rather than just rely on the various offers he has received in the mail, treyvawn is

solniwko [45]

The best interest rates available.

3 0

3 years ago

Once considered upstarts among independent businesses,________ now command 45 percent of all retail sales in the United States.

GaryK [48]

Answer:

The correct answer is letter "D": franchises.

Explanation:

Franchises are business structures in which franchisees access the trademarks and proprietary rights of a franchisor to use its brand name and products in exchange for a fee charged on a regular basis. Franchising avoids a new company spending money on activities related to promoting a new business since the franchisor already has a well-known name in the market.

<em>MacDonald's represents the largest franchise in the U.S. in 2020 according to Franchise Direct.</em>

4 0

3 years ago

A motel had the following business on a particular week. Number Occupied Type of room Sun Mon Tues Wed Thu Fri Sat Rate per nigh

Zina [86]

Answer:

Total profit for week = $57360

Explanation:

To calculate the profit for one-week period, we first need to calculate the revenue for one week period based on the given occupancy.

We will first calculate the revenue for every day and add it to calculate the revenue for the week.

Sunday = 60 * 80 + 90 * 64 + 50 * 48 => $12960

Monday = 60 * 80 + 90 * 64 + 50 * 48 => $12960

Tuesday = 60 * 80 + 90 * 64 + 50 * 48 => $12960

Wednesday = 60 * 80 + 90 * 64 + 50 * 48 => $12960

Thursday = 60 * 80 + 90 * 64 + 50 * 48 => $12960

Friday = 50 * 48 + 130 * 56 => $9680

Saturday = 50 * 48 + 130 * 56 => $9680

Total revenue for one week = 12960 * 5 + 9680 * 2 => $84160

To calculate the profit, we will first calculate the total cost.

Total cost = 20000 + (5 * 200 * 5 + 5 * 180 * 2)

Total cost = $26800

Total profit for week = 84160 - 26800

Total profit for week = $57360

5 0

3 years ago