Commercial

Q: borrowed is fixed. on how much is overdrawn. The limit of overdrawing is an amo by the bank. For…

A: Interest Expense - The fee a company pays for borrowed money is known as an interest expenditure.…

Q: Money market deposit accounts (MMDAS) O a. have floating maturity dates. O b. are federally insured.…

A: 1. a. have floating maturity dates. 2 d. allow check writing privileges above a stipulated minimum…

Q: Do not use chatgpt.

A: Option A) Current LiabilitiesCorrect. Current liabilities are debts or obligations that a business…

Q: Calculate the APR and rEAR of non-free credit asscoiated with credit terms of 3/10 net 50, and…

A: Given: Given:

Q: Statement 1: If at the end of the reporting period, the discount period is not yet lapsed and the…

A: Accounting is the practice of keeping track of a company's financial activities. Summarizing,…

Q: You are provided with the following information: Sales for the year Discounts provided during the…

A: Accounts written off = Opening balance of the provision for doubtful debts + Doubtful debts expense…

Q: Company X has trade credit policy 1/10 N45. If you can borrow from a bank at 9,5% annual rate, would…

A: 1/10 net 45: 1/10 net 45 is a trade credit extended to the buyer from the seller which means the…

Q: BB7. LO 12.2McMasters Inc, specializes in BBQ accessories. In order for pand its business, they take…

A: Journal entries shows the recording of transaction during an accounting year and every transaction…

Q: how are the origination fees borne by the borrower accounted for in relation to the initial…

A: External financing is the outsourcing of funds and refers to investment or financing provided by…

Q: In accounting for interest-bearing notes receivable, O the stated rate and effective rate are always…

A: The value of promissory notes that a company is owed and ought to be paid for is recorded as notes…

Q: Majestic company has a credit balance of the allowance for doubtful account that exceeds the amount…

A: The allowance for doubtful account is related to accounts receivable and is maintained in books so…

Q: 1. What is the correct accounts receivable – trade account balance? 2. What is the carrying value…

A: The amount that the business owes from others that are included in the accounts receivables.

Q: The amount available under the line of credit is Prepare the appropriate journal entries through th-…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by…

Q: You have recorded a revolving line of credit on your company’s financial statements due within the…

A: Long-term liabilities are the financial obligations of a company that are due for more than 12…

Q: pre-approved amount of open-end credit, based on a borrower's ability to pay, is called a(n) _____.…

A: There are different types of credit available in the market and it all depends on the agreement…

Q: The following are selected 2023 transactions of Bridgeport Corporation. Sept. 1 Oct. 1 1 Purchased…

A: Journal entry is the first stage of accounting process.Journal entry used to record business…

Q: and recovers $225,000 on loans previously charged off. What will be the balance in the allowance for…

A: we need to consider the initial allowance, provision for loan losses, charge-offs, and…

Q: Select the best answer for the question 12. What account will be debited to record an accounts…

A: The account receivable accounts represents a promise made by an external company to pay for goods or…

Q: Use the following information for the next two questions. BPI Davao provided the following…

A: A loss allowance is the amount of money that a business sets aside to cover the potential losses…

Q: Anth Company has significant amounts of trade accounts receivable. Anth uses the allowance method to…

A: Bad debt expense is the expense which recognized when the receivable is no longer collectible as the…

Q: Bank Sohar declares the profit for the year ended 2019-20. They makes profit: a. When their rate of…

A: Banks main income generated from granting loans to the borrower.

Q: here the operating cycle extends beyond one year because of normal credit terms as in the case of…

A: The operating cycle refers to the estimated time frame needed by a business in order to create a…

Q: Descriptors are provided below for six situations involving notes receivable being discounted at a…

A: Notes receivable is an asset for the business entity because it represents the amount receivable.

Q: months after the given mat

A: Given as,

Q: What journal entry is used to write-off an uncollectible account under the allowance method?…

A: Concept of allowance method: Unlike the direct write off method, allowance account is maintained…

Q: the terms in the left-hand column below with the descriptions on the right.   1. Percentage of…

A: The term "credit sales" refers to the transfer of ownership of goods and services to a consumer with…

Q: The following item is not a debt: Dividends payable in shares. Advances paid by clients on…

A: Solution a: Dividend payable in shares is not a debt instead same is part of shareholder's equity.…

Q: 6. Shameless Co. had the following liabilities on December 31, 20x1: Accounts payable Interest…

A: The current liabilities are the liabilities that are due to be paid within one year.

Q: (Cost of short-term bank loan) On July 1, 2018, the Southwest Forging Corporation arranged for a…

A: The effective cost of credit under the line-of-credit agreement, when the maximum loan amount is…

Q: bank a one-year grace period to rectify the breach and during which the bank promises not to demand…

A: The company has breached the payment terms and failed to pay the loan amount . the bank has provided…

Q: 6.  Your firm decides to tighten its credit policy so that customers pay in 30 days rather than 45…

A: Option c is correct option . When firm decides to tighten its credit policy from 45 days to 30 days…

Q: Pursuant to the Fair Credit Reporting Act, a consumer reporting agency must adopt reasonable…

A: Fair credit reporting act is drafted to safeguard consumers information and regulation of consumers…

Q: A bank offered a commercial customer a one-year loan. A discounted note with a nominal rate of 13%…

A: A loan charges a percentage of the principal as interest to a borrower (the amount borrowed). The…

Q: 5.The amount computed under the percentage of credit sales method is the     bad debts expense for…

A: Every business runs for the purpose of generating sales and profit. Sales revenue means amount of…

Q: If a credit marked as "Upon receipt by the beneficiary of notice from the issuing bank that a draft…

A: The question is based on the banking term and arrangement of credit under different conditions.…

Q: 48 Assume that Oman Oil Marketing Company has credit sales of OMR 100,000 in 2019, of which…

A: the journal entries are prepared to keep the record of day to day transactions of the business.

Q: 1. A company maintains an allowance for doubtful accounts related to its credit sales. For each…

A: "Since you have posted multiple questions we will only answer the first question for you. If you…

Q: None

A: Here's how to calculate the annual effective rate (AER) for a customer not taking a 3/15, n/30…

Q: Loob Company had the following loans at 12% interest payable at maturity. The entity repaid each…

A: Interest is required to be paid on the amount borrowed from financial institutions. The interest…