n April 12, Hong Company agrees to accept a 60-day, 8%, $7,800 note from Indigo Company to extend the due date o
Q: How do you identify intangible assets such as usufruct in modern transactions
A: Goodwill, brand awareness, and proprietary information like as patents, trademarks, and copyrights a...
Q: Restate the following income statement for a retailer in contribution format. Sales revenue ($100 ...
A: Solution:- Preparation of income statement in contribution format as follows:- Format as follows: ...
Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31: Co...
A:
Q: AB Corp had a net profit of CU400,000,000 and paid a dividend of CU200,000,000 during 19X7. AB Corp'...
A:
Q: Firm-specific requirements 3. List the last eleven-year net incomes of your company and the competit...
A: The answer is as follows: Fiscal year Your firm's Net income (NI) ($ millions) (Amount in $) Yo...
Q: Sunland-on Ltd. sells rock-climbing products and operates an indoor climbing facility for climbing e...
A: The journal keeps the record for day to day transactions of the business. The accrued interest is th...
Q: Schultz Electronics manufactures two ultra high-definition television models: the Royale which sells...
A: Royale Majestic Purchasing 1417500 x 17700/40500 =619500 1417500 x 22800/40500 =798000 Mac...
Q: Tammy is single and owns and operates ABC, LLC. Her LLC (a sole proprietorship) has QBI of $850,000 ...
A: According to the rule, the QBI is limited to below options whichever is lower: (A) 20% of QBI OR (B)...
Q: Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise invent...
A: The ratio analysis helps to analyse the financial statements of the business. The total assets turno...
Q: DATA: May 1 - Beg. Balance - 1,000 Units @ $20 May 8 - Purchases - 1,200 Units @ $22 May 10 - Sol...
A: Date Purchase Cost of goods sold Balance Inventory Quantity Cost per Unit (In $) Total Cost (...
Q: 2021 2020 S Change % Change Gross operating revenue 1,870,188,069.00 1,706,358,991.00 163,829,078.00...
A: Horizontal analysis is comparing financial data from two periods of the same organization taking one...
Q: Food Delivery Services (FDS) share price is worth $18 today. In a year, the market for meal prep del...
A: In case of probabilistic data, returns are calculated using the various expected returns with corres...
Q: Goods were in transit to DEF Corpora was P75,000. The goods were shippe received on January 2, 2021....
A: An accounting adjustment which defined as a business transaction that is not being written in the ac...
Q: Exe (3-a) Return on total assets. (3-b) Based on return on total assets, did Simon's operating effic...
A: Lets understand the basics. Return on total assets indicates the ability of company to generate earn...
Q: Consider a project with inflows of $20,000 and outflows of $13,000. If the tax rate is 33%, and if t...
A: Depreciation The purpose of calculating the depreciation which is known the factors how much amount...
Q: Thanks for your response. This is the full question. I only want answers to 4,5,6 and 7. Thanks ...
A: Comment - Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the ques...
Q: On July 1, 2021, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $135...
A: Acquisition of shares of one company by another needs to be recorded in the books of accounts as inv...
Q: Complete the general ledger accounts to calculate cash received from the sale of furniture. Furnitur...
A: Depreciation is an Gradual decrease in the value of assets over the period of time due to its usage ...
Q: Ivanhoe Leasing Company agrees to lease equipment to Shamrock Corporation on January 1, 2020. The fo...
A: Given than : Lease term =7 yearsEconomic life =9 years Fair value =$ 657,000Guaranteed residual valu...
Q: ABC Co. paid salary $2,000 in cash. What would be the impact of this transaction on the accounting e...
A: Accounting equation forms the basic of accounting as it is considered as the foundation of business ...
Q: Cheatem Trading Company's master budget reflects budgeted sales information for the month of March, ...
A: Sales Budgeted : It's financial plan that estimates a company's total sales in a specific time per...
Q: Depreciation for Partial Periods Hathaway Company purchased a copying machine for $8,700 on October ...
A: Depreciation is the value of charge on the asset for using it in the business including the normal w...
Q: You are considering opening a copy service in thestudent union. You estimate your fixed cost at $15,...
A: The break-even point is the point at which total cost & total income are equal, meaning that you...
Q: Question 5 Grocer Grocey Bhd has in issue 1,000,000 ordinary shares issued at RM3.50 per share and 5...
A: Introduction Answer below Explanation: a. Ordinary share capital(1,000,000 ordinary shares x 3.5...
Q: Greek Manufacturing Company produces and sells a line of product that are sold usually all year roun...
A: Solution Total fixed Cost is a cost which remain fixed in total .It is the sum of consistent, Non va...
Q: FORTEN COMPANY Income Statement For Current Year Ended December 31 $ 642,500 297,000 345,500 Sales C...
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Q: Monica wants to sell her share of an investment to Barney for $58,000 in three years. If money is wo...
A: Present value formula is: PV = FV / (1 + r / n)nt Where, PV = Present value FV = Future value r = ...
Q: Mr. Tom purchased 3 x GPS Cat Collar from Firestorm.com store. The total item value of his order is ...
A: A cancellation fee is a sum of money paid to the seller if the buyer cancels the order. Cancellation...
Q: Jones Company has the following balances for the current month: Direct materials used $24,000 Direct...
A: The question is based on the concept of Cost Accounting. Conversion costs are directly related to th...
Q: am unsure of how to group into assets, liabilities and shareholder equity.
A: Introduction:- The following balance sheet or accounting equation used as follows unde:- Total asset...
Q: $ 14,600 55,000 43,500 223,000 Cash Accounts receivable Inventory Buildings and equipment, net of de...
A: Workings: Minden Company Schedule of Expected Cash collection Cash Sales of May 73200 Colle...
Q: Haribo has manufactured gummy bears, since 1920. Those bears are currently made in 16 plants around ...
A: GIVEN The direct labour costs likely to be incurred in the production of gummy bears is
Q: 21. A non-VAT business reported the following: Sales P 2,500,000 Cost of Sales 1,000,000 Purchases, ...
A: Value-added tax is an indirect tax charged on the value of goods or services at each stage of supply...
Q: The current assets and liabilities sections of the comparative balance sheet of Wildhorse Inc., a pr...
A: Working:
Q: Prepare a complete statement of cash flow using the indirect method for the current ye
A:
Q: A. Assume that you have completed your plans and proformas for the next year of operations. Your pro...
A: Decision making is an important part of conducting every business transactions in an entity. The dec...
Q: Record each transaction into the T account Be sure you understand the rule of debits...
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...
Q: Acme Inc. has the following information available: Actual price paid for material $0.90 Standard pr...
A: Material Price Variance (MPV) =(SP-AP) x AQ. SP = Standard Price = 1 AP = Actual Price = 0.9 AQ = Ac...
Q: Schultz Electronics manufactures two ultra high-definition television models: the Royale which sells...
A: Solution 1: Allocation of overhead and computation of overhead cost per unit - ABC Activity Est...
Q: Consider the balance sheet for Inspired to Thrive (IT) Bank below: Inspired to Thrive Bank Balance S...
A: Leverage ratio = Debt to Equity Ratio = Debt/Equity Debt to Capital ratio = Debt/Total Capital Debt ...
Q: Blaze Ltd has decided to purchase shares with a nominal value of £110,000 (originally issued for £12...
A: Treasury stock is acknowledged as the reacquired stock of a corporation which were outstanding in th...
Q: REQUIRED TO PREPARE A. Joumal Entries B. Ledger Accounts C. Trial Balance D. Income Statement and E....
A: Journal is a book in which all business transactions are recorded first, therefore this book is call...
Q: Ayayai Company’s net income for 2020 is $52,900. The only potentially dilutive securities outstandin...
A: GIVEN Ayayai Company’s net income for 2020 is $52,900. The only potentially dilutive securities ou...
Q: Anita pays 50% of the total cost for her benefits, her employer pays the other 50%. monthly premium ...
A: Total Combined benefit payable = Health premium + Dental Premium = $167.50 +$75.50 = $243 Since Anit...
Q: An amount P20,000 is place in an investment for 10 years. How much is the sum of the investment afte...
A: Investment (PV) = P20,000 Interest rate (r) = 7% Period (t) = 10 Years e = 2.71828182845904523536028...
Q: On 1 July 2015 a plant is acquired at a cost of $6 million. The asset is to be depreciated using the...
A: When the carrying amount of an asset becomes higher than its recoverable amount then it is said to h...
Q: The Aghfa Id purchased new machinery for Rs 1,400,000 with 6years estimated useful life and no salv...
A:
Q: QS 12-1 Transaction classification by activity LO C1 Classify the following cash flows as either Ope...
A: Solution:- Classification of Cash flows as either Operating, Investing, or financing activities by a...
Q: A high-definition TV costs a company $3,100 to manufacture, If it sells for $6,742, what is the perc...
A: Solution: Markup is the difference between the selling price of a good or service and cost. It is ge...
Q: In order to prepare Forms W-2, an employer would utilize the employee's earnings record. O True O Fa...
A: form w2 is also known as and tax statement is a document that employer is required to send to each e...
On April 12, Hong Company agrees to accept a 60-day, 8%, $7,800 note from Indigo Company to extend the due date on an overdue account. What is the
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseOn June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
- Mystic Magic issued a $120,250 note on January 1, 2018 to a customer, Amy Arnold, in exchange for merchandise. Terms of the note are 9-month maturity date on October 1, 2018 at a 9.6% annual interest rate. Amy Arnold does not pay on her account and dishonors the note. On November 10, 2018, Mystic Magic decides to sell the dishonored note to a collection agency for 25% of its value. Record the journal entries for Mystic Magic for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on October 1, 2018 C. Receivable sale on November 10, 2018Rain T-Shirts issued a $440,600 note on January 1, 2018 to a customer, Larry Potts, in exchange for merchandise. The merchandise had a cost to Rain T-Shirts of $220,300. The terms of the note are 24-month maturity date on December 31, 2019 at a 4.5% annual interest rate. Larry Potts does not pay on his account and dishonors the note. Record journal entries for Rain T-Shirts for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturityResin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
- Entries for installment note transactions On January 1, 20Y2, Hebron Company issued a 175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of 43,830, beginning on December 31, 20Y2. Journalize the entries to record the following:Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.On January 1, 2019, Northfield Corporation becomes delinquent on a 100,000, 14% note to First National Bank, on which 16,651 of interest has accrued. On January 2, 2019, the bank agrees to restructure the note. It forgives the accrued interest, extends the repayment date to December 31, 2021, and reduces the interest rate to 10%. Required: Prepare a schedule for Northfield to compute the annual interest expense in regard to the preceding note for each year of the restructuring agreement.