Felix Financial Services lent a corporate client $152,000 at an annual interest rate of 6.5% on January 1. What is the amount of interest revenue that should be recorded for the quarter ending March 31?
Q: What is the gross margin? accounting
A: Step 1: Definition of Gross MarginGross Margin is a key financial metric that reflects a company's…
Q: I need help with this general accounting question using the proper accounting approach.
A: Step 1: Definition of Equivalent Units of Production (EUP)Equivalent Units of Production represent…
Q: General accounting
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) refers to the direct costs…
Q: During 2018, the band Maroon 5 is touring across the U.S. on its "Red Pill Blues Tour 2018." Two of…
A: 1. Before the Concert (Ticket Sale on November 4, 2017)Transaction: Maroon 5 sells all the tickets…
Q: Determine the value of capital
A: Step 1: DefinitionsConcept of Accounting Equation: The accounting equation is the foundation of…
Q: Elena gives stock to Jake that has a tax basis of $4,500. At the time of the gift, the stock is…
A: Explanation of Tax Basis: Tax basis refers to the original cost of an asset for tax purposes,…
Q: Calculate Greenfield's debt-to-equity ratio.
A: Solution ExplanationTo calculate the debt-to-equity ratio, we use the following standard…
Q: What is the ending balance?
A: Step 1: DefinitionsConcept of Materials Inventory Account: This account tracks the raw materials a…
Q: Please provide the answer to this financial accounting question with proper steps
A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…
Q: What is the stock's current price?
A: Understanding the P/E RatioThe P/E ratio (Price-to-Earnings ratio) is a valuation metric that shows…
Q: What is total liabilities?
A: Step 1: Definitions Concept of Liabilities:Liabilities are the financial obligations or debts that a…
Q: Need answer
A: Provided Data:Net income = $750Depreciation = $86Increase in receivables = $100Increase in inventory…
Q: General accounting question
A: Step 1: Definition of Total AssetsTotal Assets refer to everything that a company owns and has…
Q: What is the fixed cost per month?
A: Explanation of Total Cost: Total cost represents the sum of all expenses incurred by a business…
Q: Financial accounting
A: Step 1: Definition of Gain or Loss on Sale of AssetThe gain or loss on the sale of an asset is…
Q: No Ai
A: Apply this formula:EOQ =Squareroot [(2 × Annual Demand × Order Cost) / Holding Cost]Given:Annual…
Q: Please explain the solution to this general accounting problem with accurate explanations.
A: Step 1: Definition of Average Collection PeriodThe average collection period (ACP) measures how long…
Q: explain properly all the answer for General accounting question Please given fast
A: Step 1: Define EquityEquity refers to the ownership value in a company or the residual interest in…
Q: I need help with this solution and general accounting
A: Step 1: Definition of Owner's EquityOwner's equity represents the residual interest in the assets of…
Q: One of Alyra Co.'s activity cost pools is packaging, with an estimated overhead (OH) of $120,000. It…
A: Explanation of Activity Cost Pool:An activity cost pool is a grouping of all costs associated with a…
Q: Need To ask Right Expert for this solutions
A: To estimate the cost of common equity using the CAPM (Capital Asset Pricing Model), we use the…
Q: Laura estimates that his car costs $290 per month in fixed expenses, such as insurance and…
A: We have given, Fixed Expenses = $290 per monthVariable Cost Rate = $0.16 per mileTotal miles driven…
Q: Preparing an order and receiving a shipment of lubricant costs
A: Given Information:Annual demand (D) = 642 drums/yearOrdering cost (S) = $7 per orderCarrying…
Q: Question
A: We determine the expected total fixed overhead costs in December using the high-low method as…
Q: Laura estimates that his car costs $290 per
A: We have given, Fixed Expenses = $290 per monthVariable Cost Rate = $0.16 per mileTotal miles driven…
Q: Please provide the answer to this financial accounting question using the right approach.
A: Step 1: Definition of Owners' EquityOwners' Equity is the difference between a company's total…
Q: Provide accurate answer this financial accounting question not use ai
A: Step 1: Definition of Owner's EquityOwner's equity, also known as shareholders' equity in a…
Q: Calculate the fixed overhead budget variance.
A: Concept of Fixed Overhead:Fixed overhead refers to indirect manufacturing costs that do not vary…
Q: Suppose the required reserve ratio is 0.20 and individuals hold no cash.
A: Given Data Required Reserve Ratio = 0.20 (or 20%)Total Bank Deposits = $150 millionTotal Reserves…
Q: Question 12
A: To calculate the Economic Order Quantity (EOQ), we use the following formulaEOQ=H2DSWhere:D =…
Q: What are the budgeted cash payments for November?
A: Step 1: Definition of Budgeted Cash PaymentsBudgeted Cash Payments refer to the forecasted or…
Q: Please provide step by step instructions to help me understand the process.
A: A lease amortization schedule is a financial tool used to track the reduction of a lease liability…
Q: General accounting question
A: Step 1: Definition of Net Cash Provided by Operating ActivitiesNet cash provided by operating…
Q: help this accounting question answer
A: Step 1: Definition of Annual Cost of Trade CreditThe annual cost of trade credit is the implied…
Q: At the year end ??? No solve incorrect values
A: The first step in calculating the applied overhead is to determine the predetermined overhead rate.…
Q: Financial accounting
A: Step 1: Define Monthly Mortgage PaymentA monthly mortgage payment is the amount a borrower needs to…
Q: Get correct answer with general accounting
A: Step 1: Definition of Common Stock Caption on Balance Sheet The common stock caption on a balance…
Q: Calculate the total variable cost per unit.
A: Step 1: Definition of Total Variable Cost per UnitTotal variable cost per unit refers to the costs…
Q: Radiant Co. has a target of earning $85,000 pre-tax income. The contribution margin ratio is 40%.…
A: Explanation of Pre-Tax Income:Pre-tax income is the amount of profit a business wants to earn before…
Q: I want to this question answer for General accounting question not need ai solution
A: Step 1: Definition Return on Equity (ROE): Return on Equity (ROE) is a measure of a company's…
Q: Celine Corp. reported a cost of goods manufactured of $520,000 for the year. The beginning finished…
A: Explanation of Cost of Goods Manufactured (COGM): Cost of Goods Manufactured represents the total…
Q: Kelly Textiles estimated manufacturing overhead for the year to be $315,600. At the end of the year,…
A: Explanation of Manufacturing Overhead: Manufacturing overhead encompasses all indirect costs…
Q: Please show me the correct way to solve this financial accounting problem with accurate methods.
A: Step 1: Define Reconciled Cash BalanceThe reconciled cash balance is the adjusted cash balance after…
Q: I am looking for help with this financial accounting question using proper accounting standards.
A: Step 1: Definition of Times Interest Earned (TIE) Ratio The Times Interest Earned (TIE) ratio is a…
Q: Elba Industries produces a single product: solar-powered lanterns for outdoor use. The budget going…
A: Explanation of Budgeted Selling Price:The budgeted selling price is the price a company plans or…
Q: I am searching for the correct answer to this general accounting problem with proper accounting…
A: Step 1: Definition of Accumulated DepreciationAccumulated depreciation is the total depreciation…
Q: How much is Natasha's contribution margin ratio?
A: Provided Data:Selling price per unit = $136Variable cost per unit = $46Fixed costs per month =…
Q: Please help me this question
A: The profit margin can be calculated using the DuPont Identity, which expresses Return on Equity…
Q: I need help finding the accurate solution to this general accounting problem with valid methods.
A: Step 1: Definition of Income from OperationsIncome from operations (also called operating income) is…
Q: I'm waiting for Answer
A: To calculate the Economic Order Quantity (EOQ), use the following formula:EOQ = Square Root of [(2 *…
What is the amount of interest revenue?
Step by step
Solved in 2 steps
- On October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a $18,600 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $369 Оb. $372 Ос. $382 Od. $379On October 1, Black Company receives a 6% interest-bearing note from Reese Company to settle a $17,000 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $252 Оь. 5255 Oc. $262 Od. $265General accounting
- Given correct answer general Accounting questionUse average daily balance method to compute finance charge on credit card account for August, 31 days. The starting balance from previous month is $290. Transactions are shown below. Assume annual interest rate of 25% on the account and the billing date is august 1st. 8/3-payment of $74 8/6-charged $150 8/21 charged $20 8/28 charged $26K Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $240. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 20% on the account and that the billing date is August 1st. The finance charge for the month of August is $ (Round to the nearest cent as needed.) Date August 5 Transaction Made payment of $88 August 14 Charged $140 for hiking boots August 21 Charged $18 for gasoline August 25 Charged $34 for restaurant meal
- What is the amount of interest revenue that must be accrued on December 31st for a nine-month, 6%, $2,000 note receivable that was accepted on November 1st? what is the interest accrued?On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a $17,800 account receivable. The note is due in six months. At December 31, Black should record interest revenue of a.$455 b.$442 c.$445 d.$452h. Vacation pay expense for December, $10,500. Description Debit Credit i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December. Description Debit Credit j. Interest was accrued on the note receivable received on October 17. Assume 360 days per year. sem: Description Debit Credit
- Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.6%. The itemized billing for the month of August is shown below. Detail Unpaid balance Charge Charge Charge Payment received Last day of billing period Payment due date Date August 1 August 9 August 10 August 18 August 25 August 31 September 7 (a) Find the average daily balance. $ (b) Find the interest due for this month. $ Amount 1085 125 1130 140 995 (c) Find the total balance owed on the last day of the billing period. $ 1,514.97 Or (d) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $A) Find the average daily balance B) Find the monthly finance charge C) Find the account balance fot the next billingK Use the unpaid balance method to find the finance charge on the credit card account for April. The starting balance from the previous month is $230. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 23% on the account and that the billing date is April 1st The finance charge for the month of April is S (Round to the nearest cent as needed.) COLD Date April 5 April 6 April 10 April 12 Charged $145 for a coat Made payment of $146 Charged $28 for DVDs Charged $34 for groceries Transaction
