On January 1, Trump Financial Services lends a corporate client $180,000 at an 8% interest rate. The amount of interest revenue that should be recorded for the quarter ending March 31 equals: a) $14,400 b) $3,600 c) $900 d) $3,200
Q: pure wates total liabilities are
A: Step 1: Definition of LiabilitiesLiabilities represent the obligations a company owes to external…
Q: help me to solve this questions this answer
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is an estimated…
Q: gross profit answer
A: Step 1: Definition of Gross ProfitGross profit is the profit remaining after deducting the cost of…
Q: answer plz
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the direct costs…
Q: Incorrect Question 6 0 / 10 pts Audit Organization ABC is evaluating the different non-audit…
A: Step 1: Understanding the Question: The question is asking which non-audit services would impair an…
Q: General accounting
A: Step 1: DefinitionThe IRS reclassifies unreasonable compensation as a non-deductible expense,…
Q: What is the cost of goods sold for the company?
A: Explanation of Cost of Goods Sold (COGS):Cost of Goods Sold (COGS) represents the direct costs…
Q: Get answer this general accounting question with calculation
A: Step 1: Calculation of increase in accounts receivablesBeginning accounts receivables =…
Q: what will be the after-tax income?
A: Let's calculate the after-tax income.Given:Increase in sales revenue = $27,500Tax rate = 40%Since…
Q: What is the amount of interest expense
A: Step 1: Definition of Notes PayableNotes payable refer to written promises to repay borrowed…
Q: SUBJECT FINANCIAL ACCOUNTING
A: Explanation of Return on Equity (ROE):Return on Equity (ROE) is a financial metric that evaluates a…
Q: Provide correct solution and accounting
A: Step 1: Introduction to cost of a productThe cost of a product refers to the total amount of…
Q: Accurate answer
A: Approach to Solving the Question:Understand the Problem: The company wants to know the total cost of…
Q: need help this questions
A: Step 1: Definition of Day Sales in ReceivablesThe day sales in receivables is an efficiency ratio…
Q: What is the sales volume variance for total revenue?
A: The sales volume variance for total revenue measures the difference between the budgeted revenue and…
Q: Solve this question is accounting
A: Step 1: Calculation of annual coupon paymentsQuarterly (every 3 months) coupon payment = $30Annual…
Q: What would the sales be on these general accounting question?
A: Step 1: Define Sales Calculation Using Gross Profit MarginThe Gross Profit Margin is the percentage…
Q: help me to solve this questions
A: Step 1: Definition of Accounts Receivable TurnoverAccounts receivable turnover is calculated as net…
Q: Ajani Company has variable costs equal to 35% of sales. The company is considering a proposal that…
A: Concept of Contribution Margin RatioThe contribution margin ratio represents the percentage of sales…
Q: Making ans selling the product?
A: Step 1: Definition of Full Cost Per UnitFull cost per unit includes both variable and fixed costs…
Q: provide answer general accounting
A: Step 1: Definition of Days' Sales in ReceivablesDays' Sales in Receivables, also called the average…
Q: Solve with explanation and accounting
A: The question requires the determination of the capital gains yield. he capital gains yield (CGY)…
Q: need help
A: Step 1: Definition of Overhead Cost:The expenses involved in maintaining the company are called…
Q: General Accounting Question
A: Step 1: Calculation of Budgeted Production unitsBudgeted Production = Budgeted Sales + Desired…
Q: Provide correct answer general accounting
A: Step 1: Net present value (NPV) for the investment can be calculated by subtracting the Initial…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Variance AnalysisVariance analysis is the process of comparing budgeted costs…
Q: this project ans
A: The question requires the determination of the initial cash flow of investment. In finance, the…
Q: Need answer please
A: Explanation of Manufacturing Overhead:Manufacturing overhead consists of all indirect costs incurred…
Q: Give this question general accounting
A: Dollar Markup: The difference between the selling price and the cost price of a product. It…
Q: Provide answer this general accounting question
A: Step 1: Define Standard Cost per UnitThe Standard Cost per Unit is the estimated cost of producing…
Q: Solve this question accounting
A: Step 1: Definition of Total Manufacturing CostsTotal manufacturing costs include direct materials…
Q: The investment turnover is
A: Step-by-Step Explanation to Solve the Investment Turnover Question1. Understand the Question The…
Q: The amount of overhead allocated to each product
A: Explanation of Overhead Allocation:Overhead allocation refers to the process of distributing…
Q: What is the variable cost per unit processed?
A: Explanation of Variable Cost: Variable cost is a business expense that changes in proportion to the…
Q: On the factory overhead budget for the month
A: Mosco Industries follows a Just-In-Time (JIT) inventory policy, meaning the ending inventory of each…
Q: net income for the period was
A: Step 1: Definition of Net IncomeNet income represents the profit earned by a company after deducting…
Q: hello teacher please solve questions general accounting
A: Step 1: Definition of Tax Shield and Operating Cash Flow (OCF)A tax shield is the reduction in…
Q: Fresh Foods has sales of $216,500, total assets of $196,200, a debt-equity ratio of 2.15, and a…
A: The equity multiplier is a measure of financial leverage and is calculated as:Equity…
Q: ????
A: To determine VAS Corporation's return on common stockholders' equity (ROE), we first calculated the…
Q: abc general accountions
A: Step 1: Definition of EquityEquity is the amount invested by the shareholders of a company. Equity…
Q: What is its net income? General accounting
A: Step 1: Define Net IncomeWithin a company, net income represents its after-tax earnings during a tax…
Q: Chapter 15 Homework i 10 0.83 points Saved Help Save & Exit Submit Check my work QS 15-8 (Algo)…
A: The predetermined overhead rate is a rate used to apply manufacturing overhead to jobs that are in…
Q: Please provide problem with accounting question
A: Step 1: Define Total SalesA company's total sales equals the sum of the cash sales and credit sales.…
Q: Need help
A: Step 1: Define Cost of GoodsThe cost of goods includes all the costs that are incurred in the…
Q: Want to this question answer General Accounting
A: Step 1: Define Price-Earnings (P/E) RatioThe Price-Earnings (P/E) Ratio is a valuation metric that…
Q: What is the total amount of variable costs related to the units sold?
A: Explanation of Variable Costs:Variable costs are expenses that change directly with the level of…
Q: Provide accounting
A: Step 1: We calculate the total gain on the original sale.Selling price: $130,000Adjusted tax basis:…
Q: Accounting 41
A: Concept of Return on Investment (ROI)Return on Investment (ROI) is a financial metric used to…
Q: Need answer
A: Here's how to calculate Tanner's Formal Wear's return on equity (ROE):Calculate Equity: The…
Q: General Accounting
A: Step 1:First, calculate the standard variable overhead: Standard variable overhead = Actual…
On January 1, Trump Financial Services lends a corporate client $180,000 at an 8% interest rate. The amount of interest revenue that should be recorded for the quarter ending March 31 equals: a) $14,400 b) $3,600 c) $900 d) $3,200
Step by step
Solved in 2 steps
- Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?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. $2,383
- Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?Somber Company borrows $892,000 from Silver Financing Associates by securing a revolving line of credit at a 9% interest rate on April 15. Interest is due and payable at the end of each month based on the outstanding balance at the beginning of the month. Somber assigns $939,000 of its accounts receivable as collateral for the lending arrangement. Assume that accounts receivable are collected at the end of the month and the proceeds are remitted to Silver at the end of the month. Month Accounts Receivable Collected April 140,000 May 490,000 June 117,000 Requirements a. Compute the balance of notes payable at the end of each month. b. Prepare the necessary journal entries for these transactions. c. If the accounts receivable had been pledged as collateral, what entry would be made at April 15? A: Notes Notes Payable Accounts Payable Beginning Interest Receivable Cash Paid Ending Month…Alfred Company lends $40,000 with 9% interest to a customer on August 1, 2015, in exchange for a nine month note. The principal and interest will be paid when the note matures. Alfred’s journal entry on December 31, 2015 will credit Interest Revenue for:
- How much is the remittance of MedLab Inc. to the bank by the end of September?On January 1, MM Company borrows $360,000 cash from a bank and in return signs an 8% installment note for five annual payments of $90, 164 each. Analyze transactions involving issuance of the note and its first annual payment, by showing their effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction.Prime Products hopes to borrow $73,000 on April 1 and repay it plus interest of $1,080 on June 30. The following data are available for the months April through June, during which the loan will be used: On April 1, the start of the loan period, the cash balance will be $41,800. Accounts receivable on April 1 will total $182,000, of which $156,000 will be collected during April and $20,800 will be collected during May. The remainder will be uncollectible. The company estimates 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% are bad debts that are never collected. Budgeted sales and expenses for the three-month period follow: April May June Sales (all on account) $316,000 $575,000 $264,000 Merchandise purchases $214,000 $193,000 $ 151,500 Payroll $ 34,200 $ 34,200 $27,300 Lease payments $31,600 $31,600 $ 31,600 Advertising $ 74,000 $ 74,000 $ 43,000 Equipment purchases $70,500 Depreciation…
- On January 1, 2021, Nees Manufacturing lends $10,000 to Roberson Supply using a 9% note due in eight months. Calculate the amount of interest revenue Nees will record on September 1, 2021, the date that the note is due. a. $300.b. $600.c. $900.d. $1,000.Goldie Corporation takes out a $10,000 cash loan from its bank by signing a 15%, 9-month promissory note on August 1. The journal entry at the note's maturity will include: Credit to Cash for $10,000 Debit to Interest Expense for $1,125 Debit to Interest Expense for $625 Debit to Interest Expense for $500Prime Products hopes to borrow $51,000 on April 1 and repay it plus interest of $860 on June 30. The following data are available for the months April through June, during which the loan will be used: a. On April 1, the start of the loan period, the cash balance will be $24,400. Accounts receivable on April 1 will total $151,200, of which $129,600 will be collected during April and $17,280 will be collected during May. The remainder will be uncollectible. b. The company estimates 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% are bad debts that are never collected. Budgeted sales and expenses for the three- month period follow: Sales (all on account) Merchandise purchases Payroll Lease payments April $285,000 $194,000 May $ 548,000 June $ 251,000 $ 179,000 $ 171,000 $ 35,400 $ 35,400 $ 19,900 $ 35,800 $ 35,800 $ 35,800 Advertising Equipment purchases Depreciation $ 64,400 $ 64,400 $…
