On November 16, Bell borrowed $10,000 from Graham and gave a 90-day. 12% note. On December 31 the end of the accounting period, Graham makes the following entry: Notes receivable Interest income 150 150 O Interest receivable 300 Interest income 300 O Cash 150 Interest income 150 Interest receivable 150 Interest income 150 O None of the above
Q: Question (6) Post Company's 20Y1 net sales were $10,000,000, cash cost of goods sold was $5,500,000,…
A: Inventory days on hand is a measure of how long a company holds its inventory before selling it. A…
Q: A certain investor has approached you wishing to set up a repurchase agreement for $15,000,000 for…
A: Let's break down the concept of a haircut and how it applies in the context of a repurchase…
Q: need help with this question
A: Step 1:Calculating the Company's EquityThe debt-to-total-assets ratio is given as 44%, which means…
Q: need help with this question so please provide correct answer please provide fast as per posible
A: Part 2: ExplanationStep 1: Calculate the Net Profit Margin for each companyNet Profit Margin is…
Q: Collected these information from Bell Telecom Company (Egypt) producing 3 products"E" ,"F", and "G"…
A: Sales Budget Estimated Sales in Units: Product E: (\frac{11,000,000 \text {EGP}}{440 \text…
Q: q13t In an annual audit of Whispering Winds Company Limited, you find that a physical inventory…
A:
Q: Need Help with this
A: To calculate the cost per shirt for Job R45, we need to determine the total cost of the job and then…
Q: Use lean accounting to prepare the journal entry to record the purchase on credit of $28,000 of raw…
A: Purchase of Raw Materials on Account is one of the usual transactions in a manufacturing company, in…
Q: Walker Clothing Store had a balance in the Accounts Receivable account of $780,000 at the beginning…
A: 1. Determine the Average Accounts Receivable: - First, find the average amount of money customers…
Q: Determine the due date and the amount of interest due at maturity on the following notes: Date of…
A:
Q: Which of the following are deducted from gross taxable income todetermine net taxable income? a -…
A: Correct ChoicesRegistered Retirement Savings Plan (RRSP) contributionsThe RRSP contributions…
Q: Question: Donnelly Company has three products, R2, R4, and R2D2. The following information is…
A: To determine the effect on operating income if Donnelly Company discontinues Product R2D2 and rents…
Q: all answers
A: Investing activities: Cash purchase of equipment- 12,000 Cash proceeds from sale on equipment…
Q: Answer with proper explanations
A: Steps a)Basis EPS=(Net income-Preferred dividend)/Weighted average number of equity sharesPreferred…
Q: Trina's Trikes, Inc. reported a debt-to-equity ratio of 1.81 times at the end of 2018. If the firm's…
A: Debt-Equity Ratio = Debt/Equity 1.81 = 9.00 million/Equity Equity = 9.00/1.81 Equity = $4.97 million
Q: provide correct answer please
A: If gross profit percentage is 42.02%, then cost of sales percentage is 57.98% (100% - 42.02%)…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Here's how to account for the lease on December 31, 2024, for Cullumber Corporation:Concepts:Lease…
Q: Bruno Company accumulates the following data concerning a mixed cost, using miles as the activity…
A: Question ( 1 )We have the mixed cost data of the Bruno company for four monthsBy using the High Low…
Q: (a) Calculate the current ratio for each of the following competing companies. Note: Round your…
A: Step 1: Calculation of Current RatiosStep 2: Best Competitor to pay short-term obligationsThe…
Q: A firm has a market value equal to its book value. Currently, the firm has excess cash of $1,100,…
A: FEEL FREE TO ASK FOR CLARIFICATIONS
Q: Want to answer properly so please provide it with correct option and provide also option correct and…
A: Step 1: Definition of the Cost of Goods Sold:In cost accounting, the cost of goods sold represents…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: The expenses related to ensuring that goods or services fulfill quality requirements are broken out…
Q: gle Chrome File Edit View History bjs - Google Search Bookmarks Profiles Tab x QuickLaunchSSO ::…
A: Transactions to be Recorded:November 1: Paid $2,600 cash for future advertising.November 1: Paid…
Q: A10 please help.....
A: The problem is asking us to calculate the budgeted production for the year. The budgeted production…
Q: fill all table data
A: Cost of Quality (COQ)This is a framework used by organizations to quantify the total cost of…
Q: want correct answer so please provide
A: Step 1: Get the total overhead costs which shall be allocated. (2000000+1000000=3000000) Step 2: The…
Q: lowing appropr right 1. Goodwill 2. Amount realized 3. Fair market value 4. Adjusted basis 5.…
A: 1. Goodwill - is a long term assets that generates value for a business over a number of years…
Q: A8 please help....
A: Reference: Schmidt, J. (2023b, December 4). Break Even Analysis. Corporate Finance Institute.…
Q: Digby's balance sheet has $80,975,000 in equity. Further, the company is expecting a net income of…
A: Book Value of equity this year = BV of Equity last year + Net Income last year - Dividend Book Value…
Q: The following is a record of Ensberg Company's transactions for Colt Products for the month of May…
A: Requirement aUnder the periodic inventory system, inventory is not updated after each purchase or…
Q: please provide correct answer
A: Step 1: Introduction to Bonds At Premium:Bonds are debts with long-term maturity that the companies…
Q: Want Answer of the question
A: simple bro Accumulated depreciation on the asset = Cost of the asset - Book value of the Asset so,…
Q: An asset is anything that is a resource of value that can be converted into cash. Individuals,…
A: The importance of the correct determination of an asset's value:Accuracy in financial reporting.…
Q: kalim's co LTD invested in $30,000 in marketable securities on December 4. On December 9, it sold…
A:
Q: provide correct answer please
A: To determine the degree of operating leverage (DOL), we use the following formula:DOL=Operating…
Q: 8. Risks of investing in bonds A security with higher risk will have a higher expected return. A…
A: When interest rates rise, bond prices fall (and vice-versa), with long-maturity bonds most sensitive…
Q: Dillard Company starts the year with $10,000 in its cash account, $10,000 in its equipment account,…
A: Step 1: Introduction to Accumulated Depreciation:The cumulative depreciation that reports on a…
Q: get the answer please i want it too
A: Step 1:Step 2: Step 3: Step 4:
Q: The following information is taken from the books of Nicki Incorporated: July Beginning inventory…
A: Step 1: Introduction to Ending Inventory:Ending inventories are the amount of inventory that was not…
Q: Provide the answer of this Question
A: We must compare the pertinent costs associated with the two scenarios in order to ascertain the…
Q: The following data were selected from the records of Fluwars Company for the year ended December 31,…
A:
Q: Multiple-Product Profitability Analysis, Multiple-Level Profitability Analysis Assume UCLA Store…
A: 1. The Bookstores' Unit-Level Contribution: The bookstore sells each book for the publisher's…
Q: None
A: a) Basic EPS=(Net income-Preferred dividend)/Weighted average number of equity sharesPreferred…
Q: Question content area top Part 1 ShaZam Cola produces a lemon - lime soda. The production process…
A: The value chain consists of five categories: Research and Development (R&D), Design, Production,…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Step 1: Formulate the Lagrangian functionThe Lagrangian function is a mathematical construct that…
Q: Solve the Piper Corp. Question
A: The cost of making the part is higher than the cost of purchasing it, hence there will be an…
Q: please give me answer
A: ANSWER 1:Importance of Retained Earnings:Retained earnings are cumulative profits that have been…
Q: None
A: Initial Investment of $300,000 is made on equipment which will be depreciated over 6 yearsWorking…
Q: Reggie is 55, had a AGI of 31200 in 2021. During the year, he paid the following medical expenses…
A: To determine Reggie's medical expense deduction, we need to follow the IRS rules for medical expense…
Q: Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has…
A:
Step by step
Solved in 2 steps with 4 images
- On 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.On November 16, Bell borrowed $10,000 from Graham and gave a 90-day, 12% note. On December 31, the end of the accounting period, Graham would record: Select one: a. An increase to Notes receivable of $150 b. An increase to Interest receivable of $300 c. An increase to Cash of $150 d. An increase to Interest receivable of $150 e. None of the aboveThe following transactions are from Ohlm Company. Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd’s payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $6,100, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a $2,400, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug. 7 Accepted a $7,440, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a $2,100, 60-day, 10% note in granting Noah Carson a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Carson for the September 3 note. Nov. 5…
- The following selected transactions are from Ohlm Company. Year 1 December 16 Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a $6,100, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company March 17 Accepted a $2,400, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a $7,440, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company September 3 Accepted a $2,100, 60-day, 10% note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal…On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume a 360-day year is used for interest computations.) a. Journalize the entries for October 1 and November 30, assuming the note was discounted at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 9b46170d8ff6049_2 fill in the blank 9b46170d8ff6049_3 fill in the blank 9b46170d8ff6049_5 fill in the blank 9b46170d8ff6049_6 fill in the blank 9b46170d8ff6049_8 fill in the blank 9b46170d8ff6049_9 Nov. 30 fill in the blank 9b46170d8ff6049_11 fill in the blank 9b46170d8ff6049_12 fill in the blank 9b46170d8ff6049_14 fill in the blank 9b46170d8ff6049_15 b. Journalize the entries for October 1 and November 30, assuming the note was interest-bearing at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 213f6401ef9900d_2 fill in the blank 213f6401ef9900d_3 fill in…On December 1, Cheyenne Furniture Corporation borrowed $8,800 on a 90-day, 15% note. Prepare the entries to record the issuance of the note, the accrual of interest at year end, and the payment of the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
- On Aug 1, ABC received a 60 day, 10% note for 12,000 from McAnn’s Auto in settlement of an existing Accounts Receivable. On Oct 1, when asked to pay, McAnn Dishonored the Note. The Journal entry to record that the note was dishonored is:On May 12, Joy Company accepted a $1,000, 60-day, 6% note from Abe, granting a time extension on a past-due account. Joy discounted the note at the bank at 9% on May 28. Use ordinary interest. Calculate Joy's proceeds.Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: Mar. 17 Accounts receivable of $3,600 were written off as uncollectible. The company uses the allowance method. 38 Loaned an officer of the company $42,009 and received a note requiring principal and interest at 5% to be paid on March 30, 2022. Hay 30 Discounted the $42,eee note at a local bank. The bank's discount rate is 6%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $31,8ea. Terms of the sale are 2/10, n/30. Weldon uses the gross method to account for cash discounts. July 8 The Blankenship Company paid its account in full. Aug. 31 Sold stock in a nonpublic company with a book value of $6,900 and accepted a $7,900 noninterest-bearing note with a discount rate of 6%. The $7,980 payment is due on February 28, 2022. The stock has no ready market value. Dec. 31…
- jagdishThe following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16 Accepted a(n) $13,700, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $7,300, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. March 17 Accepted a $3,700, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $7,250, 90-day, 12% note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a $3,390, 60-day, 12% note in granting Noah Carson a time extension on his past-due account receivable. November 2…The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $10,700, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd’s payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $6,600, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $3,300, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug. 7 Accepted a(n) $7,900, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a(n) $3,210, 60-day, 11% note in granting Noah Carson a time extension on his past-due account…
