subscription in the income and expenditure account
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On 1 January a sport clubs subscriptions account had a debit balance of 500. During the year subscription received amounted to 6000. Subscription due but unpaid on 31 December were 800. Which amount will be shown for subscription in the income and expenditure account for the year ended 31 December
Subscription income = Closing subscription receivable + Subscription received during the year - Opening subscription receivable
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- Ramsay's Company Statement of Financial Position as at December 31, shows notes payable totaling $115,000 with Rednail Bank. These are 90-day notes, renewable for another 90-day period. These notes should be classified on the statement of financial position of Ramsay Company as Select one: а. non-current liabilities. O b. deferred charges. O c. intermediate debt. O d. current liabilities4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Note: Use 360 days a year. Do not round intermediate calculations. View transaction list 2 Req 2 and 3 3 1 Record the issuance of the note on December 1. Req 4 Record the interest accrued on the note as of December 31, current year. Note : Record payment of the note at maturity, assuming no reversing entries were made on January 1. = = journal entry has been entered Record entry Clear entry X Credit View general journal >Edwards Electronics recently reported $15,250 of sales, $5,500 of operating costs other than depreciation, and $1,250 of depreciation. The company had no amortization charges, it had $3,500 of bonds that carry a 6.25% interest rate, and its federal-plus-state income tax rate was 25%. How much was its net operating profit after taxes (NOPAT)? Select the correct answer. a. $6,324.00 b. $6,349.50 Oc$6,273.00 O d. $6,298.50 e. $6,375.00
- On September 1, Year 1, West Company borrowed $30,000 from Valley Bank. West agreed to pay interest annually at the rate of 5% per year. The note issued by West carried an 18-month term. West Company has a calendar year-end. What is the amount of interest expense that will be reported on West's income statement for Year 1? Multiple Choice $500 $375 $-0- $150Ellen Company loaned $10,000 cash to Ann Company on August 1, Year 1. The loan had a one year term and a 6% annual interest rate. Principal and interest are payable at maturity. Match the amounts shown in the right column with Ellen Company's financial statement items that are shown in the left column. Assume that the company's balance sheet date is 31st December each yearA credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted on April 28. What amount is received as payment in full on May 4? O a) $3,920 O b) $4,000 O c) $3,750 d) $3,675
- Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…Record the Year 1 transactions in general journal form.Please Correct solution With Explanation and Do not give image format
