Note receivable: Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days. Due date: Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest. Interest on note: Interest on note is the amount charged on the principal value of note for the privilege of borrowing money. Interest is to be paid by the borrower and to be received by the lender. The due date for the note issued on May 14, 2016.

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Answer 1

Question

Chapter 8, Problem 8.20EX

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

Interest on note:

Interest on note is the amount charged on the principal value of note for the privilege of borrowing money. Interest is to be paid by the borrower and to be received by the lender.

The due date for the note issued on May 14, 2016.

(b)

To determine

The maturity value of the note.

(c) 1

To determine

To journalize: The entries to record the transactions of M Furniture Company.

(2)

To determine

To journalize: The entries to record the receipt of the payment of the note at maturity.

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Students have asked these similar questions

Watson Industries has a predetermined overhead rate of 65% of direct labor cost. During the month, $420,000 of factory labor costs are incurred, of which $120,000 is indirect labor. Actual overhead incurred was $250,000. What would be the amount debited to the Work in Process Inventory?

A company uses a process costing system. Its finishing department's beginning inventory consisted of 48,500 units, 40% complete with respect to direct labor and overhead. The department completed and transferred out 110,000 units during this period. The ending inventory consists of 38,000 units, which are 20% complete with respect to direct labor and overhead. All direct materials are added at the beginning of the process. The department incurred direct labor costs of $29,500 and overhead costs of $35,500 for the period. Assuming the weighted average method, the direct labor cost per equivalent unit (rounded to the nearest cent) is_. Answer

A company uses a process costing system. Its finishing department's beginning inventory consisted of 48,500 units, 40% complete with respect to direct labor and overhead. The department completed and transferred out 110,000 units during this period. The ending inventory consists of 38,000 units, which are 20% complete with respect to direct labor and overhead. All direct materials are added at the beginning of the process. The department incurred direct labor costs of $29,500 and overhead costs of $35,500 for the period. Assuming the weighted average method, the direct labor cost per equivalent unit (rounded to the nearest cent) is_.

Answer 2

Question

Chapter 8, Problem 8.20EX

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

Interest on note:

Interest on note is the amount charged on the principal value of note for the privilege of borrowing money. Interest is to be paid by the borrower and to be received by the lender.

The due date for the note issued on May 14, 2016.

(b)

To determine

The maturity value of the note.

(c) 1

To determine

To journalize: The entries to record the transactions of M Furniture Company.

(2)

To determine

To journalize: The entries to record the receipt of the payment of the note at maturity.

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Answer 3

Question

Chapter 8, Problem 8.20EX

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

Interest on note:

Interest on note is the amount charged on the principal value of note for the privilege of borrowing money. Interest is to be paid by the borrower and to be received by the lender.

The due date for the note issued on May 14, 2016.

(b)

To determine

The maturity value of the note.

(c) 1

To determine

To journalize: The entries to record the transactions of M Furniture Company.

(2)

To determine

To journalize: The entries to record the receipt of the payment of the note at maturity.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.20EX

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

Interest on note:

Interest on note is the amount charged on the principal value of note for the privilege of borrowing money. Interest is to be paid by the borrower and to be received by the lender.

The due date for the note issued on May 14, 2016.

(b)

To determine

The maturity value of the note.

(c) 1

To determine

To journalize: The entries to record the transactions of M Furniture Company.

(2)

To determine

To journalize: The entries to record the receipt of the payment of the note at maturity.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.20EX

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

Interest on note:

Interest on note is the amount charged on the principal value of note for the privilege of borrowing money. Interest is to be paid by the borrower and to be received by the lender.

The due date for the note issued on May 14, 2016.

(b)

To determine

The maturity value of the note.

(c) 1

To determine

To journalize: The entries to record the transactions of M Furniture Company.

(2)

To determine

To journalize: The entries to record the receipt of the payment of the note at maturity.

Answer 6

Chapter 8, Problem 8.20EX

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

Interest on note:

Interest on note is the amount charged on the principal value of note for the privilege of borrowing money. Interest is to be paid by the borrower and to be received by the lender.

The due date for the note issued on May 14, 2016.

Answer 7

Chapter 8, Problem 8.20EX

(a)

To determine

Note receivable:

Note receivable refers to a written promise received by the creditor from the debtor in formal, for the amounts to be settled within a stipulated period of time. This written promise is issued by a debtor or borrower to the lender or creditor. Notes receivable is an asset of a business. Notes receivable often used for the credit periods of more than 60 days.

Due date:

Due date is the maturity date on note, on due date the borrower is supposed to repay the face value of the note along with interest.

Interest on note:

Interest on note is the amount charged on the principal value of note for the privilege of borrowing money. Interest is to be paid by the borrower and to be received by the lender.

The due date for the note issued on May 14, 2016.

Answer 8

(b)

To determine

The maturity value of the note.

Answer 9

(b)

To determine

The maturity value of the note.

Answer 10

(c) 1

To determine

To journalize: The entries to record the transactions of M Furniture Company.

Answer 11

(c) 1

To determine

To journalize: The entries to record the transactions of M Furniture Company.

Answer 12

(2)

To determine

To journalize: The entries to record the receipt of the payment of the note at maturity.

Answer 13

(2)

To determine

To journalize: The entries to record the receipt of the payment of the note at maturity.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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Solution Summary: The author explains that note receivable refers to a written promise received by the creditor from the debtor in formal.

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The maturity value of the note.

To journalize: The entries to record the transactions of M Furniture Company.

To journalize: The entries to record the receipt of the payment of the note at maturity.

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