Journalize the following transactions of Trapper Jon’s Productions. Assume 360 days in a year.
June 23. Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account.
Sept. 21. The note is dishonored by Radon Express Co.
Oct. 21. Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Radon Express Co. on September 21.
Answers
Answer:
Explanation:
To record note received
On June 23. Debit Credit
Notes Receivable $48,000
Accounts receivable for Radon ExpressCo $48,000
interest revenue = $48,000 x 8%x 90/360
To record dishonored note
On September 21st Debit Credit
Accounts receivable for Radon Co $48,960
Notes Receivable $48,000
Interest Revenue $960
Interest Revenue $48,960 x 10%x 30/360 = $408
Journal to record Cash Received
October 21 Debit Credit
Cash $49,368
Accounts Receivable for Radon Express Co $48,960
Interest $408
Related Questions
A retail store does not segregate sales and the amount of sales tax on sales. If the sales tax rate is 4% and the register total amounted to $295100, what is the amount of the sales taxes owed to the taxing agency?
Answers
295,100/0.04 is 11,804
$10,850 is the amount of the sales taxes owed to the taxing agency. Option (a) is correct.
What do you mean by Tax?Taxes are compulsory payments made by a government organization, whether local, regional, or federal, to people or businesses. Tax revenues are used to fund a variety of government initiatives, such as Social Security and Medicare as well as public infrastructure and services like roads and schools.
Amount given in the question of $282,100 included 4% sales tax on sales.
If the total sales is $100, then sales tax on sale will be $4 (100*4%) and total amount will be equal to $104 ($100 sales+$4 sales tax on sale).
So from the above explanation, sales tax is segregated from total amount which is shown as follows:-
Sales Tax on Sales = (Total Amount/104)*4
= ($282,100/104)*4 = $10,850
Sales = Total amount - Sales tax
= $282,100 - $10,850 = $271,250
Therefore, Option (a) is correct, The amount of the sales taxes owed to the taxing agency is $10,850.
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Your question is incomplete, your question will be;
A retail store does not segregate sales from the amount of sales tax on sales. If the sales tax rate is 4% and the register total amounted to $282100, what is the amount of the sales taxes owed to the taxing agency?
(a) $10850
(b) $282100
(c) $271250
(d) $11284
Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts. Determine the effect of each of the following transactions on the company's 2019 gross income assuming that the company uses any available options to defer its taxes.
Required:
a. In December 2018, the company received a $1,200 advance payment from a customer for an appliance that Drake special ordered from the manufacturer. The appliance did not arrive from the manufacturer until January 2019, and Drake immediately delivered it to the customer. The sale was reported in 2019 for financial accounting purposes.
b. In October 2019. the company sold a 6-month service contract for $240. The company also sold a 36-month service contract for $1,260 in July 2019.
Answers
Answer:
(a) $1,200
(b) $330
Explanation:
(a)
The advance payment was issued in 2018, however the items throughout 2018 were not shipped. The products were distributed throughout 2019 as well as the transaction for accounting information requirements was announced throughout 2019.Therefore, in 2019, $1200 would include gross revenue
(b)
Service contract for 6 months will be:
Drake would include gross income throughout 2019 of \(120(40\times \frac{3}{6} )\) ($)and gross income throughout 2020 of $120. In October year 2019, because a corporation offered a 6-month contract, total sales in 2019 represented just a 3-month service agreement.
Service contract for 36 months will be:
Throughout 2019 gross sales, Drake would include \(120(= (= 1260\times \frac{6}{36} )\).The residual balance would not have been all conducted until the close including its tax year of collection since the contract became sold through 36 month. The residual amount of \(1050 (= 1,260-210)\) is thus used throughout gross sales for 2020.Consequently,
⇒ Cumulative gross income used throughout 2019 = total earnings of 6 months service agreement + gross income of 36 months service agreement
⇒ \(120 + 210\)
⇒ \(330\) ($)
Fill in the blank spaces using the correct word from the following.
1-Economics
2-Economist
3-To economize
4-Economy
5-Economic
6-Economical
7-Economically
a.———is someone who studies the way in which wealth is produced and
used in an area (a nation or a region).
b. The verb that describes the act of reducing the amount of time, money and products
etc. used for saving purpose is———
c. The system in which a nation's goods and services are produced and used is called———
d. It is———
to spend less without wasting.
e. The field of study that deals with the way wealth is produced and used is called———
f. The——— development of a country can be indicated by per capita
Answers
Answer:
a) Economist
b) To economize
c) Economy
d) Economical
e) Economics
f) Economic
Mr Ashok has a company, and has an option to issue different types of preference shares. State all the types preference shares a company can issue.
Answers
Cumulative preference shares: These are types of shares where shareholders are given the right to receive dividends for those years where dividends could not be paid due to insufficient profits.
Non-cumulative preference shares: These are types of shares where shareholders are not given the right to receive dividends for those years where dividends could not be paid due to insufficient profits.
Participating preference shares: With participating preference shares, the issuing company must pay an increased dividend to the owners of preference shares if there is a participation clause in the share agreement. This clause states that a certain portion of earnings (or of the dividends issued to the owners of common stock) will be distributed to the owners of preferences shares in the form of additional dividends.
Convertible preference shares: These are preference shares that can be converted into common stock if a shareholder wants to change its holding position. They are converted into a predetermined number of preference stocks.
Non-convertible preference shares: These are preference shares where the holder of a preference share has not been conferred the right to get their holding converted into equity share.
Redeemable preference shares: These are preference shares that can be repurchased or redeemed by the issuing company at a fixed rate and date.
In summary, a company can issue different types of preference shares, including cumulative, non-cumulative, participating, convertible, non-convertible, and redeemable preference shares.
How Does The State Of Competition Among hotels
Answers
what impact did the first cba have on the wnba
Answers
Answer:
The Collective Bargaining Agreement (CBA) is a contract between the league and the players' union that outlines the terms and conditions of player salaries, benefits, and working conditions. The first CBA in the WNBA, signed in 1998, had a significant impact on the league as it established a framework for player compensation, benefits, and working conditions. This helped to establish the WNBA as a professional league and set the stage for future growth and success. The CBA also helped to ensure that the league was financially stable and that players were treated fairly and equitably.
Explanation:
Sebastian worked 24 hours last week. At a rate of $12 per hour, what was
Sebastian's gross pay? How to solve
Answers
Answer: Sebastian's gross pay was $288.
Explanation:
To calculate Sebastian's gross pay, you would multiply the number of hours he worked by his hourly rate. In this case, Sebastian worked 24 hours and his hourly rate was $12, so his gross pay would be 24 hours * $12/hour = $<<24*12=288>>288.
2. Carson Inc.'s manager believes that economic conditions during the next year will be strong, normal, or weak, and she thinks that the firm's returns will have the probability distribution shown below. What's the coefficient variation for this firm’s returns??
Economic
Conditions Prob. Return
Strong 25% 30.0%
Normal 45% 12.0%
Weak 30% -14.0%
Answers
The coefficient variation for Carson Inc.'s returns is 4.06.
The coefficient of variation (CV) is a measure of relative dispersion or risk for a set of data. It is calculated as the standard deviation divided by the mean of the data, expressed as a percentage.
First, we need to calculate the expected return for Carson Inc.'s returns:
Expected return = (0.25 x 0.30) + (0.45 x 0.12) + (0.30 x -0.14) = 0.045 or 4.5%
Next, we need to calculate the standard deviation
Standard deviation = √((0.25 x (0.30 - 0.045)²) + (0.45 x (0.12 - 0.045)²) + (0.30 x (-0.14 - 0.045)²)) = 0.1828 or 18.28%
Finally, we can calculate the coefficient of variation
Coefficient of variation = standard deviation / expected return = 0.1828 / 0.045 = 4.06
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purchase goods worth rs 20000 from Shyam on credit and paid 50% in cash
Answers
Answer:
Purchases a/c dr 20000
To cash a/c 15000
To Ram's a/c 5000
Analyze and discuss when earnings management may be an ethical practice and when it is an unethical practice
Answers
Earning management follow ethical practices and unethical practice too that results in a genuine relationship among social responsibility. Similarly unethical have negative relationships and short-term goals. Unethical earning presents a misleading report.
To follow ethical practices right decisions, need to be followed that allow management to frame a better view. A practice that leads to a fair view of presentation is referred to as ethical practices that focus on long-term goals and not on personal gains. Where practices lead to misleading of activities that mislead users and stakeholders as well then such practices lead to unethical practice
Its the choice of the head department to keep up the policies that affect earning management followed by the ethical results.
One important difference between return on assets (ROA) and return on common shareholder’s equity (ROCE) is that: Select one: a. ROCE does not differentiate based on how a company finances its assets; ROA does b. ROCE does not distinguish between the different types of income items, such as income from continuing operations, discontinued operations, extraordinary items and changes in accounting principles; ROA does c. ROA does not distinguish between the different types of income items, such as income from continuing operations, discontinued operations, extraordinary items and changes in accounting principles; ROCE does d. ROA does not differentiate based on how a company finances its assets; ROCE does
Answers
Answer:
Option d. is correct
Explanation:
The return on assets reflects the percentage of how a company's assets can generate revenue.
The return on common equity, or ROCE, refers to the amount of profit or net income earned by a company per investment dollar.
One important difference between return on assets (ROA) and return on common shareholder’s equity (ROCE) is that ROA does not differentiate based on how a company finances its assets; ROCE does.
Variable versus absorption costing Colorado Business Tools, manufactures calculators. Costs incurred in making 9,500 calculators in February included 29,450 of fixed manufacturing overhead. The total absorption cost per calculator was $10.25.
Required:
a. Calculate the variable cost per calculator.
b. The ending inventory of pocket calculators was 750 units higher at the end of the month than at the beginning of the month. By how much and in what direction (higher or lower) would operating income for the month of February be different under variable costing than under absorption costing?
c. Express the pocket calculator cost in a cost formula.
Answers
Answer:
Variable cost per unit = 7.15
Difference in profit = $2,325
Cost formula : Y = 3.1 + 7.15X
Explanation:
Variable cost per calculator =Full cost - Fixed cost per unit
Full cost= $10.25
Fixed cost per unit = Total fixed costs / Number of units
= $29,450/9,500 units= 3.1
Variable cost per calculator = $10.25 - 3.1 = 7.15
Difference in profit = OAR (fixed cost per unit)× change in inventory
= 3.1 × 750 = $2,325
The absorption costing profit would be higher if there is an increase in increase at the end of the period and vice versa. Hence , an increase in inventory by 750 units would mean that absorption costing profit is higher by $2,325
Cost of calculator
Y = a +bx
Y = 3.1 + 7.15X
Y- total cost per unit
Fixed cost per unit = 3.1
Variable cost per unit = 7.15
Variable cost per unit = 7.15
Difference in profit = $2,325
Cost formula : Y = 3.1 + 7.15X
What is wrong with this sentence? The report applies to western Europe, where people are interested in these exports.
Answers
The issue with the sentence is that : The sentence is grammatically correct, but it is unclear what "these exports" refer to
What is wrong with this sentence?The sentence is grammatically correct, but it is unclear what "these exports" refer to. To improve clarity, the sentence should be revised to provide more context or specificity about the exports in question.
For example: "The report applies to western Europe, where people are interested in buying cars from Japanese manufacturers."
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After graduating from college, Joseph Tantillo decided to start a retail Web site that specializes in personalized Greek apparel. To fund his Web site, he borrowed money from his parents (who expect to be repaid with interest). In other words, he used _____ financing.
Answers
Answer:
Debt financing
Explanation:
Debt financing is defined as borrowing that a company undertakes to finance it's operations by selling of debt instruments to investors.
The debt instrument attracts interest payment.
Examples of debt financing includes bank loans, loans from friends and family, and government backed loans.
In the given scenario Joseph Tantillo decided to borrow money from his parents to start a retail Web site that specializes in personalized Greek apparel. This is debt financing
In contrast equity financing involves sale of shares to obtain capital
First one to answer gets a brainly, look at the picture please
Answers
Answer:
c
Explanation:
Answer: B
Explanation:
identify the responsibilities of the federal trade commission in regulating advertisements. (check all that apply.)
Answers
Unfair or misleading advertising in any form is forbidden by the FTC Act. Ads must be truthful and not deceive consumers, in other words. If important details are omitted or the assertion implies someone untrue, it may be deceiving.
What are the Federal Trade Commission's three main responsibilities?
a succinct overview of the rulemaking, law enforcement, and investigative powers of the Federal Trade Commission.
The FTC has how many guiding principles?
The Federal Trade Commission (FTC) provided Congress with a study in 2000 that outlined four fundamental strong privacy fundamentals: (1) Notification, (2) Choice/Consent, (3) Connectivity, and (4) Trustworthiness.
The Federal Communications Commission (FCC) oversees the broadcasting and radio industries, issues licenses to broadcasters, and prevents monopolistic. The programming must serve the interests of the general public because the airways are public property.
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Please help with this accounting question
Answers
Answer:
All you have to do is place in the chart how much money they have at the end of August 31 and the withdraws.
Explanation:
If you need anything else lmk and hopefully it helps!
Explain how political and international factors pose challenges to businesses.
Answers
Answer:
Synonyms:complicated, difficult, complex, elaborate, confused, confusing, incomprehensible, intricate, contorted, involved
Antonyms:straightforward, simple, make sense, understandable, intelligible, apparent, easy, evident, clear-cut, manifest
Entry:decadence
Synonyms:indulgence, self-indulgence, sybaritic, epicurean, extravagance, weakness, fun-loving, for fun, for a laugh
Entry:evil
Synonyms:the Devil, satanism, black mass, the forces of darkness/evil, satanic, Old Nick, horn, Satan
Entry:two-edged
Synonyms:mixed, patchy, spotty, mixed blessing, six of one, (and) half a dozen of the other, a double-edged/two-edged sword, work both ways, the rights and wrongs of something, cut both ways
Using the thesaurus
Share this entry
SYNONYMS OF THE DAY
happy© PHOTODISC
happy
feeling pleased and satisfied
Synonyms:
glad
alive
pleased
content
satisfied
contented
Browse more
TRENDING WORDS
put off
make someone not want or like something
8.4%
take up
start doing something regularly
-0.9%
take on
start to employ someone
2.5%
keen on something
interested in something and enjoying it
-3.1%
I couldn’t agree more
used for emphasizing that you agree
-10.0%
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Explanation:
A long-term incentive is a type of
incentive given to employees that
is designed to be paid over
or longer.??
Answers
Multiple Select
Which of the following are reasons people become entrepreneurs?
desire for achievement and self-satisfaction
need for financial freedom and security
frustration with their current career or place of work
motivation to invest their resources
Answers
Answer: opportunity
Independence
Profit
Explanation: I got all these right
When setting a short-term financial plan, it should lover the following timeframe:
A) Less than a year
B) 1-5 years
C) Over 5 years
D) Retirement
Answers
Eighteen-year ACRS nonresidential real property owned by an individual has accumulated accelerated depreciation of $975,000 at January 1, of this year. This property is sold on January 1, this same year. The original cost of the property was $975,000. The sale price was $1,000,000. The amount of the realized and recognized gain is:
Answers
Answer:
Gain= $1,000,000
Explanation:
First, we need to calculate the book value:
Book value= original cost - accumulated depreciation
Book value= 975,000 - 975,000
Book value= 0
Now, to calculate the gain or:
Gain/loss= selling price - book value
Gain= 1,000,000 - 0
Gain= $1,000,000
Estate has an ROI of 16% based on revenues of $400,000. the residual income is $14,000 and the investment turnover is 2. what is the hurdle rate? With Explanation
Answers
If Estate has an ROI of 16% based on revenues of $400,000. the residual income is $14,000 and the investment turnover is 2. The hurdle rate is 9%.
How to find hurdle rate?First step is to find the investment turnover using this formula
Investment turnover=Sales/invested capital
Investment turnover = ($14,000 / $400,000) × 2
Investment turnover = 0.035 × 2
Investment turnover =0.07
Second step is to find the hurdle rate using this formula
Hurdle rate = ROI - Investment turnover
Hurdle rate = 0.16 - 0.07
Hurdle rate = 0.09× 100
Hurdle rate = 9%
Therefore the hurdle rate is 9%.
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Person
Value of a Weekend Ski Trip
(Dollars)
Anna 150
Brian 90
Clem 75
Dave 50
Refer to Table 13-1 . Assume that the price of a weekend ski pass is $45 and that the price reflects the actual unit cost of providing a weekend of skiing. Suppose the government imposes a tax of $12 on skiing, which raises the price of a weekend ski pass to $57. How much tax revenue is collected from these four skiers?
a. $48
b. $36
c. $12
d. $0
Answers
Answer:
To calculate the tax revenue collected from the four skiers, we need to determine the number of skiers who continue to go skiing after the tax is imposed and then multiply it by the amount of tax per skier.
The skiers who will continue skiing after the tax is imposed are those who value the ski trip higher than the increased price of the ski pass.
Given the values of the skiers for the weekend ski trip, we can see that Anna ($150) and Brian ($90) will still choose to go skiing even with the increased price. Clem ($75) and Dave ($50), on the other hand, will not go skiing due to the increased price.
Therefore, the tax revenue collected will be the tax per skier multiplied by the number of skiers who continue to ski. In this case, the tax per skier is $12, and the number of skiers who continue to ski is 2 (Anna and Brian).
Tax revenue = Tax per skier * Number of skiers who continue to ski
= $12 * 2
= $24
Therefore, the correct answer is not provided among the options given. The tax revenue collected from these four skiers is $24.
Action research is an effective strategy to address teams who may not be functioning well. What might this
involve?
Select an answer:
Leadership meets to select model sites, collect information on successful learning plans, and write and implement a
plan from these model sites.
A consultant meets with managers to determine the main areas of concern, then jointly develops and reviews
improvement plans over time.
A management team consisting of the leaders of each key organizational group meets to develop and implement a
detailed learning plan for each group.
All employees within the organization are formed into new groups, each meet to develop a learning plan for a different
topic.
↓
Answers
Action research is an effective strategy to address teams who may not be functioning well because it involves a collaborative, reflective, and problem-solving approach that aims to improve team performance and dynamics. In this process, a consultant typically meets with managers to determine the main areas of concern, and then jointly develops and reviews improvement plans over time (Option B).
During the action research process, the consultant and managers work together to identify specific issues affecting the team's performance, such as communication barriers, lack of clear roles and responsibilities, or interpersonal conflicts. Based on these identified areas, they develop an action plan with specific goals and strategies to address the issues.
The action plan might include strategies such as training sessions, team-building activities, or the implementation of new processes to improve communication and collaboration within the team. Throughout the implementation of the action plan, the consultant and managers continually assess the progress and effectiveness of the strategies, making adjustments as needed to ensure that the desired outcomes are achieved.
In summary, action research is an effective strategy for addressing poorly functioning teams as it involves a collaborative, reflective, and problem-solving approach to improve team performance. The process typically involves a consultant working with managers to identify areas of concern, develop an action plan, and review and adjust the plan over time to achieve the desired outcomes. So, the correct option is B.
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how lack of planning can affect getting the job done as a hospitality supervisor?
Answers
The lack of planning can affect getting the job done as a hospitality supervisor as it can bring about high risks.
What is planning?It should be noted that planning simply means the stores that are put in place to achieve a desired goal.
In this case, the lack of planning can affect getting the job done as a hospitality supervisor as it can bring about high risks in the company.
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The persistent rise in the cost of goods and services.
Interest
O Savings Rate
O Deflation
Inflation
Answers
Answer:
Inflation
Explanation:
Inflation can be regarded as general rise in the level of price of an economy during particular period of time. As the general price level experience a rise, each unit of currency will only buys fewer goods as well asservices. When there is decline of purchasing power of a particular currency over period of time, then it can be regarded as inflation. It should be noted that inflation is The persistent rise in the cost of goods and services.
In 100 words or fewer explain:
As a financial advisor, how will you get new clients?
As a client, how would you choose a financial advisor?
Answers
A financial advisor can get new client through the qualities and skills they posses and a client can choose a financial advisor when the client is satisfied that the financial advisor is someone that is qualified to give financial advises.
Who is a financial advisor?
A financial advisor is person whose job is to advice someone on how to effectively manage their resources as well as finances so as to prevent running into debt or financial mismanagement.
A financial advisor can tend to get a new client by advertising themselves or showcasing the type of skills they possess as well as how they can effective advice and help people to manage their finances.
A client can tend to choose a reliable financial advisor by checking whether the advisor is a professional or a person that is qualified to be a financial advisor as well as a verifying if the advisor is a person that can help to advice people on how to effectively manage their finances.
Therefore the a financial advisor help to advices people on how to manage their finances as well as investment.
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a. What would be the value of a savings account started with $700, earning 4 percent (compounded annually) after 10 years
Answers
Hope this helps!
State of the Economy Probability of the States Percentage Returns Economic recession 25% 5% Moderate economic growth 50% 10% Strong economic growth 25% 13% The standard deviation from investing in the asset is:
Answers
Answer:
The standard deviation from investing in the asset is 14.40%.
Explanation:
Note: The data in the question are first sorted before answering the question as follows:
State of the Economy Probability of the States Percentage Returns
Economic recession 25% 5%
Moderate economic growth 50% 10%
Strong economic growth 25% 13%
The standard deviation from investing in the asset is:
The explanation of the answer is now given as follows:
Note: See the attached excel file for the calculation of Variance from investing in the asset.
From the attached excel file, we have:
Variance = 2.07%
Therefore, we have:
Standard deviation = Variance^0.5 = 2.07%^0.5 = 14.40%
Therefore, the standard deviation from investing in the asset is 14.40%.