H1. On June 14 Xtreme Sports received a 90-day note payable from Z Skis, instead of a cash payment for an overdue account. The amount of the note was $15,000 at an interest rate of 9%. Calculate $____to record the payment of the note. Blank 1:
Q: Light emitting diode (LEDs) light bulbs have become required in recent years, but do they make…
A: Answer:- Break-even point:- The break-even point is reached when overall costs and total revenues…
Q: Prepare an absorption-costing income statement for the first month of operation. Sales Cost of goods…
A: ABSORPTION COSTINGAbsorption Costing is a Cost Management Accounting method in which all cost…
Q: Cash Flows from (Used for) Operating Activities-Direct Method The cash flows from (used for)…
A: Under the direct method of cash flow, company accounts only the actual cash inflow and outflow while…
Q: Among the transactions of Phoebe Inc. for the first two quarters of 2021 were the following: a.…
A: The effect of change in accounting estimates result in a change in the net income or loss. The…
Q: On 1 July 2015, Ausra purchased 75% of Danute by way of a share exchange of two new shares in Ausra…
A: It refers to the items which are presented separately in the Income statement as per IFRS due to…
Q: Assuming FB Seller has decided to use the portfolio approach, on the basis that it reasonably…
A: Revenue recognition is a basic accounting principle that specifies when and how revenue should be…
Q: dividends declared Yellow Enterprises reported the following ($ in thousands) as of December 31,…
A: Stockholder's Equity is a financial statement that includes Common Stock, Preferred Stock Issued at…
Q: Rooney Manufacturing Company established the following standard price and cost data: Sales price…
A: Flexible BudgetA flexible budget is a financial instrument that allows businesses and organisations…
Q: Answer the questions below as it relates to Targeting by Decile Grid: The Market Basket consists of…
A: Decile is a consumer reporting and analytics system that assists marketing in raising revenue,…
Q: Revenues Materials: Labor Variable overhead Cost of equipment rental Net income. A Pharoah should $…
A: In certain cases, the business entity may have to face decision making requirements regarding…
Q: The following facts pertain to a non-cancelable lease agreement between Sheridan Leasing Company and…
A: An agreement of contract that is prepared to transfer the right to use the resources for a…
Q: Perform a vertical analysis on the following information. (Round your answers to 1 decimal place.)…
A: VERTICAL ANALYSIS OF THE BALANCE SHEETVertical analysis is a proportional analysis of financial…
Q: Current Assets Cash and Cash Equivalents Account Receivable Short Term Investment Inventory CANADIAN…
A: Retained earnings are defined as the profits saved by an entity since its inception. These…
Q: On January 1, 2020, Bacarra Company leased an asset for a term of six years. Annual rentals of…
A: A finance lease is a contract in which the lessor gives the asset to the lease for an indefinite…
Q: Activity No. 3 Meshal & Assem Co. For Plastic Products pays $22,000 for a machine. Freight costs of…
A: Depreciation is defined as the reduction in the value of asset due to regular wear and tear of the…
Q: The NBV Company allocates both variable manufacturing overhead and fixed manufacturing overhead…
A: VARIABLE OH SPENDING VARIANCEExpenditure or Budget or Price Variance: This variance is due to the…
Q: The Charade Corporation is preparing its Manufacturing Overhead budget for the fourth quarter of the…
A: Manufacturing overhead means all type of indirect costs and expenses being incurred for…
Q: At Aspen Trucking Company, the average driver out of its 200 driver employees travels 1,600 miles…
A: Financial planning and forecasting is a crucial aspect of business management that involves…
Q: The following account information, in alphabetical order, was taken from the worksheet of Compu-Soft…
A: Income Statement is a financial Statement that includes revenue earned and Expense incurred during…
Q: Sampson Merchandising Firm is developing its budgets for Year 2. The Year 1 income statement is as…
A: A BUDGETED INCOME STATEMENT IS A FINANCIAL REPORT THAT SHOWS THE ESTIMATED REVENUE,, 99, 254);…
Q: Problem 12-6A (Algo) Part 2 2. Calculate the following profitability ratios for 2024 and 2025:…
A: The current ratio is calculated as current assets divided by the current liabilities of the current…
Q: On April 2, 2020, shortly after the $7.5 million deposit outflow, Key Bank had borrowed the needed…
A: A mortgage is a sort of loan that is used to purchase real estate, most commonly a home. It is a…
Q: On December 28, 2024, Videotech Corporation (VTC) purchased 14 units of a new satellite uplink…
A: A Perpetual Inventory System (PIS) is a technique of inventory management and monitoring in which…
Q: Estimated sales for the next four months are as follows (in $ million): Month Cash sales Credit…
A: In accounting we often make cash budgets. A cash budget is a budget or a document that shows the…
Q: Third Question: The following information from mother factory in 2020: Direct Materials 3200…
A: Absorption costing :Under absorption costing approach, product consumes all manufacturing costs i.e.…
Q: Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment…
A: Ratios provide a detailed evaluation of a company's financial performance over time or a specific…
Q: Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024.…
A: A lease is a contract made between a property owner and a third party who wishes to use their asset.…
Q: Selected financial data regarding current assets and current liabilities for Ferris Air and Oceanic…
A: Lets understand the basics.Current ratio = Current Assets/ Current LiabilitiesAcid Test ratio =…
Q: In 2024, Nash Trucking Company negotiated and closed a long-term lease contract for newly…
A: An agreement of contract that is prepared to transfer the right to use the resources for a…
Q: Hosmer Industries provides the following information about resources and usage: Unused Resources…
A: Under activity based costing method, the cost is allocated to each activity based on its…
Q: Activity No. 4 A builder gets a trade discount of 1.25% and (3% -10days) on goods retailing for…
A: Hi studentSince there are multiple questions, we will answer only first question.Trade discount is…
Q: Please select the correct journal entry for it O Dr Dr Dr Dr Cr Cr Cr Interest expenses (p&l)…
A: The adjustment entries are prepared to adjust the revenue and expense of the current period. The…
Q: J Contractors entered into a contract on October 2017 to build a warehouse for Francis Corporation.…
A: VAT Payable refers to the amount of Value Added Tax (VAT) that a business owes to the government…
Q: Chip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct material.…
A: Income statement :— It is one of the financial statements that shows the profitability, total…
Q: Exercise 1: Calculate the HPPDS for each of the following Telemetry unit Hours Classification for…
A: Hours Per Patient Day (HPPD) is the metric in the healthcare industry to analyse the staffing levels…
Q: Indirect manufacturing costs can be traced to the product that created the costs generally include…
A: Factory overhead is the indirect cost incurred in the process of manufacturing. Therefore, it is…
Q: Brief Exercise 9-12 (Algo) Record bond issue at a discount and related annual interest (LO9-5)…
A: A discount bond issue means the bonds are offered or issued at a lower price than their face value…
Q: The $55.0 million lottery payment that you have just won actually pays $2.2 million per year for 25…
A: The present value represents the current worth of future cash flows, accounting for the time value…
Q: Required Information [The following information applies to the questions displayed below] Preble…
A: The cost to be included in the flexible budget is calculated as standard cost applied to the actual…
Q: :alli2 bris spbelwon 10Y 129) Your client, Barwa Taxis, has purchased a motor vehicle for $300,000…
A: Straight Line Depreciation Method: In this method of depreciation, the depreciable value of the…
Q: On April 1, 2024, Primer Corporation signs a five-year lease to use office space. The present value…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on…
A: The ratio is the technique used by the prospective investor or an individual or strategist to read…
Q: Munawar is a first time buyer and bought a brand new townhouse in Oshawa for $212 000. He has saved…
A: The main concept of the question is to calculate the maximum initial mortgage balance for Munawar, a…
Q: Lackawanna Community College has three divisions: Liberal Arts, Sciences, and Business…
A: Departmental Costs:The departmental cost is a cost rate determined for every office in an industrial…
Q: Ahmad Taher pays an American supplier QR 25,000 for a machine. Freight costs of 3% and import duties…
A: Cost of Fixed/Non-Current AssetThe complete cost of acquiring or producing a fixed asset and…
Q: D Question in applying the high-low method, data from which months should be used? Month Miles Total…
A: In an attempt to break down a mixed cost one that has both fixed and variable elements into its…
Q: 15 art 15 of 15 00:51:44 Required information [The following information applies to the questions…
A: The quantity of sales necessary to pay for fixed costs and make a profit is indicated by the…
Q: Alpena Corporation manufactures smartphone and tablet cases. The following is the cost of each unit.…
A: The incremental cost is the cost that an organization incurs due to additional production. If an…
Q: From April 1 through October 31, Coles County Highway Department hires temporary employees to mow…
A: High-low method is one of the method to separate the variable cost and fixed cost from the mixed…
Q: Acme Brick Company uses the following rule to determine whether materials usage variances should be…
A: The determination of variances assists the organization, such as Management, in making…
H1.
Step by step
Solved in 3 steps
- Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest Revenue
- Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. August 7 b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 Cash $ $ Notes Receivable $ $ Interest Revenue $ $ShadyTree Company issued a note receivable to a customer. The face value of the note was $12,000 at 4% interest for 5 months. How much interest revenue should ShadyTree recognize for the entire term of the note? $280 $480 $200 $401. An invoice dated June 27 for P20, 850 carried a cash discount of 5/30. If this invoice is paid on July 25, how much should be the payment?
- < Sunshine Service Center received a $40,000, 120-day, 6% note, dated April 12, from a customer on account. Assume 360 days per year. a. Determine the due date of the note. August 10 b. Determine the maturity value of the note. 120 c. Journalize the entry for the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Note Receivable Interest RevenueOn 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…Sylvestor Systems borrows $98,000 cash on May 15 by signing a 30-day, 7%, $98,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal On what date does this note mature? On what date does this note mature? 1-Record the issuance of the note. Interest at Maturity Principal Rate (%) Time Total interest
- Sunset West issues a $90617, 60-day, 9% note to Memorial Point in exchange for an overdue account payable. For MEMORIAL POINT: What is the amount that is debited to cash when Sunset West pays the note? Ans_________________Can the 10,000 note be repaid on May 1? Explain.A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
