Multiple choice questions1. Amount due from another party. Most common: Accounts receivables, and Notes receivables.a. Bad Debtsb. Bankers rulec. Selling receivablesd. Receivables2. Date the note must be repaida. receivableb. Bankers rulec. Bad Debtsd. Maturity date3. Adjusting entry for Allowance method → Dr. Bad debts expense, Cr. Allowance for doubtful accounts.a. Trueb. False4. Dr. Bad debts expense, Cr. Allowance for doubtful accounts.a. Recovering a Bad Debt (Allowance method)b. Adjusting entry for Allowance methodc. Allowance Methodd. two advantages of allowance method5. Contra asset account with a balance approximating uncollectible accounts receivable; also called Allowance for Uncollectible Accountsa. Allowance for Doubtful Accountsb. Aging of account receivablesc. Allowance Methodd. Interest Computation6.The maturity date of a note receivable:A. Is the day of the credit saleB. Is the day the note was signedC. Is the day the note is due to be paidD. Is the date of the first payment7.A company receives a 10%, 90-day note for $1,500. The total interest due upon the maturity date is:A. $37.50B. $150.00C. $75.00D. $50.008.What is the amount of interest that is due on a $36,000 3-month 4% note receivable?9.If a 60-day note receivable is dated September 22, what is the maturity date of the maturity date of the note?10.Hasbro had net sales of 7,875 and its average accounts receivable is $1,350. Calculate Hasbro’s accounts receivable turnover.
Answers
The concept mentioned here is Notes Receivables.
1) Option D, Receivables
2) Option D, Maturity date
3) Under the allowance method, a company records an adjusting entry at the end of each accounting period for the amount of the losses it anticipates as the result of extending credit to its customers.
4) It records bad debt expenses when the related sales are recorded. It records the accounts receivables on the balance sheet and an estimated amount of cash to be collected.
5) Option A, Allowance for Doubtful Accounts.
6) Option C, Is the day the note is due to be paid.
7) Option A, $37.50.
rate = 10%
time = 90/360
principal = $1,500
So, interest = 1500*.10*90/360
interest = 13500/360
Interest = $37.50.
8) $360.
Interest = Principal * rate* time
given,
principal =$36,000
time = 3/12 month
rate = 4%
so, interest = 36000*0.04*3/12
interest = $360.
9)The maturity date is November 21st.
Given,
60-day note on September 22.
We know that September is 30 days.
Maturity date = 60-(30-22) = 8 + October 31 = 8+31
maturity date = 60-39 = 21.
So it will be November 21.
10) 5.83 times
Accounts receivable turnover = Sales / average receivables
Given,
net sales = $7,875
average receivables = $1,350
So, Accounts receivable turnover = 7,875 / 1,350
Accounts receivable turnover = 5.83 times.
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Related Questions
Where can you take DMV
examinations, and what type of
examination are there?
Answers
Select the items that are needs from your bank statement. ABC BANK Available Balance $230.00 Cell phone plan$45 Rent$400 Car insurance$60 Backpack$10 Electric bill$60 Car payment$250 Submit
Answers
Answer:everything but the backpack
Explanation:
The computer accessories that Javier is making and
selling are bringing in a substantial amount of money
for him. Inspired by this success, he decides to hire two
people and expand his business.
A.international competition
B.consumer sovereignty
C.wealth creation
D.property rights
E.profit motive
Answers
Answer:
E. Profit motive
Explanation:
Profit motive can be defined as the intention, motivation or desire to form a business or engage in business ventures so as to generate financial (monetary) gains.
This ultimately implies that, profit motive is a desire for monetary gains (profits) which motivates a business owner to engage in the sales of finished goods or services.
Hence, profit motive is the premise on which all businesses are built on because the ultimate goal of every business is to achieve financial gains.
In this scenario, the computer accessories that Javier is making and selling are bringing in a substantial amount of money for him. Inspired by this success, he decides to hire two people and expand his business.
Thus, this is an example of profit motive.
You are considering a 3/5 ARM. What does the 5 represent?
OA. The interest rate of the initial fixed-rate loan period
B. The total number of years in the loan
OC. The number of years between adjustments in the interest rate
D. The number of years that a fixed interest rate will be applied to the
loan
Answers
The number 5 in a 3/5 ARM (Adjustable Rate Mortgage) represents Option C. The number of years between adjustments in the interest rate.
An ARM, or Adjustable Rate Mortgage, is a type of mortgage loan where the interest rate can change over time. The "3/5" in a 3/5 ARM refers to the initial fixed-rate period and the subsequent adjustment period. In this case, the number 3 represents the initial fixed-rate period, during which the interest rate remains unchanged. After this initial period, the interest rate can adjust periodically based on certain factors, such as market conditions.
The number 5 represents the number of years between adjustments in the interest rate. It means that after the initial fixed-rate period of 3 years, the interest rate on the loan will be adjusted every 5 years. During these adjustment periods, the interest rate can either increase or decrease based on the terms of the mortgage agreement and the prevailing market rates.
Choosing a 3/5 ARM means that the borrower will have a fixed interest rate for the first 3 years of the loan and then the interest rate will be adjusted every 5 years thereafter until the loan is paid off or refinanced. The specific details of the adjustments, such as the index used and the margin, will be outlined in the loan agreement.
It's important for borrowers considering an ARM to carefully evaluate their financial situation and future plans, as the fluctuating interest rates can affect their monthly mortgage payments. It's also crucial to understand the terms and conditions of the ARM, including the adjustment period, so they can make informed decisions regarding their mortgage. Therefore, the correct option is C.
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How to Get rid of my Modules without getting caught by my Mom
Answers
Answer:
for me going away from home or background of home
As price falls from PA to PB, the quantity demanded increases most along D1; therefore. a) D1 is elastic at PA but inelastic at PB b) D1 is unit elastic. c) D1 is more elastic than D2 or D3 d) D1 is more inelastic than D2 or D3.
Answers
As price falls from PA to PB, the quantity demanded increases most along D1; therefore, the correct answer is option C:- D1 is more elastic than D2 or D3.
When the price of a product changes, the quantity demanded may also change. The degree to which the quantity demanded changes in response to a change in price is known as price elasticity of demand.
In this case, when the price falls from PA to PB, the quantity demanded increases most along D1 compared to D2 or D3. This indicates that D1 is more sensitive to changes in price, making it more elastic than D2 or D3.
Elasticity is an important concept in economics as it helps businesses and policymakers understand how consumers respond to price changes. Knowing the elasticity of a product can aid in making more informed decisions about pricing, production, and marketing strategies.
In conclusion, as the price falls from PA to PB and the quantity demanded increases most along D1, it shows that D1 is more elastic than D2 or D3. This knowledge can be valuable for businesses and policymakers when making decisions related to pricing and production.
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the legal document identifying the rights and obligations of both the bondholders and the issuer is called the bond ______. this document describes the number of bonds authorized, their par value, and the contract interest rate.
Answers
Answer:
Bond indenture
hope it's correct
Consider your own career-related goals and dreams for the future—what are they? Briefly explain your career goals as they are today. Then, identify a specific professional organization that could benefit your pursuit of these goals. Evaluate how you might benefit from joining this organization.
Answers
Answer:
As an engineering student, my career goal is to work as a professional engineer in a reputed organization. I want to specialize in the field of renewable energy and work towards developing sustainable solutions for our planet's energy needs. My dream is to contribute towards the development of green technologies that can help reduce our carbon footprint and promote a cleaner environment.
One specific professional organization that could benefit my pursuit of these goals is the Institute of Electrical and Electronics Engineers (IEEE). This organization is dedicated to advancing technology for the benefit of humanity and has a specific focus on renewable energy and sustainable development.
By joining IEEE, I could benefit in several ways. Firstly, I would have access to a network of professionals and experts in the field of renewable energy, which could provide me with valuable guidance and mentorship. I would also have access to a range of educational resources, including conferences, seminars, and publications, which could help me stay up-to-date with the latest developments in the field.
In addition, being a member of IEEE would enhance my credibility as a professional engineer, and it could help me build a strong reputation in the industry. This could lead to potential career opportunities, and it could help me achieve my long-term career goals. Overall, joining IEEE would be a valuable investment in my future as an engineer and could help me make a positive impact on the world.
Explanation:
given a bank's return on assets, the higher the bank capital, the higher the return for the owners of the bank. true false
Answers
False. The relationship between a bank's capital and the return for the owners of the bank is not solely dependent on the bank's return on assets (ROA). While capital can influence a bank's profitability and risk profile, it is not the sole determinant of the return for the owners of the bank.
Return on assets (ROA) is a financial metric that measures a bank's profitability by calculating its net income as a percentage of its total assets. It provides an indication of how effectively a bank is generating profits from its assets. Bank capital, also known as equity or net worth, represents the ownership interest in a bank. It is the difference between a bank's assets and liabilities and serves as a cushion to absorb losses and provide stability to the institution.
The relationship between bank capital and the return for the owners of the bank is more nuanced and depends on various factors, including the bank's performance, risk management practices, market conditions, and regulatory requirements. Higher bank capital can provide a stronger financial foundation and enhance the bank's ability to withstand adverse events. However, it does not guarantee higher returns for the owners.
The return for the owners of the bank is determined by the bank's overall profitability, which considers factors beyond just the level of capital. Factors such as revenue generation, cost management, risk management, market conditions, and competition play significant roles in determining the return for the owners of the bank.
Therefore, while bank capital is an important component of a bank's financial structure, it is not the sole factor that determines the return for the owners. A bank's profitability and overall financial performance are influenced by a multitude of factors beyond capital alone.
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Identify Management's Assertion: The accounts payable balance as of the balance sheet date excludes 10 vendor invoices in which services and/or products were provided in the current year.
Answers
The management assertion being made in this statement is "Existence and Completeness."
The assertion is that the accounts payable balance as of the balance sheet date is complete and accurate and includes all vendor invoices for services and/or products that were provided in the current year, except for the 10 vendor invoices that have been excluded.
In auditing terms, the "Existence and Completeness" assertion is a key aspect of financial statement auditing. It involves determining that all assets and liabilities that should be recorded in the financial statements are present, and that all transactions have been recorded completely and accurately.
This assertion is critical for ensuring the accuracy and reliability of financial statements, as well as for providing users with a complete picture of the organization's financial position.
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how do you become popular
Answers
Answer:
Spread the word; advertisements
Explanation:
In order to get popular you need to spread the word about your business, you needadvertisementst,s and sometimes even create your own website. Some website makers include Wix.
Tommy agrees to buy a house for $84,500. He pays $2,000 as earnest money and obtains a new mortgage loan for $67,600. The purchase contract provides for a Mar. 15 settlement. Tommy and the sellers prorate the present year's real estate taxes of $1,880.96, which have been paid. The buyer is responsible for the day of closing. Tommy has additional closing costs of $1250. Using the "actual number of days" method, how much cash must Tommy bring to the settlement?
Answers
Answer: $17,654.97
Explanation:
In order to solve the question, the first thing to do is to count the number of days from March 15 to Dec. 31. In this case, we will have 292 days.
Then we get the daily rate which will be:
= $1,880.96/365
= $5.153.
Then, we multiply the daily rate of $5.153 by the number of days which will be:
= $5153 × 292 days
= $1,504.97.
Then, we calculate the down payment, which will be:
= $84,500 - $67,600
= $16,900
We then deduct the $2,000 that has already been paid. This will be:
= $16900 - $2000
= $14900
Adding together all the values then the total cash that Tommy must bring to the settlement will be:
= $14900 + $1,504.97 + $1,250
= $17,654.97
Protecting intellectual property rights is important to a free enterprise system because:
A. it gives the government the ability to regulate businesses.
B. it allows entrepreneurs to profit from their ideas.
C. it ensures that businesses sell products at fair prices.
D. it makes more money available for starting new companies
Answers
Answer:
B. it allows entrepreneurs to profit from their ideas.
Explanation:
Intellectual properties are valuable ideas, innovations, and creations to a business. They are intangible assets that give a business its competitive advantage. Protecting intellectual properties ensure an individual or entity reaps the full benefits of the inventions and creations.
Protecting intellectual properties safeguards a company's ideas from being exploited by its competitors for commercial gains. It gives a business the right to exclusively profits from its innovations. Protecting intellectual properties encourages research and development as entrepreneurs are guaranteed to benefit from their creations.
Write an essay of at least 150 -words based on reading the following regulation policy. In your essay, you should:
determine what factors would be considered in evaluating the 2014 violations;
assess the likely, and possible, consequences of the 2014 violations; and
outline how the company might achieve a reduction in fines;
Answers
a company that allows you to license software monthly to use online is called
Answers
Answer:
marketable service product
Explanation:
A company that allows you to license software monthly to use online is an example of. ... A company that allows you to license monthly to use online is an example of what these companies consider to be a “marketable service” product.
Culver City College, a public college, has a 10-week summer session that starts on June 25, 2020, so that one week is held during FY 2020 and the other nine weeks meet during FY 2021. Tuition and fees in the amount of $1,000,000 were collected from students for classes to be conducted in this session.
Required:
What amount should Culver City College recognize as unrestricted revenue in each of the years ended (FYE) June 30, 2020 and June 30, 2021?
Answers
Based on the information given, the amount that will be recognized as unrestricted revenue in each of the years will be $100,000 and $900,000.
Unrestricted revenue simply means the donations that can be used by a company or group for purposes that meet the goals that were set aside.
From the information, the unrestricted revenue in June 30, 2020 will be:
= 10% × $1,000,000
= $100,000
The unrestricted revenue for June 30, 2021 will be:
= $1,000,000 - $100,000
= $900,000
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Who might request your credit report besides you? Why?
Answers
Answer: See explanation
Explanation:
Credit report and history are used to know ones creditworthiness. Apart from the individual who owns the account, it can also be requested by creditors or lenders such as mortgage lenders so that they can know if one is eligible and creditworthy for a loan. Creditors review ones credit report when loans are applied for.
a company subscribing to ethical relativism would implement the morality of the group of answer choices home country host country shareholders legal system
Answers
A company subscribing to ethical relativism would implement the morality of the home country.
Ethical relativism is a perspective that suggests ethical standards and principles are subjective and vary across different cultures, societies, and individuals. According to this viewpoint, there is no universally applicable moral framework, and ethical judgments should be based on the cultural norms and values of a particular group or society.
In the context of a company operating in multiple countries, if it adopts ethical relativism, it would adhere to the ethical standards and practices prevalent in its home country. This means that the company would prioritize and apply the moral values, norms, and legal requirements of its home country in its business operations and decision-making processes.
While considering the ethical relativism approach, it's important to note that it can lead to ethical dilemmas when faced with conflicting moral values between the home country and the host country where the company operates. In such situations, the company would need to carefully navigate and reconcile the differences while ensuring compliance with local laws and regulations.
However, it's worth mentioning that ethical relativism is not the only ethical framework that companies may adopt. Other ethical perspectives, such as ethical universalism, focus on identifying and adhering to universal ethical principles that apply regardless of cultural or societal differences.
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This document shows that you are allowed to work in the United States:
a. cover letter
b. résumé
c. job application
d. work permit
Answers
Answer:
d. work permit
Explanation:
The work permit is also referred to as the Employment Authorization Document or EAD. A work permit has the same design as a driver's license. It is issued by US Citizenship and Immigration Services (USCIS).
Foreigners coming into the US need to obtain a work permit to enable them to seek employment. The work permit card is presented to potential employers as proof that a person is duly authorized to work in the USA.
Answer:
D. Work permit
Explanation:
Did the quiz
About 33 percent of all small businesses fall into the _____ category of industry.
Answers
About 33 percent of all small businesses fall into the small category of industry. A small business in that sector is one with an average revenue of less than $16.5 million over the course of the previous three fiscal years.
Despite the fact that size standards differ per industry, they are typically determined by the quantity of employees or the average yearly revenue.
According to the Small Business Association, a micro firm is a subset of a small business that has fewer than 10 employees, whereas small enterprises can have up to 500 workers. In the retail industry, there are a lot of small enterprises.
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needham Pharmaceuticals has a profit margin of 4% an equity
multiplier of 2.4. its sales are 90 million and has total assets of
50 million. what is the return on equity? Do not round intermediate
calc
Answers
Needham Pharmaceuticals has a profit margin of 4% and an equity multiplier of 2.4. With sales amounting to $90 million and total assets of $50 million the net income will be $3.6 million and the equity is $20.83 million. Therefore, the ROE is approximately 0.1729 or 17.29%.
To calculate the return on equity (ROE) for Needham Pharmaceuticals, we need to use the given information: profit margin and equity multiplier.
Profit margin = Net Income / Sales
Given profit margin = 4% and sales = $90 million, we can calculate the net income:
Net Income = Profit margin × Sales
Net Income = 0.04 × $90 million
Net Income = $3.6 million
Next, we need to calculate the equity:
Equity = Total Assets / Equity Multiplier
Given total assets = $50 million and equity multiplier = 2.4, we can calculate the equity:
Equity = $50 million / 2.4
Equity = $20.83 million
Finally, we can calculate the return on equity (ROE) using the formula:
ROE = Net Income / Equity
ROE = $3.6 million / $20.83 million
ROE = 0.1729
The return on equity (ROE) for Needham Pharmaceuticals is approximately 0.1729, or 17.29% (rounded to two decimal places).
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What is the craziest drink you've gotten at starbucks or dunkin? Tell me the size, how many pumps of syrups (if you get any) and how many scoops of inclusions (if you get any). Tell me everything and be very specific!
Answers
Peppermint Frappé ( Seasonal ) with 17 pumps of peppermint !!!
in a business process group of answer choices hardware and software is involved information technology is used information systems is involved multiple steps are taken to achieve an outcome quizle
Answers
In a business process group of answer choices hardware and software is involved information technology is used information systems is involved multiple steps are taken to achieve an outcome, like:
Task support and automationInformation TechnologyInformation systemsHow does Hardware and Software impact business?They support the automation of processes, involving the speed of information flow, task fulfillment, networks and organizational decision-making.
Therefore, information technology helps in the development of speed and processing of large volumes of data and relevant information for decision-making, innovation and business efficiency.
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what is the expected after-tax cash flow from selling a piece of equipment if xyz purchases the equipment today for $88,700.00, the tax rate is 25.00%, the equipment is sold in 3 years for $16,600.00, and macrs depreciation is used where the depreciation rates in years 1, 2, 3, and 4 are 40.00%, 35.00%, 20.00%, and 5.00%, respectively?
Answers
Cash outflow from selling the equipment is $13559.
What is cash inflow or outflow?Cash influx is the term used to describe the money that enters a firm. It might originate from sales, investments, or financing. A cash inflow is the opposite of a cash outflow since it involves money coming into a business. A company's potential to add value for shareholders is dependent on its ability to generate positive cash flows.
At the end of the third year, the equipment's book value
= 88700-(88700×0.95)
=4435
Loan on sale = 4435-16600
=(-12165)
Tax shield on loss on sale = -12165×0.25
=(-3041.25)
Cash outflow from selling the equipment=salvage +Tax shield
=16600+(-3041.25)
=$13558.75
=$13559
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Match each participant in the economy with one action that contributes to
the circular flow of the free-market system,
Consumers
?
Providing investment
capital
Governments
?
Paying wages
Producers
?
Collecting taxes
Answers
Consumer - Provide investment
Government - collecting tax
Producer- Pay wages
What is free market?Free market is a market that allows people or individual to trade without restrictions by the government.
It allows for inter trade without any policies by the government. The market is determined by the sellers.
Therefore, action that contributes to
the circular flow of the free market is
Consumer - Provide investment
Government - collecting tax
Producer- Pay wages
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It is 1 July 2022 . Fansifist Sdn Bhd manufactures and sells a variety of food for
dogs and cats. Your firm, Kiran & Co Chartered Accountants, has audited the
company for a number of years. You are about to commence the final audit for
the year ended 31 March 2022 and the draft financial statements show profit
before tax of RM23.1m and total assets of RM99.2m.
Fansifist Sdn Bhd launched a new brand of grain free dog food, Polobalancing
Dog, in December 20X4 but sales have been lower than expected and the
directors are considering a discounted sales price. Polobalancing Dog products
are valued using standard costing method and the standard cost comprises raw
materials, labour costs and production overheads. As at 31 March 2022 ,
Polobalancing Dog products with a standard cost of RM2.4m were included as
finished goods in inventory.
One of Fansifist's major customers, Petcare Sdn Bhd , operates a chain of pet
stores with 23 stores across the country.
There have been reports in the press for several months that Petcare Sdn Bhd 's
sales and profits have been falling and, in March 2022 , Petcare Sdn Bhd
announced that 11 of its stores were to close in May 2022 . As at 31 March 2022
, Fansifist Co's trade receivables included RM2.6m outstanding from Petcare
Sdn Bhd and no allowance has been included for this balance at the year end.
On 25 February 2022 , it was discovered that a batch of canned cat food had
been contaminated with insecticide, which could be harmful to cats. This batch
had been dispatched in November 20X4 to 247 retail stores. By 31 March 2022 ,
Fansifist Sdn Bhd had received legal claims totalling RM1.9m from consumers
whose cats had eaten the contaminated food.
Describe any 3 (three) substantive procedures the auditor should perform to obtain sufficient and appropriate audit evidence in relation to the legal claims following the contamination.
Answers
The auditor should ensure that the claims have been recorded and disclosed accurately and completely in the financial statements.
The three substantive procedures the auditor should perform to obtain sufficient and appropriate audit evidence in relation to the legal claims following the contamination are as follows:1. Confirmation with the legal counsel: The auditor should contact Fansifist Sdn Bhd’s legal counsel to receive a detailed report on the nature of the legal claims filed by consumers whose cats have consumed the contaminated food. The auditor should confirm the likelihood of the liability resulting from the legal claims, the probability of the court’s decision, and the estimated amount of the liability.
2. Scrutiny of legal invoices: The auditor should examine the legal invoices received by Fansifist Sdn Bhd from the legal counsel hired to handle the legal claims. The auditor should determine if the legal expenses are reasonable in nature and there are no expenses which have been misclassified.3. Analytical review: The auditor should analyze the legal claims based on their nature and extent. The auditor should compare the legal claims to prior years to determine if the nature and amount of the legal claims are in line with prior years. Furthermore, the auditor should ensure that the claims have been recorded and disclosed accurately and completely in the financial statements.
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The winner of a $140 million lawsuit, terry bollea is better known by what name?.
Answers
step-by-step
4.marshall, in another portion of his book, states that land is but a particular form of capital from the point of view of the manufacturer. is this a contradiction? explain.
Answers
According to Marshall, land being considered a particular form of capital from the perspective of a manufacturer may seem contradictory at first glance. However, it can be explained by understanding the different viewpoints and definitions of capital.
In economic terms, capital refers to assets that are used in the production process to generate goods and services. It includes physical assets like machinery, equipment, and buildings. Marshall's statement implies that from the perspective of a manufacturer, land can be seen as a type of capital because it contributes to the production process. Land is often used as a site for factories, offices, or other facilities, which are essential for manufacturing operations.
However, it is important to note that land is distinct from other forms of capital in certain ways. Unlike machinery or equipment, land is a fixed and immovable resource. Its availability and location can significantly impact production efficiency and costs. Additionally, the value of land can appreciate or depreciate over time due to factors unrelated to the manufacturer's activities, such as changes in market demand or urban development.
Therefore, while land can be viewed as a form of capital in the context of manufacturing, it possesses unique characteristics that differentiate it from other types of capital assets.
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i will give brainiest if right please answer, Parker wants to develop new food sources for less-developed countries. He was raised on a farm, but doesn't plan to be a farmer. What kinds of careers should he consider?
Answers
suppose that you sign up for a one-day cooking class at the local culinary school for $75. once you arrive at the class, you discover that you must purchase an apron for an additional $5. in this situation, the additional $5 you pay for the apron is an example of
Answers
The additional $5 you pay for the apron is an example of Marginal cost. The extra cost incurred while manufacturing additional units of products and services is known as the marginal cost.
The expense that a business incurs when it needs to produce extra units of any products or services is known to as a marginal cost. It is computed by taking into consideration the whole cost of creating the extra items and dividing that sum by the variation in the overall quantity of the produced goods. Variable costs like materials and labor are included in marginal cost. Additionally, it takes into account any increases in fixed expenses like selling, administration, and overhead. When a change in production volume is required, the cost change is known to as the changes in the price of production. More labor and raw resources are needed to produce additional units, changing the overall cost of production. The volume of output either increases or decreases, which affects quantity. With an increase or a decrease in production, there will be a variation in cost.
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