Prefix Supply Company received a 120 customer on account. Assume 360 days in a year. day, 8% note for $450, 000, dated April 9 from a a. Determine the due date of the note 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.
Q: AMR Corporation (parent company of American Airlines) reported the following (in millions). Service…
A: Pension expense is the amount reported by an entity on the financial statements relating to the…
Q: Pharoah Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of…
A: A financial statement that details the amounts of cash and cash equivalents that enter and leave a…
Q: The May transactions of Culver Corporation were as follows. May 4 7 8 9 17 22 29 Paid $600 due for…
A: Journal Entry is the first stage of the accounting process. Journal entry is recorded to keep a…
Q: From the following information, interpret the concern, using Trend Ratios. Particulars Sales (Net)…
A: Trend analysis is a technique used in financial analysis to evaluate and identify patterns or trends…
Q: On December 31, 2001, a bookkeeper prepared a trial balance before adjusting entries were made and…
A: The objective of the question is to determine the balance of the Salaries account and whether it…
Q: Ownership of Inventory Explain the implications relating to ownership when goods are: In transit…
A: Ownership of inventory can have significant implications for financial and logistical purposes. The…
Q: Stable Enterprises had sales of $230,000 in Year 1. Stable warrants its products and estimates…
A: 1. Recognition of Warranty Expense in Year 1:Explanation:In Year 1, Stable Enterprises estimates its…
Q: Q. 7. Find the complement rates (where none exists, enter an "*") and the net price using the…
A: The amount at which a good or service is sold after deducting all discounts and adding all…
Q: Functional Ingredients Consumer Markets Performance Materials
A: For businesses, sales margin is an essential metric that aids in evaluating pricing tactics,…
Q: Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as…
A: Variances are the differences between the actual values and budgeted values. If the budgeted values…
Q: Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a…
A: T-Accounts are T-shaped ledgers used to prepare individual accounts. After recording all the…
Q: Direct materials variances Alvarado Company produces a product that requires five standard pounds…
A: Variances are the differences between the actual values and budgeted values. If the budgeted values…
Q: tives Limited plans to Issue $550,000, 10-year, 6.50 percent bonds. Interest is payable annually on…
A: Issuing bonds at a premium occurs when a company sells its bonds to investors at a price exceeding…
Q: Problem 17-2A (Algo) Ratlos, common-size statements, and trend percents LO P1, P2, P3 [The following…
A: Current assets are assets in the form of cash or can be converted into cash within a year.Current…
Q: Financial statements generally include all BUT which of the following? Group of answer choices A.…
A: FINANCIAL STATEMENTThe financial statement shows the financial position of the company. Financial…
Q: When a plant asset is acquired by the issuance of common stock and the fair value of the plant asset…
A: Common stock, also known as common shares or equity, represents power in a pot. When an individual…
Q: What is the taxable income on their 2013 joint return?
A: Taxable income on a joint return combines the incomes of both spouses, accounting for salary,…
Q: Bramble & Sons produces tomato juice and tomato puree from fresh tomatoes grown by local farmers.…
A: COST ALLOCATIONWhen items of cost are identifiable directly with some products or departments such…
Q: Q. 12. The markup percent is based on cost. Compute the missing terms. 100% + Cost Markup % Markup…
A: Markup on cost is the percentage added to the production cost to determine the selling price,…
Q: sing the plantwide overhead rate, what percentage of the total overhead cost is allocated to Product…
A: A vital tool in cost accounting, overhead rate enables businesses to more precisely allocate…
Q: Metlock Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers.…
A: The production cost report is prepared under the process costing to determine the cost of completed…
Q: Lifestyle Roofing uses job order costing and applies manufacturing overhead too individual projects…
A: The overhead cost is a cost that is allocated to the product or service at the time of production.…
Q: Cameron Industries is purchasing a new chemical vapor depositor in order to make silicon chips. It…
A: The free cash flow is the excess or deficit amount of cash flow from operating activities after…
Q: Depletion On January 2, 2019, Whistler Company purchased land for $470,000, from which it is…
A: The cost of extracting natural resources from the earth, such as wood, minerals, and oil, is…
Q: E Horizon Foods Inc. is a diversified food products company with three operating divisions organized…
A: Profit margin is calculated by dividing net operating income by sales revenue. Turnover is…
Q: The Puyer Corporation makes and sells only one product called a Deb. The company is in the process…
A: VARIABLE COST Variable Cost is a cost that varies with the level of output.Variable costs include…
Q: On January 1, 2024, the Mason Manufacturing Company began construction of a building to be used as…
A: Interest capitalized is based on Weighted Average Accumulated Expenditures and capitalization rate…
Q: Why are certain costs referred to as period costs? What are the major types of period costs incurred…
A: The term 'period costs' is used in accounting to refer to costs that are not tied directly to…
Q: The Best Appliances had the following revenue over the past five years View the revenus data To…
A: Margin of safety is the difference between total sales revenue and break-even sales revenue.…
Q: 1. On January 1, 20X1, WebHelper Inc. purchased equipment for $150,000. The estimated service life…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Dinham Kennel uses tenant-days as its measure of activity, an animal housed in the kennel for one…
A: Spending Variance: The difference between the actual amount of a cost and the expected (or planned)…
Q: E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value LO7-4 H.T. Tan Company is…
A: As per IAS/IFRS 2 Inventory- valuationInventory is to be valued at lower of cost or net realizable…
Q: Juniper Design Limited of Manchester, England, is a company specializing in providing design…
A: Residual Income :— It is the amount of income that an entity receives in excess of its opportunity…
Q: Apache Junction Company is evaluating a capital expenditure proposal that requires an initial…
A: Investment decisions can be taken based on net present value, if the net present value is positive…
Q: Pharoah Company has the following two notes receivable at May 31, 2024, its fiscal year end: 1. 2.…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: On January 1, 2024, the Mason Manufacturing Company began construction of a building to be used as…
A: The specific interest method is an approach used in accounting for certain types of financial…
Q: Accepting Business at a Special Price Power Serve Company expects to operate at 82% of productive…
A: Relevant cost is the cost that is different between different alternatives. This cost is considered…
Q: The auto repair shop of Quality Motor Company uses standards to control the labor time and labor…
A: Labor Spending variance = Labor Rate Variance + Labor Efficiency Variance$200 U = $250 F + Labor…
Q: How is the term ‘net realizable value’ defined as used in the acronym LCNRV?
A: Inventory: It implies the current asset that is presented on the balance sheet of the company and…
Q: Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures.…
A: The T-account in the ledger represents the debit and credit entries for different types of…
Q: Listed below are selected transactions of Schultz Department Store for the current year ending…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Seiler Co. purchased land as a factory site for $600,000. Seiler paid $60,000 to tear down two…
A: Cost of assets is the amount paid for an asset and for expenses incurred to putting the asset in…
Q: Cullumber Company has the following data for the
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: For financial reporting, Kumas Poultry Farms has used the declining-balance method of depreciation…
A: The objective of the question is to prepare the journal entry for the year 2024 related to the…
Q: Intercontinental's special order requires 1,700 kilograms of genatope, a solid chemical regularly…
A: Irrelevant costs are historical and have little bearing on the decision-making process, whereas…
Q: Assume that a company provided the following statement of cash flows (all sales are on account):…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: December 1 On December 1, Ronnie Walsh forms a consulting business, named Mobility Solutions.…
A: According to the question given, we need to prepare the journal entries.Journal entries:Journal…
Q: On June 30, 2024, Georgia-Atlantic, Incorporated leased warehouse equipment from IC Leasing…
A: A lease is defined as a contractual agreement incorporated between two business entities where one…
Q: also available: Direct materials used Direct labour incurred Variable manufacturing overhead Fixed…
A: Using variable costing, only variable manufacturing costs are included in the product cost. The…
Q: Prepare all journal entries for Shandra Corporation related to this transaction and hedge, and…
A: Cash flow hedge accounting involves using financial instruments to manage risks associated with…
Step by step
Solved in 4 steps
- A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?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 ExpenseOn June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. a. Determine the due date of the note. September 10 b. Determine the maturity value of the note. Assume a 360-day year. (Note: Round computations to the nearest whole dollar.) c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.Note receivable Prefix Supply Company received a 120-day, 7% note for $84,000, dated April 12 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. $ 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. E
- 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 $ $Note receivable Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 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. 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. 88A business issued a 30-day, 7% note for $75,600 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank or enter 0. When required, round your answers to the nearest dollar. a. fill in the blank 2 fill in the blank 4 b. fill in the blank 6 fill in the blank 7 fill in the blank 9 fill in the blank 10 fill in the blank 12 fill in the blank 13
- Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year. C. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.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_9