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GuDViN [60]
1 year ago
13

A business issued a 120-day, 5% note for $60,000 to a creditor on account. Journalize the entries to record (a) the issuance of

the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. b.
Business
1 answer:
Lyrx [107]1 year ago
4 0

Answer:

cash                         60,000 debit

  note payable        60,000 credit

--to record issuance--

interest expense       1,000 debit

Amortizacion Land 34,000 debi

---to reocrd sale of receiptst

Explanation:

Interest payment:

principal x rate x time (being time and rate expressed in protion of a year

60,000 x 0.05 x 120/360 = 1,000

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Define and discuss the four common denominators of all organizations, and provide an example for each component. What is the dif
-BARSIC- [3]

Answer: The four common denominator of every organisation is a)common purpose, b) coordinated effort, c)division of labor, d) hierarchy of authority.

Explanation: Every organisation lembodied with these four common denominators:

1) coordination of effort - This is the formulation and enforcement of policies, rules, and regulations achieved through working together in a way that will maximize resources. individuals and groups contribute their effort through diverse skill sets to create value. For example every company consists of different diverse skill set- accountant, manager, clerk, security guard, etc all these people come together to fuse Thier skills in an effective running of any organization.

2)a common goal: This is achieved when every member of an organisation understands it's company's mission, strategy, and values, it tends to bring unity in the organisation and achieve success. For example When a new employee joins a business, he /she would try to fit into the existing culture which is due to a sense of belonging they feel that they will succeed by taking up the behaviors of people whom have had long membership in the culture and worthy of emulation.

3.) division of labor - This occurs when the common goal is pursued by individuals performing discrete parts of a task for greater efficiency for example in a production company Each worker performs a specific task . boosting productivity and efficiency.

4)hierarchy of authority- Also called the chain of command, is a control mechanism which aims to making people do the right things at the all times by enabling them make decisions quickly when necessary. Here order flows from the topmost pyramid of hierarchy to the lowest pyramid m for example

Nicholas receives a report from his Quality control team that a new drug has successfully passed all regulatory tests and is ready for production and sales to the public. Nicholas then sends directions to his head of finance to prepare a budget for financing the manufacturing and marketingof the new drug. He directs his marketing president to develop a marketing plan production manager to develop a production schedule based on the projected budget received from the finance manager.

Each managers will delegate part of their task to their respective department heads who will in turn, delegate some tasks to the members of respective team. Once the task has been completed, the information will flow back up through the hierarchy to Nicholas where it will be assessed and further decisions and directives will be made.

B)

---Open system: An Open system is an adaptive system with porous boundaries which allows exchange of ideas and information whether random or defined with useful feedback . It interacts with its outside environment and thus exchanges information to change thier system with changing conditions in terms of improvement and development. Examples include Hospitals, educational Sectors, Buisness organisation s etc.

--Closed systems, unlike open systems, are not adaptive, or porous. Only very thorough little information is exchanged.

A closed system does not need interactions with its environment and most times isolates from the environment to function effectively. Such systems are very a rare. Examples include the Millitary- army, Monasteries.

4 0
2 years ago
Jerry has inherited an Excel sheet that lists all of the system requirements for his team's new project. But unfortunately, his
enot [183]

Answer:

A. ​

Explanation:

Based on the information provided within the question it can be said that the statement that is mislabeled as a performance example is "​The system must automatically generate an insurance claim form." This is the only answer provided that does not deal with performance but instead is dealing with insurance claims that do not affect performance at all. Therefore this is the answer.

5 0
1 year ago
The Petit Chef Co. has 11.3 percent coupon bonds on the market with eight years left to maturity. The bonds make annual payments
IgorC [24]

Answer:

The yield to maturity is 9.127%

Explanation:

The yield to maturity is the yield or return on the bond as a percentage of its current price in the market. The formula to calculate the yield to maturity is:

YTM = C + {(F - P) / n}  /  {(F + P) / 2}

Where,

  • C is the coupon payment / interest payment on the bond
  • F is the face value of the bond
  • P is the current market price of the bond
  • n is the years to maturity

The coupon payment = 1000 * 0.113 = 113 per year

So, YTM =  113 + {(1000 - 1127.3) / 8}  /  {(1000 + 1127.3) / 2}

YTM = 0.09127 or 9.127%

8 0
1 year ago
To lease a new car, you must make a down payment when you sign the lease, then pay $199 per month. six months after signing his
mylen [45]

The solution for this problem is:

Let x be the number of months; and

Let y be the amount paid

We know that m is $199 per month and the two other given are 6 months and 2694.

 

y = 199 (x -6) + 2694

y = 199 (36 -6) + 2694

y = 199 (30) + 2694

y = 8664

 

Mr. Scott paid $8664 after 3 years.

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3 0
2 years ago
The following budget information is available for the HD Sales Company (HDC) for January: Sales $ 320,000 Freight out $ .25 per
Mamont248 [21]

Answer:

The total budgeted selling and administrative expenses would be what amount on the January pro forma income statement is $113,400

Explanation:

Computation of total budgeted selling and administrative expenses in the January pro forma income statement is shown below:

= Freight out + Sales & Admin Salaries + Advertising + Lease on Sales building + Miscellaneous selling expenses

where,

Freight out = $0.25 × 20,000 units = $5,000

Sales & Admin Salaries = 40,000 + 2% of $320,000 = $46,400

So,

The total budgeted selling and administrative expenses is

= $5,000 + $46,400 + $12,000 + $45,000 + $5,000

= $113,400

Since depreciation part is not be considered because it is a non cash expense so we don't include the depreciation cost in computation part.

Hence, the total budgeted selling and administrative expenses would be what amount on the January pro forma income statement is $113,400

5 0
1 year ago
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