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olasank [31]
2 years ago
11

On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complain

ts. Legal services total $10,600. In payment for the services, Whole Grain Bakery signs a 10% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1.
Business
1 answer:
natta225 [31]2 years ago
7 0

Answer:

March 1: Recording of Note Receivable

Debit note receivable account with $10,600

Credit account receivable -  Whole Grain Bakery with $10,600.

September 1: Recording of  cash collection

Debit cash account with $10,600

Credit note receivable account with $10,600.

Explanation:

This is an example of note receivable which is a written promise to receive certain amount of money from a customer or client to whom a good supplied or service rendered at a future date, with or without interest.

Note receivable is a current asset and it is recorded under current asset in the balance sheet.

Since there is no interest added to the principal amount of $10,600 indicated in the question, the following will be how the acceptance by Terrell & Associates of the note receivable on March 1:

March 1: Recording of Note Receivable

Debit note receivable account with $10,600

Credit account receivable -  Whole Grain Bakery with $10,600.

September 1: Recording of  cash collection

Debit cash account with $10,600

Credit note receivable account with $10,600.

The implication of the above is that after the payment on September 1, the total current account will not change since both cash that increased and note receivable that fell are components of current asset.

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Sophie [7]

Unless the question is incomplete, then there is tax on the fruit which is where the other 8 cents is coming from. There is tax on some food items, but not all, so there could be a surcharge of some short that the quick market charges.

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2 years ago
U.s. firms that produce sophisticated military hardware are prohibited from exporting that equipment to "unfriendly" governments
Vladimir [108]
The answer is Embargo

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2 years ago
Derst Inc. sells a particular textbook for $140. Variable expenses are $25 per book. At the current volume of 6,000 books sold p
mamaluj [8]

Answer:

Option (B) is correct.

Explanation:

Given that,

Selling price of a product = $140 per textbook

Variable expenses = $25 per book

Books sold per year = 6,000 books (It is the break even point)

The break even point indicates that there is no profit or loss incurred at the sales.

This means that the sales revenue is equal to the total cost incurred to produced these goods.

Sales per unit - Variable cost per unit - Fixed costs per unit = 0

$140 - $25 - Fixed costs = 0

$115 = Fixed costs per unit

Therefore, the total amount of fixed cost is calculated as follows:

= Fixed cost per unit × Number of books sold

= $115 × 6,000

= $690,000

4 0
2 years ago
1. How has an understanding of consumer behavior helped Coppertone grow in the United States and around the globe? 2. Describe t
True [87]

Answer: The answers are provided below

Explanation:

1. The understanding of consumer behavior which has helped Coppertone grow in the United States and around the world are:

• Its understanding of consumer behavior was along with changing behaviour of consumers.

• Its understanding was along with consumer's changing needs.

• Providing innovative solutions that are in accordance with consumer preferences.

Note that at the beginning, Coppertone started as a tanning product, but later developed nee products when the consumers preferences changed from tanning to skin protection.

2. . The Five stage purchase decision process for a Coppertone customer are:

a. Problem recognition - This is the stage of understanding the problem.

b. Search for information. It is the stage of seeking solution to the problem

c. Comparision of alternatives - This is the stage where the comparative analysis is done. This stage is influenced by the product, price, availability etc.

d. Decision of purchasing - This is the stage of decision making that is based on the comparisons made.

e. Post-purchase feedback - This is the stage whereby the consumer will evaluate the product performance. This stage is vital to retaining existing consumers.

3. The factors that can influence the Coppertone consumer purchase decision process are:

• Psychological: It is the intention of consumers to protect their skin from the sun while going out thereby maintaining their good look.

• Sociological : It is in human behaviour to replicate the things that are being done by other people in the society.

• Situational Factor: This is a case whereby consumers are left with no other alternatives than purchasing a particular product brand to meet their need.

4. The marketing activities Coppertone utilized to help it grow in the marketplace are:

• Advertisment: Coppertone advertisment strategy really worked through its use of the advertisement campaign for “the Coppertone Girl” and also their famous tagline “Tan, Don’t Burn.” This helped spar the product’s popularity.

• Use of social media: They also engage with their customers on social media nd other websites.

5. The challenges that would be faced by Coppertone in the future are:

• There will be an unbalanced demand and supply since the requirement of the product is seasonal.

• Selective usage of the product by the customer can hampers the sale.

• There may be the need for more innovative products in order to meet customer needs.

The recommendation related to each challenges are:

• Awareness should be created among the customers about their self health and looks, in order for them to shift away from seasonal usage.

• New products should be launched aggressively. This is because customers are trendy nowadays and also appealing marketing techniques should be used.

6 0
1 year ago
Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted
kozerog [31]

Answer:

Answer is explained in the explanation below.

Explanation:

Solution:

According to the data given: This can be solved as following. (Note: we are not given income tax tables to calculate the accurate net pay. So, according to given information here. Following is the accurate one. )

Let's assume, a 6.2% tax rate for SS ( Social Security) and 1.45% tax rate on Medicare:

So,

Social Security = 6.2%

Medicare = 1.45%

Pay Per hour = $14.30

So, let's calculate Rhonda's Gross pay:

Gross Pay = Pay per hour x total number of hours

Gross pay = $14.30 x 80 hours

Gross Pay = $1,144

Now, calculate the Rhonda's Reduction for Social Security:

Rhonda's Reduction for Social Security = $1,144 x 6.2%

Rhonda's Reduction for Social Security = $70.928

Similarly, Rhonda' Reduction for Medicare:

Rhonda' Reduction for Medicare = $1,144 x 1.45%

Rhonda' Reduction for Medicare = $16.588

So Finally,

Rhonda's Take-home Pay for her first check will be = Gross pay - Rhonda's Reduction for Social Security - Rhonda' Reduction for Medicare

Rhonda's Take-home Pay for her first check will be = $1,144 - $70.928 - $16.588

Rhonda's Take-home Pay for her first check will be = $1,056.484

7 0
2 years ago
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