All categories

2 years ago

Journalize the following transactions for Lucite Company. Assume 360 days per year.

Business

1 answer:

yawa3891 [41]2 years ago

4 0

Answer:

Date Account Title Debit Credit

Nov. 14 Note Receivable $4,800

Accounts Receivable $4,800

Date Account Title Debit Credit

Dec, 14 Interest Receivable $56.40

Interest revenue $56.40

Working

= 4,800 * 9% * 47 days / 360

= $56.40

47 days is number of days from Nov. 14 to December 31.

Date Account Title Debit Credit

Feb. 12 Cash $4,908

Interest receivable $56.40

Interest revenue $51.60

Notes Receivable $4,800

Working:

Cash = 4,800 + (4,800 * 90/360 * 9%)

= $4,908

Interest revenue = Cash - Interest receivable - Notes receivable

= 4,908 - 56.40 - 4,800

= $51.60

You might be interested in

Balance sheets prepared under IFRS: Multiple Choice must list assets, but not liabilities in order of liquidity. may list assets

GrogVix [38]

Answer:

May list assets and liabilities from least liquid to most liquid.

Explanation:

According to International Financial Reporting Standards IFRS the companies may list their available assets and liabilities in descending order of most liquid to least liquid. It enables the users financial statements to easily assess the time assets will take to be converted into cash. Therefore cash is considered as most liquid and is first item to be presented on the Balance sheet of the company under current assets account.

5 0

2 years ago

Read 2 more answers

Select the four common tools managers use to analyze competitive intelligence and develop competitive advantages. a. The three g

ICE Princess25 [194]

Answer:

a. The three generic strategies

b. Value chain analysis

e. SWOT Analysis

g. The Five Forces Model

Explanation:

The four tools commonly used by managers to develop competitive advantage are; The three generic strategies, value chain analysis, SWOT Analysis and The Five Forces Model.

The three generic strategies are used to determine if the organization intends to compete from a position of cost leadership (offering low cost products), product differentiation (offering unique, high quality products) or choosing a specific niche to serve.

When managers use the SWOT analysis, they analyse the strengths and weaknesses of their organization as well as those of competitors, and also look out for opportunities to improve, and threats to be avoided.

Managers use the Value chain analysis, to determine how to reduce cost, improve profitability and increase value for customers, by monitoring the various processes involved, in production and delivery of goods, as well as after sale customer service.

Porter's five forces model is used by managers to determine the extent and strength of competition in an industry and what industry to enter or avoid. It also provides information on the bargaining power of buyers and suppliers in the market and the threat of substitute products to the organization's products.

4 0

2 years ago

Read 2 more answers

A small company is setting up a new remote satellite office. Employees in the remote office need to access network resources fro

nadya68 [22]

Answer:

The reliability of the server is the key technical factor to be considered. In thin client architectures, the data processing is transferred on to the server. In these scenarios, the operating of the remote satellite office would downfall if something bad happened with the server.

Similarly, if the response time is critical (real-time processing is essential for business operating), the company should consider implementing a thick client, which is faster and more reliable. However, thick clients are almost always more expensive to implement.

7 0

2 years ago

A four-year bond has an 8% coupon rate and a face value of $1000. If the current price of the bond is $878.31, calculate the yie

k0ka [10]

Answer:

Yield to maturity =11.75%

Explanation:

The yield to maturity to Maturity van be worked out using the formula below:

YM =( C + F-P/n) ÷ ( 1/2× (F+P))

C- annual coupon,

F- face value ,

P- current price,

n- number of years to maturity

YM - Yield to maturity

C- 8%× 1000 = 80, P- 878.31, F- 1000

AYM = 80 + (1000-878.31)/4 ÷ 1/2× (1000+878.31)

= 110.4225 ÷ 939.155

= 11.75%

Yield to maturity =11.75%

7 0

2 years ago

Demur Inc., a manufacturing company, has provided the following data for the month of April. The balance in the Work-in-Process

Mrac [35]

Answer:

The correct answer is D.

Explanation:

Giving the following information:

The balance in the Work-in-Process Inventory account was $10,000 at the beginning of the month and $22,000 at the end of the month. During the month, the company incurred direct materials cost of $63,000 and the direct labor cost of $39,000. The actual manufacturing overhead cost incurred was $40,000. The manufacturing overhead cost applied to Work-in-Process was $43,000.

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 10,000 + 63,000 + 39,000 + 40,000 - 22,000= $130,000

6 0

2 years ago

Read 2 more answers