Ask question

Ask question

All categories

2 years ago

5

Jeff Company issues a promissory note to David Company to get extended time on an account payable. Jeff records this transaction

as follows:

1 answer:

rusak2 [61]2 years ago

4 0

No options to help solve the problem?

You might be interested in

Employees who have difficulty performing efficiently on the job often have poor _____ skills, are confused about their prioritie

sergeinik [125]

Answer: The correct answer is "Organizational".

Explanation: Employees who have difficulty performing efficiently on the job often have poor <u>organizational</u> skills, are confused about their priorities (what is most important), and may be slow in making decisions.

Organizational skills allow us to distinguish which are our priorities, short, medium and long term objectives to be met and the steps to follow to fulfill these. Once focused on that, decision-making aimed at meeting these objectives tends to be much faster, which as a result demonstrates more efficient work.

7 0

2 years ago

Parvis makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are

Bumek [7]

Answer:

Balance as on 31st December = $46,000

Explanation:

Sales October November December Balance

October <em>$70,000 </em>$14,000 $49,000 $7,000 $0

November <em>$60,000 </em>$12,000 $42,000 $6,000

December <em>$50,000 </em>$10,000 <u>$40,000</u>

Balance as on 31st December <u>$46,000</u>

<u>Workings</u>

October: 20% of 70,000 = 14,000, 70% of 70,000 = $49,000, 10% of 70,000 = $7,000

November = 20% of 60,000 = 12,000, 70% of 60,000 = $42,000, Balance = 60,000 - (12,000+42,000) = $6,000

December = 20% of 50,000 = $10,000, Balance = 50,000 - 10,000 = $40,000

3 0

2 years ago

Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service

olga2289 [7]

Solution:

The journal entries for Geraths in 2020

July 1st Cr Dr

No entry No entry

September 1st Cr Dr

Cash 2000

Accounts receivable 400

Cost of goods sold 1100

Inventory 1100

Unearned service revenue 554

Sales Revenue 1846

October 15th Cr Dr

Cash 400

Unearned service revenue 554

Service revenue 554

Accounts receivable 400

7 0

2 years ago

Thomas Textiles Corporation began November with a budget for 60,000 hours of production in the Weaving Department. The departmen

netineya [11]

Answer:

a) $12,500 unfavorable

b) 0

Explanation:

variable factory overhead controllable variance = actual variable overhead expense - (standard variable overhead per unit x standard number of units)

actual variable overhead expense = $725,000

standard variable overhead per unit = $712,500 / 60,000 = $11.875

standard number of units = 60,000

variable factory overhead controllable variance = $725,000 - $712,500 = $12,500 unfavorable

Controllable factory overhead is not related to any changes in the actual volume or quantity produced.

Fixed factory overhead volume variance = actual fixed overhead - standard fixed overhead = $262,500 - $262,500 = 0

Fixed overhead was exactly the same as the standard or budgeted overhead.

6 0

2 years ago

Sally Ferguson, CFA, is a hedge fund manager. Ferguson utilizes both futures and forward contracts in the fund she manages. Ferg

GaryK [48]

Answer:

The correct answer is letter "B": Both statements are correct.

Explanation:

A futures contract is a type of forward contract between a buyer and a seller of an asset. They agree to exchange goods and money at a future date but at a price and quantity determined today. Futures contracts are standardized, regulated, and free of counterparty risk. In difference to other forward contracts, futures contracts are traded in secondary markets such as the Chicago Mercantile Exchange and the Intercontinental Exchange.

A forward contract is an agreement to buy and sell an asset at a future date. The price of the asset is fixed at the time the contract is executed. They are similar to a futures contract but forward contracts do not trade in an exchange.

8 0

2 years ago