Partially correct answer. Your answer is partially correct. Try again. On January 10, 2019, Sheffield Corp. sold merchandise on account to Concord Co. for $21,600, n/30. On February 9, Concord Co. gave Sheffield Corp. a 12% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) (
Answers
Answer:
Dr Accounts receivable $21,600
Cr Sales revenue $21,600
Dr Notes receivable $21,600
Cr Accounts receivable $21,600
Explanation:
Preparation of the journal entry to record the sale and the settlement of the account receivable
Dr Accounts receivable $21,600
Cr Sales revenue $21,600
(Being to record Sales revenue)
Dr Notes receivable $21,600
Cr Accounts receivable $21,600
(Being to record settlement of the account receivable)
Related Questions
A) What does it mean for a country to have a negative interest rate? What does it mean for borrowers?
B) Do some research and find countries that currently have a negative interest rate.
C) Why would a central bank lower the interest rate beyond zero?
Answers
A) When a country has a negative interest rate, it implies that the central bank, or the monetary authority of the country, has taken a stance that is intended to promote spending and investment.
B) Countries that currently have a negative interest rate are:Switzerland. -0.75 percentEuropean Central Bank (ECB) -0.50 percentDenmark -0.60 percentJapan -0.10 percentSweden -0.35 percent
C) Lowering interest rates beyond zero serves as a stimulus for the economy, causing people to spend more money and businesses to invest more in capital projects.
A) When a country has a negative interest rate, it implies that the central bank, or the monetary authority of the country, has taken a stance that is intended to promote spending and investment. This is accomplished by creating a climate that encourages borrowers to borrow and lenders to lend.
Negative interest rates make it less expensive for businesses and individuals to borrow money, making it easier for them to invest in growth or make major purchases. As a result, consumption increases, and deflation, or a decrease in prices, can be reduced.
B) Countries that currently have a negative interest rate are:Switzerland. -0.75 percentEuropean Central Bank (ECB) -0.50 percentDenmark -0.60 percentJapan -0.10 percentSweden -0.35 percent
C) Lowering interest rates beyond zero serves as a stimulus for the economy, causing people to spend more money and businesses to invest more in capital projects. As a result, low-interest rates encourage borrowers to borrow more money, lowering borrowing costs and increasing spending.
This spending can help increase economic growth and reduce unemployment by putting more money in people's pockets and increasing demand for goods and services.
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in a(n) marketing channel, several independent members each attempt to satisfy their own objectives and maximize their profits, often at the expense of the other members.
Answers
in a(n) independent marketing channel, several independent members each attempt to satisfy their own objectives and maximize their profits, often at the expense of the other members.
What is marketing?
The process of developing, communicating, delivering, and trading offerings that are valuable to customers, clients, partners, and society at large collectively is known as marketing. In a nutshell, it is an action made to draw attention to a company's offerings, which may include both tangible products for sale and services provided. Television ads, billboards at the side of the road, and magazine ads are typical instances of marketing at work. When selling a good or service, the four Ps are a "marketing mix" made up of four essential components: product, pricing, place, and promotion. The four Ps are typically taken into account by firms when developing marketing plans and strategies to reach their target audience.
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Cost of Quality Report
A quality control activity analysis indicated the following four activity costs of a hotel:
Inspecting cleanliness of rooms $41,600
Processing lost customer reservations 20,800
Rework incorrectly prepared room service meal 62,400
Employee training 83,200
Total $208,000
Sales are $1,300,000. Prepare a cost of quality report. Round percent of sales to one decimal place.
Answers
A Cost of Quality Report is a tool that identifies and analyzes the costs associated with producing goods or services with a focus on improving quality and reducing waste.
According to the given data:Prevention Costs (Employee Training) = $83,200
Appraisal Costs (Inspecting Cleanliness of Rooms) = $41,600
Internal Failure Costs (Rework of Room Service Meal) = $62,400
External Failure Costs (Processing Lost Reservations) = $20,800
Total Quality Costs = $208,000
Quality Cost as a percentage of Sales = Total Quality Costs / Sales * 100 = 16% (rounded to one decimal place)
What is the work of cost of Quality Report?The Cost of Quality Report helps organizations to identify the costs associated with producing products or services of acceptable quality, as well as those associated with poor quality, and to make informed decisions about quality improvement efforts. It can also be used to evaluate the effectiveness of quality control measures and to determine whether they are yielding the desired results.
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If a minimum wage increase helps some people but harms other’s people, is it a good policy?
Answers
If a minimum wage increase helps some people but harms others, it is still a good policy. A minimum wage increase would be a good policy because it benefits those who are struggling to make ends meet and could use a little extra income to pay for essentials such as rent, food, and utilities.
Additionally, when low-wage workers earn more money, they have more money to spend, which stimulates the economy. Workers earning minimum wage are more likely to spend the additional money they earn, resulting in increased consumer spending. This, in turn, can lead to increased business activity and job creation. Higher wages also help to reduce poverty and improve social mobility, which has a positive effect on society as a whole.
However, it is essential to recognize that a minimum wage increase could cause harm to some people and businesses. Companies may need to reduce their workforce to cut costs, and some employees may lose their jobs as a result. Furthermore, if the price of goods and services increases due to higher wages, some consumers may be priced out of the market, resulting in reduced sales and profits for businesses.
Nevertheless, the benefits of a minimum wage increase outweigh the drawbacks. A minimum wage increase is a necessary step in ensuring that low-wage workers are paid a living wage and that our economy is stimulated.
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Which of the following statements are false?
a. Revenue provides only outward flows of cash.
b. Revenue is a subdivision of Assets.
c. Revenue provides an inward flow of cash or accounts receivable.
d. Expenses are part of Total Assets.
Answers
Answer:
a. Revenue provides only outward flows of cash.
b. Revenue is a subdivision of Assets.
d. Expenses are part of Total Assets.
Explanation:
Revenue is the income a business receives from its regular trading activities. It is the money realized from the sale of goods and services to customers. A company may have different sources of revenue such as interests received, sales, or disposal of assets.
Revenue is cash coming to the business or cash inflows. cash outflows is money leaving the company. Expenses are an example of cash outflows.
describe the features of a religious person
Answers
You had seven different investment options in the game. The most diversified portfolio would include all of these various options. On average, should this diversified portfolio have the highest return? Why or why no
Answers
Someone, had seven different investment options in the game. The most diversified portfolio would include all of these various options. On average, should this diversified portfolio have the highest return are mutual fund.
What is investment?
An investment is a valuable item bought with the intention of increasing one's wealth. While stocks, bonds, and real estate are frequently included when discussing investments.
An investment option in the games is diversified portfolio are the different options such as mutual funds, bonds, and the stocks etc. But, the mutual funds are the highest returns in the future.
As a result, average, should this diversified portfolio have the highest return are mutual fund.
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While in the restroom, you overhear your boss telling a colleague that Bob is going to be laid off at the end of the quarter in about two weeks time. Bob is a good friend of yours. Do you tell him? its about leadership
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Answer:
While in the restroom, you overhear your boss telling a colleague that Bob is going to be laid off at the end of the quarter in about two weeks’ time. Bob is a good friend of yours.Do you tell him? Why or why not?a.Response/Approach: UTILITARIANISMi.As a good friend you are, you could HIGHLY encourage Bob look for a newjob and infer that you heard that there are budget cuts going to be happening and “anyone” could be “laid off.”7.One of the newest salespeople in your division is a real goof-off, never showing up for work on time, distracting other people with his antics and so on. You complain about him to your boss, who tells you the kid is the son of the company president. Your boss instructs you not only to leave the new guy alone but also to make his sales numbers look good by throwing him some no-brainer accounts. What do you do?a.Response/Approach: INDIVIDUAL RESPONSIBILITESi. As an employee of this company, you have the responsibility to report thisto a someone of higher status than just your boss. If your boss isn’t takingthe situation seriously, you need to stand up and tell higher authorities.ii.There is surely more people that are aware of this and if everyone aware backs you up, you can’t be fired or punished because then things would “become personal” and that can become a bigger issue that the presidentof the company is probably willing to deal with.
Explanation:
Utilitarianism is a moral philosophy, As a close buddy, you may strongly advise Bob to look for a new job infer that you heard budget cuts.
What exactly is utilitarianism?Utilitarianism is a moral philosophy that favors activities that promote happiness or pleasure while opposing actions that cause misery or harm. A utilitarian ideology would seek the good of society as a whole when used to make social, economic, or political decisions.
As a close buddy, you may strongly advise Bob to look for a new job and infer that you heard budget cuts are coming and "anyone" could be laid off.
Therefore the above explanation aptly describes the solution to the scenario.
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which of these categories of workers is expected to increase at about the same rate as employment in the u.s. economy over the next decade?
Answers
The category of workers that is expected to increase at about the same rate as employment in the U.S. economy over the next decade is computer support specialists.
According to the U.S. Bureau of Labor Statistics: “Overall employment of computer support specialists is projected to grow 6 percent from 2021 to 2031, about as fast as the average for all occupations. About 75,000 openings for computer support specialists are projected each year, on average, over the decade.”
What do computer support specialists do?Computer support specialists provide technical help to computer users, such as employees or customers of organizations. This job has a high demand in the world.
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Phi Beta Lambda (PBL) serves which group of students?
A- high school students
B- middle school students
C- Elementary school students
D- College students
Answers
Answer:
D: College Students
Explanation:
FBLA is for High School, so that means that Phi Beta Lambda is for College. Higher level
Answer:
A hope this help's :D
Explanation:
Alex is an avid ornithologist and bird-watcher. He received a tweet from a colleague that the "pink-tufted warbler," a rare and exotic bird, was sighted only ten miles away from his workplace in a remote area. Disregarding the signs indicating "Private Road" and "Private Property", Alex drives to the site.
Answers
Answer:
trespass to land
Explanation:
Find a false statement on bond duration. Multiple choice question. With time to maturity and yield to maturity held constant, a bond's duration and interest rate sensitivity are higher when the coupon rate is lower. With other factors held constant, the duration of a coupon bond is higher when the bond's yield to maturity is higher. Duration always increases with maturity for a premium bond. The duration of a zero-coupon bond equals its time to maturity.
Answers
Answer:
✓With time to maturity and yield to maturity held constant, a bond's duration and interest rate sensitivity are higher when the coupon rate is lower.
✓The duration of a zero-coupon bond equals its time to maturity.
✓Duration always increases with maturity for a premium bond.
Explanation:
Bond duration in finance can be regarded as a way used in measuring
the likelyhood or how much the prices of bond to change when and there is a movement in interest rates. It can be defined as the measurement of the risk interest rate. With Understanding about bond duration, it will be easier for investors to determine how bonds can fit in to investment portfolio. It should be noted that With other factors held constant, the duration of a coupon bond is higher when the bond's yield to maturity is higher.
A free enterprise system provides individuals the opportunity to make their own economic decisions, without restrictions from the government. It allows the supply and demand of consumers to determine the success or failure of an economic endeavor. As a result, some business owners have become successful, while others have not.
In an essay, you will choose an entrepreneur and argue whether the free enterprise system was necessary for that individual to make an impact on the business world.
Answers
The entrepreneur that is chosen for this argument is Steve Jobs. Steve Jobs was one of the co-founders of Apple, which is now a trillion-dollar company.
The free enterprise system was necessary for Steve Jobs to make an impact on the business world. Steve Jobs did not come from a wealthy background, but he had a passion for technology. The free enterprise system allowed him to start a business without any restrictions from the government.
He was able to create innovative products, such as the iPhone and iPad, and sell them to consumers. The supply and demand of consumers determined the success or failure of his business endeavors. Steve Jobs was able to create a successful company and become a billionaire because of the free enterprise system.
Without the free enterprise system, Steve Jobs may not have been able to start a successful business and make an impact on the business world.
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Assume yourself as a Marketing Specialist of a Company and Determine the New Product Development Process by manufacturing a New Product for your company.
Answers
Explanation:
Assuming my company produces body care products and decides to introduce a new product–a toothbrush, the development process would involve:
1. Idea Generation:
It smbegins with an idea or imagination of what the ideal toothbrush would be, what problem would it solve for consumers. The idea could be random or it could be as a result of an identified need.
2. Idea Evaluation:
Remember, it is one thing to have an idea but another to have an idea that would work. Therefore, quality time would be taken to separate workable ideas about the ideal toothbrush from bad ones. This idea evaluation process is a very useful stage in the product development process.
3. Concept Development and Testing:
Remember, testing the concept about the new toothbrush allows for an expanded idea. The prototype of the toothbrush would be tested with consumers to find out whether the idea is worth the effort. Their feedback would be noted to improve the product further.
4. Marketing strategy
5. Final Product development
what are the disadvantages of a private company
Answers
Answer:
A chemical bond is a lasting attraction between atoms, ions or molecules that enables the formation of chemical compounds. The bond may result from the electrostatic force of attraction between oppositely charged ions as in ionic bonds or through the sharing of electrons as in covalent bonds.
Critique the case: How did Karin originally approach the project? Comment specifically about Karin’s project management skills and approach? 2. While assessing the case, draw a project organigram, identifying the role-players/ stakeholders and whether they were all in original agreement of the project?
Answers
The project organigram should identify the role-players and stakeholders involved in the project and determine if they were all in original agreement.
Who are the role-players and stakeholders involved in the project?The project organigram outlines the key individuals and entities involved in the project including project managers, team members, clients, executives and any other relevant stakeholders.
It also highlights their roles, responsibilities, and relationships within the project structure. Assessing whether they were all in original agreement requires examining the project's initiation phase and the documented agreements such as contracts, memorandums of understanding or project charters.
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Following is the income statement information from Apollo Medical Devices.
($ in thousands) 2020
Net sales $4,163,770
Cost of sales before special charges 1,382,235
Special inventory obsolescence charge 27,876
Total cost of sales 1,410,111
Gross profit 2,753,659
Selling, general and admin expense 1,570,667
Research and development expense 531,086
Merger and acquisition costs 46,914
In-process research and development charges 12,244
Litigation settlement 16,500
Operating profit 576,248
Interest expense (57,372)
Interest income 2,076
Gain on disposal of fixed assets 4,929
Impairment of marketable securities (5,222)
Other income (expense), net (2,857)
Earnings before income taxes 517,802
Income tax expense 191,587
Net earnings $326,215
Required: Identify the components that we would consider operating.
Answers
Answer:
$ in thousands) 2020
Net sales $4,163,770
Cost of sales before special charges 1,382,235
Special inventory obsolescence charge 27,876
Total cost of sales 1,410,111
Gross profit 2,753,659
Selling, general and admin expense 1,570,667
Research and development expense 531,086
Explanation:
Which type of car insurance policy usually has the highest premium?
Answers
Comprehensive car insurance policy usually has the highest premium among all the other types of car insurance policies. Hence the correct answer is A.
Comprehensive car insurance is an optional coverage that provides protection against damage to your vehicle from various risks such as theft, vandalism, fire, and natural disasters. It also covers damages to your car from collisions with animals. Comprehensive car insurance provides broader coverage than liability insurance, including damage to both other people and property and your own car, making it more expensive.
Therefore, comprehensive car insurance policy usually has the highest premium among all the other types of car insurance policies. Hence the correct answer is A.
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What kind of system is the United States economy based on?
Answers
Answer:
capitalism
Explanation:
usa mainly runs on capitalism
The more productive a company can be, the greater its return on that investment and the higher the profit.
True
False
Answers
Answer: true
Explanation:
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows:
a. Issued 15,000 shares of $20 par common stock at $30, receiving cash.
b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash.
c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually.
d. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding.
Required:
Journalize the selected transactions.
Answers
Answer:
part a.
Cash $450,000 (debit)
Common Stock $300,000 (credit)
Share Premium $150,000 (credit)
part b.
Cash $400,000 (debit)
Preferred Stock $320,000 (credit)
Share Premium $80,000 (credit)
part c.
Cash $500,000 (debit)
Bonds Payable $500,000 (credit)
part d.
Dividend Declared - common stock $50,000 (debit)
Dividend Declared - preferred stock $20,000 (debit)
Shareholders for Dividends $70,000 (credit)
Explanation:
For par value stock, any price paid in excess of the par value of that stock is accounted for in the share premium reserve of that stock.
When a dividend is declared, recognize the equity element - dividend declared for the class of equity that is entitled to the dividend to the extent of the stocks outstanding on the date the dividend is declared.Also recognize a liability - Shareholders for Dividends arising from the obligation that the entity has created (through the declaration) to its stockholders
On June 15, 2021, Allen sold land held for investment to Stan for $65,000 and an installment note of $300,000 payable in five equal annual installments beginning on June 15, 2022, plus interest at 10%. Allen’s basis in the land is $255,500. What amount of gain is recognized in 2021 under the installment method?
Answers
The amount of gain that will be recognized in 2021 under the installment method, is $27, 857 . 14
How to find the gain recognized?First, find the profit margin on the land sold by Allen to Stan:
= ( Selling price of land - Allen's basis in the land) / Allen's basis in the land
= ( ( 300, 000 + 65, 000) - 255, 500) ) / 255, 500
= 109, 500 / 255, 500
= 42. 857 %
The gain to be recognized, using the installment method is:
= Profit margin x Amount paid by Allen in 2021
= 42. 857 % x $ 65, 000
= $27, 857 . 14
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How to do a journal entry for this worksheet?
Answers
The Journal entries for the respective entries are given below.
What are the journal entries?A. July 1
Petty Cash Fund Dr. $745
Cash Cr. $745
B. Replenishing the Petty Cash Fund on an unspecified date:
Store Supplies Expense Dr. $57
Miscellaneous Selling Expense Dr. $88
Cash Cr. $145
Petty Cash Fund Cr. $145
C. December 31
Store Supplies Expense Dr. $X (amount of missing funds)
Miscellaneous Selling Expense Dr. $Y (amount of missing funds)
Cash Cr. $119
Petty Cash Fund Cr. $X + $Y (sum of missing funds)
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If you could vote today who would you vote for Trump/ Biden or someone else. I would vote for someone else.
Answers
Answer:
Lauren boebert
Explanation:
Countries whose economies are dominated by primary-sector activities tend to have a relatively low per capita GDP. The exceptions are
A. some oil-rich countries (Saudi Arabia, Qatar, Venezuela).
B. tourism-based countries (Jamaica, Kenya, Thailand)
C. manufacturing-based countries (Germany, Italy, Japan)
D. service-based countries (U.S., Canada, Austria)
E. primary commodity-producing countries (Mexico, China, Turkey)
Answers
Countries whose economies are dominated by primary-sector activities tend to have a relatively low per capita GDP. The exceptions are some oil-rich countries (Saudi Arabia, Qatar, and Venezuela).
GDPGDP is the monetary value of goods and services produced within a country's borders over a specific time period, usually a quarter or a year. GDP is the most comprehensive measure of an economy's health because it measures changes in output over time. The gross domestic product (GDP) is one of the primary indicators used to assess a country's economic health. It is often referred to as the size of the economy because it represents the total dollar value of all goods and services produced over a specific time period.
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Why do you think some service professionals prefer to work alone rather than in a team
Answers
Answer:
They could be an intervert,Anbivert, it coul make more money or it could not require a team, etc
Why do mortgage brokers normally have no risk in the mortgage process?
Answers
Answer:
The broker normally doesn't loan you the money.
The mortgage broker doesn't sell you the property.
The mortgage broker simply brings the home buyer and the lender together.
SRC: Quizlet
Explanation:
Adam owns a restaurant. A new dish is being added to the restaurant's menu. The cost of making the dish is $6.75, and he wants to make a 33% profit on each dish he sells. What is Adam's selling price? Question 1 options: 10.08 11.33 26.05 5.22
Answers
The selling price of the dish if Adam wants to make a profit of 33% should be $8.98.
What should be the selling price?Profit is the excess of the selling price of an item over its cost price. When the selling price is higher than the cost price, a profit is earned. Profit is the difference between the selling price of a good and the cost price of the good.
Profit = selling price - cost price
Percentage is a measure of frequency. It is the ratio of an amount that is expressed as a number out of 100. The sign that is used to denote percentages is %.
In order to determine the selling price of the dish, multiply the cost price of the dish by 100 + percentage profit that Adam wants to earn. Thus, $6.75 will be multiplied by (100 + 33)%. The value gotten is the selling price.
Selling price = (100 + percentage profit) x cost price
(100 + 33) x $6.75
133% x $6.75
1.33 x $6.75 = $8.98
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Is the concentration ratio an accurate measure of the extent of competition?
The four-firm concentration ratio
A.
is flawed in that it .
B.
is accurate because it is based on estimates from the U.S. Census Bureau.
C.
is flawed in that it .
D.
is accurate because it is based on national and global competition.
E.
is flawed in that it .
Answers
Answer:
Find the difference of 67.2 and 23.9.
Explanation:
Why is a bank willing to protect your money for free or for a low cost?
A. Because the bank can invest your money to make more money for itself
В. Because the bank is a free service provided by the government
C. Because the bank is not interested in making a profit
D. Because the bank won't allow you to remove all of the money from your account
Answers
Answer:
A. Because the bank can invest your money to make more money for itself