What would the company record on august

Assignment Help Financial Accounting
Reference no: EM132508428

Question 1: On February 1st of the current year a company lends cash and accepts a $12,000 note receivable that offers 10% annual interest and is due in six months. What would the company record on August 1st, when the borrower pays the correct amount owed?

Selected Answer:

A.

Cash $12,000

Interest Receivable 600

Note Receivable $12,600

B.

Cash $12,000

Notes Receivable $12,000

C.

Cash $12,600

Interest Revenue $ 600

Note Receivable 12,000

D.

Cash $13,100

Notes Receivable $12,000

Interest Revenue 1,200

Reference no: EM132508428

Questions Cloud

How much was lent for product y : A bank lent $200,500 for the development of two products. If loan for product X was for $50,500 more than that for product Y, how much was lent for product Y?
Statistics for Business Decisions Tutorial Questions : What is the conditional probability a respondent uses social media and other websites to voice opinions about television programs
Is organization strategy and structure providing company : Strategy, Structure, and Rivalry of Square Inc: Is the organization's strategy, structure, and rivalry providing the company with competitive advantage?
Er4109 intelligent maintenance assignment : ER4109 Intelligent Maintenance Assignment Help and Solution, University of Central Lancashire - Assessment Writing Service
What would the company record on august : 10% annual interest and is due in six months. What would the company record on August 1st, when the borrower pays the correct amount owed?
Countries may formulate their foreign policies : Countries may formulate their foreign policies based on what they consider to be their key development priorities, their resource availability
What logical arguments might use to convince boss to forego : What logical arguments might you use to convince your boss to forego the project despite it high rate of return? Is it possible that making investments
Provide and explain a minimum of four controls : Explain a minimum of four controls and/or concepts that will help a company ensure that its petty cash accounts are appropriately used and safeguarded?
List the four oxidizing agents in order from strongest : List the four oxidizing agents in order from strongest to weakest by creating a small reduction table. Explain your reasoning below!

Reviews

Write a Review

Financial Accounting Questions & Answers

  Calculate value per share and a value-to-price ratio

ACC306 Individual Assignment Questions. A Discounted Cash Flow Valuation: General Mills, Inc. Calculate value per share and a value-to-price ratio

  Identify one or more internal control deficiencies

Use your experience or research, identify one or more internal control deficiencies in any of the processes in a firm. You can also search the internet to identify an internal control deficiency in a company subject to Sarbanes Oxley Act.

  Solving for unknown lease payment

Problem 6-11 Solving for unknown lease payment [LO6-8, 6-9] Benning Manufacturing Company is negotiating with a customer for the lease of a large machine manufactured by Benning. The machine has a cash price of $820,000. Benning wants to be reimburse..

  Find what is the equipments after-tax net salvage value

Find What is the equipment's after-tax net salvage value? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000.

  What is the monthly breakeven point in revenue for product

Your company currently has the following cost structure for a product. The total monthly revenue from sale of the product is $100,000; the total monthly variable costs from production and sale of the product are $80,000; and the total monthly fixed c..

  Improve the accuracy of CPT coding

What is your perception of coding using the CPT system with perspective to residents and attending physicians ? is there a discordance in current procedural terminology coding ? and does structure audit and feedback from physicians Improve the accura..

  Determine cost of goods sold and cost of ending inventory

The Nashville Merchandise Company started business on August 1, 2015. The following purchases were made during August on the dates indicated: Determine the cost of goods sold and the cost of ending inventory based on each of the following methods of ..

  Will joy owe interest if so on what amount

Joy pays no estimated taxes and does not claim any tax credits on her current year return. Will Joy owe interest, if so, on what amount and for how many days?

  MBS544 Accounting Processes- Assignment Problem

MBS544 Accounting Processes Assignment Help and solutions, Murdoch University-Australia-Record the December transactions in the appropriate journal.

  Assume that the revenue and variable cost relationships

In 2014, X Company's revenue was $246,600, its total variable costs were $99,000, and its fixed costs were $87,000. Assume that the revenue and variable cost relationships continue in 2015, but fixed costs decrease by 15%. If the tax rate is 30%, wha..

  Determine the amount of factory overhead applied

During August, Keenan Company accumulated 870 hours of direct labor costs on Job 40 and 820 hours on Job 42. Determine the amount of factory overhead applied

  How would change if wqp was an unincorporated

How would your answer change if WQP was an unincorporated sole-proprietorship? Please give the taxable income generated by the business.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd