Business, 09.04.2020 18:37 bellc42069
Pharoah Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $23,600. Notes Receivable include the following.
Date Maker Face Value Term Maturity Date Interest Rate
April 21 Coote Inc. $5,600 90 days July 20 8%
May 25 Brady Co. 7,200 60 days July 24 10%
June 30 BMG Corp. 10,800 6 months December 31 6%
During July, the following transactions were completed.
July 5 Made sales of $4,110 on Pharoah credit cards.
14 Made sales of $600 on Visa credit cards. The credit card service charge is 3%.
20 Received payment in full from Coote Inc. on the amount due.
24 Received payment in full from Brady Co. on the amount due.
Journalize the July transactions and the July 31 adjusting entry for accrued interest receivable.
Answers: 2
Business, 22.06.2019 03:00, zelds63481
Which of the following is an effective strategy when interest rates are falling? a. use long-term loans to take advantage of current low rates. b. use short-term loans to take advantage of lower rates when you refinance a loan. c. deposit to a short-term savings instrumentals to take advantage of higher interest rates when they mature. d. select short-term savings instruments to lock in earnings at a current high rates.
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conquest, inc. produces a special kind of light-weight, recreational vehicle that has a unique design. it allows the company to follow a cost-plus pricing strategy. it has $9,000,000 of average assets, and the desired profit is a 10% return on assets. assume all products produced are sold. additional data are as follows: sales volume 1000 units per year; variable costs $1000 per unit; fixed costs $4,000,000 per year; using the cost-plus pricing approach, what should be the sales price per unit?
Answers: 2
Business, 22.06.2019 11:00, nicko10
The following transactions occurred during july: received $1,000 cash for services provided to a customer during july. received $4,000 cash investment from bob johnson, the owner of the business received $850 from a customer in partial payment of his account receivable which arose from sales in june. provided services to a customer on credit, $475. borrowed $7,000 from the bank by signing a promissory note. received $1,350 cash from a customer for services to be rendered next year. what was the amount of revenue for july?
Answers: 1
Pharoah Company closes its books on its July 31 year-end. The company does not make entries to accru...
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