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Question
Mix Recording Studios purchased $7,800 in electronic components from TechCom. Mix Recording Studios signed a 60-day, 10% promissory note for $7,800. TechCom's journal entry to record the sales portion of the transaction is:
A.
| Accounts Receivable | 7,800 | |
| Sales | 7,800 |
B.
| Accounts Receivable | 7,930 | |
| Sales | 7,930 |
C.
| Notes Receivable | 7,800 | |
| Sales | 7,800 |
D.
| Notes Receivable | 7,930 | |
| Sales | 7,930 |
E.
| Notes Receivable | 7,800 | |
| Interest Receivable | 130 | |
| Sales | 7,930 |
Answer
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Related questions
Q:
Periods
12 Percent 1
8929 2
1.6901 3
2.4018 4
3.0373 Assuming all revenue is to be received at the end of each year, what are the net cash flows for this investment if net present value equals ($11,790)?
A. $78,210
B. $10,920
C. $25,750
D. $237,547
E. $33,513
Q:
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A. $(251.52) but Scott would not pay any amount to acquire the machine because the NPV is negative.
B. $(251.52) and Scott would be willing to pay $29,748.48 for the machine.
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Q:
A disadvantage of using the payback period to compare investment alternatives is that:
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B. It includes the time value of money.
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E. It cannot be used to compare investments with different initial investments.
Q:
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Year 2
Year 3
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$15,000
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i = 10% n = 2
i = 10% n = 3 .9091
.8264
.7513 A. $6,217.50
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Q:
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B. Internal rate of return, payback period, and accounting rate of return.
C. Accounting rate of return, net present value, and payback period.
D. Payback period, internal rate of return, and net present value.
E. Net present value, payback period, accounting rate of return, and internal rate of return.
Q:
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Q:
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Q:
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Q:
The process of restating future cash flows in terms of their present value is called _____________________.
Q:
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A. An annual period of 250 working days.
B. A monthly period separated into daily budgets.
C. A quarterly period separated into weekly budgets.
D. An annual period separated into weekly budgets.
E. An annual period separated into quarterly and monthly budgets.
Q:
The most useful budget figures are developed:
A. From the top down.
B. From the bottom up following a participatory process.
C. Solely by the budget committee.
D. By the CEO.
E. After the accounting period has begun.
Q:
Preparing a master budget is usually the responsibility of:
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B. The marketing department.
C. A budget committee.
D. The chief financial officer.
E. Lower level management.
Q:
Part of the cash budget is based on information drawn from the capital expenditures budget.
Q:
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Q:
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Q:
The ______________________________ shows the budgeted costs for direct materials, direct labor, and overhead based on the budgeted production volume from the production budget.
Q:
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April
May
June
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580
530
600 Ending Raw Materials Inventory
663 lbs. Ending Finished Goods Inventory
174 units Desired ending inventory:
Raw materials = 30% of next month's production needs
Finished goods = 20% of next month's sales
Pounds of raw material required for each finished Unit = 5 lbs.
Direct labor hours per unit = 0.5 hrs
Direct labor rate = $12/hour
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Q:
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40,000 Bank loan payable
16,000 Additional data:
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(3) Operating expenses are paid in the month they are incurred.
(4) A minimum cash balance of $40,000 is required at the end of each month.
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Q:
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A. It is a not the traditional costing approach.
B. It is not permitted to be used for financial reporting.
C. It is not permitted to be used for tax reporting.
D. It assigns all manufacturing costs to products.
E. It requires only variable costs to be treated as product costs.
Q:
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D. Manufacturing overhead.
E. Advertising costs.
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Q:
When units produced exceed the units sold, income under absorption costing is higher than income under variable costing.