On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $41,000 on March 31, 2022. The fair value of the merchandise exchanged is $39,155. Esquire views the financing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and the March 31, 2022 collection. 2. What is the effective interest rate on the note

Answers

Answer 1

Answer and Explanation:

1. The journal entries are shown below:

On 30-Jun-21

Note receivables Dr $41,000

     To Sales revenue $39,155  

     To Discount on note receivables $1,845

(Being sales revenue is recorded)  

On 31-Dec-21

Discount on note receivables ($1,845 × 6 ÷ 9) $1,230

     To Interest revenue $1,230

(Being interest accrual is recorded)  

On 31-Mar-22

Discount on note receivables  ($1,845 × 3 ÷ 9) $615

     To Interest revenue $615

(Being interest accrual is recorded)  

On 31-Mar-22

Cash Dr $41,000

     To Note receivables $41,000

(being note collection at maturity is recorded)  

2.  

Effective interest rate on note is

= $1,845 ÷ $39,155 × 12 ÷ 9

= 6.28%


Related Questions

Use the drop-down menus to explain how to create a one-to-one relationship using the primary keys of two tables.
1. Open the database.
2. On the Database Tools tab, in the Relationships group, click
3. On the Relationship Tools Design tab, in the Relationships group, click
4. In the dialog box, click one of the tables to add, and click Add
5. Click the other table to add, click Add, and click
6. Click and drag the primary key from a table, and drop it on the primary key of the other table.
7. In the Edit Relationships dialog box, make sure the correct fields are being linked.
8. Click the Enforce Referential Integrity checkbox, and click

Answers

Answer:

2. Relationship

3. Show table

4.

5. Close

6.

7.

8. Create

Explanation: Just did it on edge

Answer:

Relationships, Show Table, Close, Create

Explanation:

Just finished it

At the beginning of the current year, Martin Corporation purchases 20% of the outstanding shares of Foster Company for $200,000 which gave Martin the ability to significantly influence Foster. The price paid reflected Foster's book and fair values of its assets and liabilities. During the current year, Foster reports net income of $25,000 and declares dividends of $15,000. At the end of the current year, what amount should Martin report as investment income from its ownership of Foster's shares?

Answers

Answer:

$5,000

Explanation:

Calculation to determine what amount should Martin report as investment income from its ownership of Foster's shares

Using this formula

Amount to be reported as investment income=Net income*Percentage of outstanding shares purchased

Let plug in the formula

Amount to be reported as investment income=$25,000 x 20%

Amount to be reported as investment income= $5,000

Therefore The amount that Martin should report as investment income from its ownership of Foster's shares is $5,000

What criteria should be met before a data bar can be used in a report? Check all that apply. text fields numerical field drop-down menus all are primary keys all values can be compared length depends on value in field​

Answers

Answer:

2 5 & 6 [numerical fields, all values can be compared, & length depends on value in field] are your answers.

Explanation:

Got it right on EDG21

Answer:2,5, and 6

Explanation:

Help me please.. there is no option on here for Human Resources principals, so I jus clicked business as the subject..

Answers

Answer: A. Traditional Model

Explanation:

Strategic planning enables a company to properly plan out what their long term goals and visions are which would help them in operations because it would give them a view of what they are working towards.

A key part of strategic planning involves knowing the operating environment so as to be able to plan better. If this is not well know, the company should go with a traditional/ basic model that would enable them to plan with minimal knowledge and experience until they know better.

An employee who has a shorter work schedule with either fewer hours each day or fewer days each week.

Answers

Answer:

Someone Who does that gets. paid differently depending on their Job Type

Explanation:

Unions Group of answer choices and firms paying wages above equilibrium to improve worker effort both create structural unemployment. creates frictional unemployment, while firms paying wages above equilibrium to improve worker effort creates structural unemployment. and firms paying wages above equilibrium to improve worker effort both create frictional unemployment. creates structural unemployment, while firms paying wages above equilibrium to improve worker effort creates frictional unemployment.

Answers

Answer:

And firms paying wages above equilibrium to improve worker effort both create structural unemployment

Explanation:

In the case when union and firm would pay the wages that are over & above equilibrium in order to improve the effort of the workers so this would happen to develop the structural unemployment as it deals with the change in the technology

So first option is correct

But the other options would be considered incorrect

essay on trade unions and labor restrictions​

Answers

Answer:

A trade union is an association of workers from certain professions for the purpose of promoting common interests related to their work. The work of trade unions is thus usually about work-related issues such as wages, job security, leisure time, but also about things like education and job titles where applicable. Trade unions negotiate wages and conditions with employers in wage agreements they make on behalf of their unions. Thus, these unions seek to maximize the rights of workers in their work spaces, trying to ensure that employers respect the rights of their employees without restriction of any kind.

Help me please.. there is no option on here for Human Resources principals, so I jus clicked business as the subject..

Answers

Answer:

A. Traditional model

Explanation:

The strategic planning model refers to methods used by companies in setting goals, making decisions and implementing them within their organizations. The traditional or basic model is used by companies with no clearly defined methods of operation. They begin by defining the mission and vision of the company and develop ways to achieve these goals.

They monitor the goals they have set overtime to evaluate the progress they have so far made. The organizations adopting this model might have never done extensive projects before.

In the Challenge​ Solution, would it make a difference to the analysis whether the​ lump-sum costs such as registration fees are collected annually or only once when the firm starts​ operation? How would each of these franchise taxes affect the​ firm's long-run supply​ curve? The Federal Motor Carrier Safety Administration​ (FMCSA) along with state transportation agencies in 38 states administer interstate trucking licenses through a Single State Registration System. ​ However, the registration process is​ complex, time​ consuming, and expensive. There are many fees and costly regulations that a trucker or firm must meet to operate. For​ example, for a large​ truck, the annual federal interstate registration fee can exceed​ $8,000. These largely​ lump-sum costswhich are not related to the number of miles drivenhave increased substantially in recent years. What effect do these new fixed costs have on the trucking market price and​ quantity? Are individual firms providing more or fewer trucking​ services? Does the number of firms in the market rise or​ fall? The Challenge Solution suggests the market price will increase and the market quantity will decrease. ​ Further, the number of firms in the market will​ fall, although each firm remaining in the market will produce more. Instead of being collected​ annually, if the​ lump-sum costs are collected only once​ (when the firm starts​ operation), then

Answers

Answer:

The answer is "nothing changes because the fees would still be fixed costs."

Explanation:

When annual expenses throughout the cash payment are recovered, a long-term delivery curve of both the company will change.

When the lump sum costs are still only obtained once, the long-term supply curve shall be changed.

It is because, regardless of how it is paid, this tv license has little effect mostly on low cost but only a fixed cost. Its amount of output relies on how well the cost of the profit changes. Provided these are fixed costs, their performance doesn't matter.

Economics (FoolProof)

I should do my best to get a credit card from a company that will tell me both my interest rate and my credit limit before I commit to taking the card.

True or False

Answers

Answer:True

Explanation:

PLEASE HELPP!!

Financial Statement Analysis Portfolio

The Income Statement for Pumpkin Co. is shown below:

Pumpkin Co.IncomeStatement
for the Month Ended October 21, 2010

revenues- blank

sales
$120,000.00

operating expenses-blank

salary expense
$10,000.00

supplies expense
$14,000.00

depreciation expense
$4,000.00

net income
$92,000.00

Pumpkin Co. is about to embark on a project that will have a total cost of $300,000.00 over a 10-year period.

1. Calculate the expected annual rate of return on this project.

2.Calculate the cash payback on this project.

Answers

Answer:

Explanation:

what do you need help with', though

The expected rate of return over the project will be 30.67%; whereas, the cash payback for the same will be 3.12 years.

What is rate of return?

A financial ratio used to calculate the returns over monetary engagement during a financial period is generally regarded as the rate of return over such investment.

Using the given information, the expected rate of return will be computed as,

[tex]\rm Rate\ of\ Return= \dfrac{Net\ Income}{Investment}\ x\ 100\\\\\rm Rate\ of\ Return= \dfrac{92000}{300000}\ x\ 100\\\\\rm Rate\ of\ Return= 30.67\%[/tex]

Similarly, when such return is earned, the cash payback will be computed as,

[tex]\rm Cash\ Payback= \dfrac{Investment}{Cash\ Inflow}\\\\\rm Cash\ Payback= \dfrac{300000}{92000}\\\\\rm Cash\ Payback= 3.125[/tex]

Hence, the expected rate of return over the project will be 30.67%; whereas, the cash payback for the same will be 3.12 years.

Learn more about rate of return here:

https://brainly.com/question/24232401

#SPJ2

Choose the behaviors that are exhibited by someone who is using critical thinking.


Tests conclusions against reasonable criteria

Thinks along a narrow track

Gathers relevant information

Assesses information gathered

Jumps to conclusions

Questions ideas and beliefs

Answers

Answer:

b c d f

Explanation:

i just did it <3

What happens when demand for a good increases but its supply decreases?
O A. Government rationing takes place.
B. Competition among producers decreases.
C. The price for the good increases.
O D. The level of profit increases.

Answers

Mmm I’m thinking it’s The price for the good increases.

The price for the good increases, demand for a good increases, but its supply decreases. Thus, option (c) is correct.

A shortage of the product will exist on the market if demand for it rises while supply falls. Because consumers will be prepared to pay more to get the restricted supply, the equilibrium price of the good will rise as a result.

In addition to making producers more willing to offer more of the commodity, the price increase will also assist to reduce the scarcity. Up until a new equilibrium is reached in the market, the quantity provided will still be less than the quantity sought.

Therefore, option (c) is correct.

Learn more about on demand, here:

https://brainly.com/question/30402955

#SPJ2


1. Which of the following questions would be permissible to ask during an interview with a candidate who
is in a wheelchair?
1.Does your disability affect you in any other way besides being unable to walk?
2.This job involves making photocopies. How would you perform that task?
3.Did you become disabled on the job?
4.We like 90 percent or better attendance. Do you have to visit the doctor a lot because of your disability?

Answers

Answer:

I would say the first one

Explanation:

beacuse you do need to know if there is anything that could be hard for them to do and make it where they cant do there job it also might depnd on the job of what you would ask them but I would say the fist one so it gets to the point and isent rude hope this helps :)

Jane has a 30% interest in a cash-basis general partnership. Her adjusted basis in the partnership was $50,000 at the beginning of Year 1. There were no distributions to Jane during the year. On August 1, Year 1, the partnership borrowed $200,000 for the following reasons: Purchase depreciable business equipment $ 30,000 Pay balance on existing note in full 170,000 All of the partners are personally liable for all partnership debts. The partnership incurred a $250,000 loss in Year 1. What amount can Jane claim as a loss from the partnership on her Year 1 individual income tax return

Answers

Answer:

30000

Explanation:

because I was a people that wice

PLZZZZ HELPP FASST
In what way is the stock market a minor indicator of the health of the economy?

Answers

Answer:

Because the stock market is usually irrational.

Explanation:

The stock market is a minor indicator of the health of the economy "because the stock market is usually irrational."

Given that before the stock market crashes, there is usually the placement of high value on stocks, which makes it irrational thereby making it difficult to anticipate the stock market crash.

Hence, it does not serve as the main indicator of the health of the economy.

Morris Ronaldo runs a small sole proprietorship that has one truck that is used solely in the business. It had a cost of $70,000 but a tax basis of only $19,000. However, it has a fair value of $22,000. It is traded for a similar truck with a list sales price of $80,000. To make the sale, the dealer reduced the price by $24,000 as a trade-in allowance for the old truck. Morris paid the $56,000 difference in cash. This exchange qualifies for section 1031 like-kind nonrecognition of gain treatment. Group of answer choices True False

Answers

Answer:

The answer is "$75,000".

Explanation:

Please find the complete and correct question in the attached file.

This is a swap of assets of the same. Its basis of the new building for tax purposes is equal to a base granted. There is indeed a $19,000 tax structure on the old tractor. That business only pays 56 000 dollars in cash. That's the price of 80,000 dollars less than the exchange allowance of 14,000 dollars. This government is offering up $19,000 and $56,000 in cash. That amount is the gross yielded tax basis or $75,000, that's the basis of the commercial new property.

Toxic materials, of an abnormally dangerous nature, were being transported by truck from a manufacturer's plant to a warehouse when some of the materials leaked from the truck onto the street a few miles from the plant. A driver lost control of his car when he hit the puddle of spilled toxic materials on the street, and he was injured when his car hit a stop sign. In an action for damages by the driver against the manufacturer based on strict liability, is the driver likely to prevail

Answers

Answer:

No, because the drivers injury did not result from the toxicity of the materials.

Explanation:

In the context, a strict liability in this situation will be based on abnormally dangerous nature of the toxic materials that the manufacturer produces. But the strict liability action is required that the risk which materializes to be the same risk which lead the courts to be label the event as 'abnormally dangerous' in its first place itself. In this situation, the toxicity of the materials is not the cause of the injury of the driver, the driver's only cause of action is his negligence while driving.

A customer who buys a cup of coffee because they're feeling sleepy during the workday has experienced which of the following?

an internal stimulus

an external stimulus

an emotional appeal

a lexical appeal

Answers

I believe it’s internal stimulus because of learnt and instinctual behavior

Help me please.. there is no option on here for Human Resources principals, so I jus clicked business as the subject..

Answers

Answer:

it should be vision B because the vision contains the reason why the company was formed

gives 2 examples of an advocacy campaign and discusses two ways it can create awareness

Answers

Two examples of an advocacy campaign:

Earth hours - This campaign was started in Australia to promote and protect the environment. ...

Sweetie - This campaign was directed to tackle the sexual exploitation problem and global child trafficking, through a computer-generated child called sweetie.

It uses a creative and unique technique to get people's attention.

An advocacy campaign may include volunteering for a non profit organization working to bring awareness to global poverty and organizing public lectures on HIV/AIDS disease

What is raising an awareness and How to raise awareness

Raising of awareness is the process of educating a group of people about a topic or issue so that they can develop a positive attitudes and behavior.

Advocacy campaigns are organized movements that involve creating awareness on political issues at the local, state, or national level. Example is:

Volunteering for a non profit organization working to bring awareness to global poverty.Organizing public lectures on HIV/AIDS disease.

Volunteering is for the betterment of the community.

Find out more on raising awareness at: https://brainly.com/question/17248785

Which of the following tips can hurt your cash flow? A. Increase your sales. B. Pay your bills early. C. Keep a cash reserve. D. Offer credit only to low risk borrowers. Please select the best answer from the choices provided A B C D

Answers

B. Pay your bills early.

Answer:

trust the wise one above ;)

Explanation:

What is Jack doing to ensure savings for a new car?

Answers

Answer:

Could you add more context?

Explanation:

Answer:

He could be putting the money into the bank.

Explanation:

Pilgrim Industries scheduled its annual employee ice-hockey match at Celestial City Ice Resort. The resort was to provide a suitable ice-skating pond on-site for the game. Two weeks before the meeting, the pond is ordered to be drained by government environmental officials. The government bans any use of the property until environmental cleanup efforts are complete (approximately one year). The Pilgrim-Celestial contract could be discharged via the doctrine of:

Answers

Answer:

The answer is "impossibility".

Explanation:

The government prohibits anything with the land before healthy was completed. This contract among Pilger or Celestial could be discharged through the Principle of Uncertainty, throughout which it could be disqualified by Impossibility where an object or critical purpose of the agreement becomes unlawful.

Suppose the government wanted to regulate this market using a price-based instrument. What is the efficient level of a tax on emissions?

Answers

Answer:

Tax = Marginal External Damage

Explanation:

When a negative externality distorts market outcome, we often see that a government intervention is needed. We must incorporate the negative externality into the private decision of the producer. That is to say that we add marginal damage caused by the externality to the marginal private cost of production. The social outcome will be at the point where marginal social cost (MSC) is equal to Marginal private benefit (MPB).

Thus, the efficient level of tax on emission is set equal to the marginal external damage.

Tax = t  = MED

MSC = MPC + MED

        = MPC + t

Provide the name of two business competitors that manufacture and sell the same product. Be sure to name the products.

Answers

Answer:

1. Coke vs Pepsi: product include Cold Beverage

2. Nike vs Reebok: product include sporting goods

Louis purchased $5,000 worth of stock three years ago and sold it today for $7,000. He received no dividends from this investment. Inflation averaged 4% during the three years he owned the stock. What was his annualized real rate of return on this investment?

Answers

Answer:

9.33%

Explanation:

Calculation to determine his annualized real rate of return on this investment

Annualized real rate of return=[($7,000-$5,000/ ($5000*3) *100] -4%

Annualized real rate of return=13.33%-4%

Annualized real rate of return = 9.33%

Therefore his annualized real rate of return on this investment will be 9.33%

Standards for the Code of Ethics for Market Intelligence Professionals includes to manipulate the data as the researcher sees fit. to provide honest and realistic recommendations and conclusions in the execution of one's duties. to comply with enforced laws, allowing for bribery where socially acceptable. to abide by personal guidelines, even if they fall out of line with the company's guidelines. to conceal information, such as one's identity, for the integrity of the results.

Answers

Answer:

to provide honest and realistic recommendations and conclusions in the execution of one's duties

to comply with enforced laws,

Explanation:

should I rko my handicap grandma

Answers

Answer:

no u shloud not rko her ,.

Explanation:

Answer:

How would i know?

Explanation:

POINTS

Can ah budget include donations to charities

Answers

Answer:

A common rule of thumb for budgeting for charitable donations uses the concept of the 50/30/20 split for your budget. The other portion is for your wants: About 30 percent of your budget goes into this category, which might include vacations, gifts, or date nights.

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The student records 8 black marbles and 2 white marbles. Predict the number of black marbles in the bag. A gardener made a scale drawing of a lawn with a scale factor of 1:4 The dimensions of her drawing are 15 inches long by 10 inches wide. Her partner plans to make another scale drawing of the lawn, but with a scale factor of 1:20. What are the dimensions of her scale drawing? O A. The length is 50 inches and the width is 75 inches, OB. The length is 3 inches and the width is 2 inches. O Q. The length is 75 inches and the width is 50 inches. O D. The length is 2 inches and the width is 3 inches. PLZZZ help with this its pretty simple! 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