Answer and Explanation:
The journal entry to record while receiving the note is shown below:
Notes receivable Dr. $14,000
To Accounts receivable $14,000
(Being receiving of the note is recorded)
Here the note receivable is debited as it increased the assets and credited the account receivable as it decreased the assets
The same is to be considered
Kitchel told Parker that he needed a couple of weeks to think about his proposal. How should Parker handle this
Answer: Parker should close the deal quickly
Explanation:
Giving Kitchel so much time to go over the proposal is not ideal because in that time events could happen that would ensure Kitchel stayed with their current supplier such as the current supplier finding out and offering better terms thereby enticing Kitchel to stay.
It is imperative therefore that Parker close the deal as quickly as possible. He can do this by offering time conscious incentives that require that Kitchel order fast, he could even go meet Kitchel in person and press his claim and even hit hard at the weakness of Richmond's current supplier by stating that he would deliver things ahead of schedule.
If You-Will-Never-Pay-It-Off Loan Company lends you $50 on Monday, and you have to pay $60 after a week, what nominal rate of interest (APR) are they charging
Answer:
the annual percentage rate is 1040%
Explanation:
The computation of the nominal rate of interest is shown below:
As we know that
Future value = Present value × (1 + rate of interest)^number of years
$60 = $50 × (1 + rate of interest)^1
1 + rate of interest = ($60 ÷ $50)
rate of interest is
= (1.2- 1 ) × 100
= 20%
Now the annual percentage rate is
= 20% × 52
= 1040%
hence, the annual percentage rate is 1040%
The year-end financial statements of Rally Company for the current year, report total revenues of $19,829 million, accounts receivable of $1,272 million at the current year-end, and $1,19 million for the prior year-end. The company's accounts receivable turnover for the year is:_______.
a. 18.3 times.
b. 18.9 times.
c. 19.5 times.
d. 20.0 times.
e. none of these are correct.
Answer:
16.1 times
Explanation:
Calculation for the company's accounts receivable turnover for the year
Using this formula
Accounts Recievable Turnover = Total Revenues/Average accounts receivables
Let plug in the formula
Accounts Receivable Turnover = $19,829/[($1,272+$1,198)/2]
Accounts Receivable Turnover =$19,829/$1,235
Accounts Receivable Turnover = 16.1 times
Therefore The company's accounts receivable turnover for the year is: 16.1 times
When Patricia sells her Apple stock at the same time that Brian purchases the same amount of Apple stock, Apple receives:_____________.
a. nothing.
b. only the market value of the common stock.
c. the dollar value of the transaction.
d. the dollar amount of the transaction, less brokerage fees.
Answer:
When Patricia sells her Apple stock at the same time that Brian purchases the same amount of Apple stock, Apple receives:_____________.
a. nothing.
Explanation:
The activities of investors on the Stock Exchange market do not affect the corporation, whose stocks are being traded. The corporation does not get any money nor does it incur any cost. Patricia may get a capital gain from the sale and not the corporation. When Brian purchases Apple stock it is purchased from another investor and not directly from the corporation unless it is an initial public offer.
Under the provisions of the Investment Advisers Act of 1940, if an adviser takes custody of customer funds or securities, account statements MUST be sent to the customer:
Answer:
Quarterly
Explanation:
According to the provisions of the Investment Advisers Act of 1940, in the case when an advisor takes the customer custody in term of funds or securities so the account statement must be sent to the customer on the a quarterly basis i.e. four times in a year. Here four times means every three months
therefore as per the given situation, the quarterly is the answer