Analyze each situation given below and indicate which type of receivable it produces. (Choose one of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Analyze each situation given below and indicate which type of receivable it produces. (Choose one of the options provided in the drop down menu). A service company performed a service for a customer and the customer agreed to pay after 3 months, with 10% interst, by signing a promissory note. A merchandise company sold goods to a customer and cash was received one month before the items delivery. A service company performed a service for a customer and cash would be received 15 days after the service. A merchandise company sold goods to a customer and the customer agreed to pay after 6 months, with 6% interst, by signing a promissory note. A company paid the salary to one of its employees in advance, at the beginning of the month. A merchandise company sold goods to a customer and cash was received at items delivery. A service company performed a service for a customer and cash was received one week before the service. A merchandise company sold goods to a customer and cash would be received 10 days after items delivery. A service company performed a service for a customer and cash was received immediately after the service. A company granted a $20,000 loan to one of its employees, interest free. Choose.... Choose.... Choose... Choose... Choose.... Choose... Choose... Choose... Choose.... Choose... ( O O O O ( ✓ Choose... Accounts Receivable Other Receivables Notes Receivable NO Receivable Analyze each situation given below and indicate which type of receivable it produces. (Choose one of the options provided in the drop down menu). A service company performed a service for a customer and the customer agreed to pay after 3 months, with 10% interst, by signing a promissory note. A merchandise company sold goods to a customer and cash was received one month before the items delivery. A service company performed a service for a customer and cash would be received 15 days after the service. A merchandise company sold goods to a customer and the customer agreed to pay after 6 months, with 6% interst, by signing a promissory note. A company paid the salary to one of its employees in advance, at the beginning of the month. A merchandise company sold goods to a customer and cash was received at items delivery. A service company performed a service for a customer and cash was received one week before the service. A merchandise company sold goods to a customer and cash would be received 10 days after items delivery. A service company performed a service for a customer and cash was received immediately after the service. A company granted a $20,000 loan to one of its employees, interest free. Choose.... Choose.... Choose... Choose... Choose.... Choose... Choose... Choose... Choose.... Choose... ( O O O O ( ✓ Choose... Accounts Receivable Other Receivables Notes Receivable NO Receivable
Expert Answer:
Answer rating: 100% (QA)
A Notes Receivable The note indicates that the customer owes the company money and is obligated to p... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0134674681
12th edition
Authors: Tracie L. Miller-nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
The contribution margin per unit is the difference between the selling price and the variable cost per unit, and the contribution margin ratio is the ratio of the contribution margin to the selling...
-
Use this information to compute the following: FunTime Cruiseline offers nightly dinner cruises departing from several cities on the eastern coast of the United States including Charleston,...
-
Calculate the contribution margin and operating income for June using variable costing. Use the following information for Short Exercises Dracut Company reports the following information for June:...
-
The following data applies to the two unrelated companies Lloyd Ltd and Cole Ltd: All taxable and deductible temporary differences relate to the profit or loss. Assume a corporate tax rate of 30%. A....
-
a. Determine the trigonometric interpolating polynomial S4(x) of degree 4 for f (x) = x2 sin x on the interval [0, 1]. b. Compute c. Compare the integral in part (b) to J S4(x) dr. x sinx dx.
-
Six stations, A through F, communicate using the MACA protocol. Is it possible that two transmissions take place simultaneously? Explain your answer.
-
In 2014, Javier Ramos decided to open seafood restaurants in California and Texas. Ramos claims that he was describing the crusted glaze applied to cooked seafood to his friend Ivan Murillo when...
-
A. Richard McCarthy (born 2/14/64; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1966; Social security number 101-21-3434) have a 19-year-old son (born 10/2/99 Social Security...
-
20. a) Choose an algebraic method to solve the following linear system. Explain why you chose this method. 2 3x 2 2y 3 7 3 + 2y = 5 b) Use the method you chose to solve the system. Check your...
-
OCAS PROJECT. Effect of Damping. Consider a vibrating system of your choice modeled by y" + cy' + ky = d(t). %3D (a) Using graphs of the solution, describe the effect of continuously decreasing the...
-
Consider 2.5 kg of austenite containing 0.6 wt% C, slowly cooled to room temperature forming Pearlite and a proeutectoid. How many kilograms of the proeutectoid form? Answer should be in kilograms...
-
Any restriction on commercial speech is unconstitutional. (True/False)
-
In most states, the same courts can grant both legal and equitable remedies.(True/False)
-
A law that limits the liberty of all persons to engage in a certain activity may violate constitutional provisions covering a. equal protection. b. procedural due process. c. substantive due process....
-
Bribery of public officials is strictly an ethical issue.(True/False)
-
In a civil law system, the primary source of law is a. case law. b. the decisions of administrative agencies. c. a statutory code. d. none of the above.
-
If f(x) = 4 + 4x 3x, find f'(-3).
-
You deposit $10,000 in a savings account that earns 7.5% simple interest per year. What is the minimum number of years you must wait to double your balance? Suppose instead that you deposit the...
-
1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Boston sold 10 bicycles that cost $42 each and 24...
-
Alliance Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2018 and a balance sheet at April 30, 2018. The March 31, 2018, balance...
-
Brik, located in San Antonio, Texas, produces two lines of electric toothbrushes: deluxe and standard. Because Brik can sell all the toothbrushes it can produce, the owners are expanding the plant....
-
The city health inspector wishes to determine the mean bacteria count per liter of water at a popular city beach. Assume the number of bacteria per liter of water is normal with mean and standard...
-
An engineer takes a sample of 5 steel I beams from a batch, and measures the amount they sag under a standard load. The amounts in \(\mathrm{mm}\) are: It is known that the sag is normal( \({ }^{2}\)...
-
The standard process for making a polymer has mean yield \(35 \%\). A chemical engineer has developed a modified process. He runs the process on 10 batches and measures the yield (in percent) for...
Study smarter with the SolutionInn App