Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6,7,8,9 uncarned revenue will exist as of December 31? un Xenible newspapers sold 6,000 of annual subscriptions at $150 each on June 1. How much

6,7,8,9
image text in transcribed
uncarned revenue will exist as of December 31? un Xenible newspapers sold 6,000 of annual subscriptions at $150 each on June 1. How much a $900.000 b. $450,000 c. $375,000 d. So 7. In a statement of cash flows, receipts from sales of property, plant, and equipment and other productive assets should generally be classified as cash inflows from: a. selling activities b. operating activities c. financing activities d. investing activities 8. Maso Co. assigned $1,600,000 of accounts receivable to Panda Finance Co. as security for a loan of $1,200,000. Panda charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, Maso accepted returns worth $7,500 and wrote off assigned accounts totaling $11,300. The amount of cash Maso received from Panda at the time of the assignment was: a. $1,181,200 b. $1,176,000 c. $1,168,000 d. $1,080,000 9. Merritt Equipment Company sells parts to Kane Repair during 2020. Merritt offers discount of 5% if the customer's purchases for the year exceed $100,000. In the past, Kane normally purchases $200,000 in parts during a calendar year. On April 30, 2020, Kane Repair purchased $80,000 of parts. What amount of revenue should Merritt record in connection with the April 30, 2020 sale? a. $76,000 b. $80,000 c. $100,000 d. $190,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and managerial accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

1st edition

111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114

More Books

Students also viewed these Accounting questions