Jasper makes a $30,000, 90-day, 6.0% cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.)

Debit Cash for $30,000; credit Notes Receivable $30,000.

Debit Cash $30,450.0; credit Interest Revenue $450.0; credit Notes Receivable $30,000.

Debit Cash $30,450.0; credit Notes Receivable for $30,450.0.

Debit Notes Payable $30,000; Debit Interest Expense $1,800; credit Cash $31,800.

Debit Cash $31,800; credit Interest Revenue $1,800, credit Notes Receivable $30,000.

On July 9, Mifflin Company receives a $9,500, 90-day, 12% note from customer Payton Summers as payment on account. What entry should be made on July 9 to record receipt of the note?

Debit Notes Receivable $9,500; credit Sales $9,500.

Debit Notes Receivable $9,877; credit Interest Revenue $377; credit Accounts Receivable $9,500.

Debit Accounts Receivable $9,500; credit Sales $9,500.

Debit Notes Receivable $9,500; credit Accounts Receivable $9,500.

Debit Notes Receivable $9,785; credit Sales $9,785.

On July 9, Mifflin Company receives a $7,800, 90-day, 6% note from customer Payton Summers as payment on account. What entry should be made on the maturity date assuming the maker pays in full? (Use 360 days a year.)

Debit Cash $7,878; credit Interest Revenue $78; credit Notes Receivable $7,800.

Debit Cash $7,888; credit Interest Revenue $88; credit Notes Receivable $7,800.

Debit Cash $7,917; credit Interest Revenue $117; credit Notes Receivable $7,800.

Debit Cash $7,800; credit Notes Receivable $7,800.

Debit Notes Receivable $7,800; debit Interest Receivable $117; credit Sales $7,917.

A company has net sales of $2,200,000 and average accounts receivable of $440,000. What is its accounts receivable turnover for the period?

0.40

9.00

26.00

81.00

5.00

The interest accrued on $7,800 at 8% for 75 days is: (Use 360 days a year.)

$62.

$312.

$73.

$130.

$728.

Valley Spa purchased $8,500 in plumbing components from Tubman Co. Valley Spa Studios signed a 60-day, 12% promissory note for $8,500. If the note is dishonored, what is the journal entry to record the dishonored note? (Use 360 days a year.)

Debit Accounts Receivable $8,670; debit Bad Debt Expense $170; credit Notes Receivable $8,500.

Debit Bad Debt Expense $8,670; credit Accounts Receivable $8,670.

Debit Bad Debt Expense $8,500; credit Notes Receivable $8,500.

Debit Accounts ReceivableValley Spa $8,500; credit Notes Receivable $8,500.

Debit Accounts ReceivableValley Spa $8,670, credit Interest Revenue $170; credit Notes Receivable $8,500.

A total asset turnover ratio of 4.5 indicates that:

For every $1 in sales, the firm acquired $4.5 in assets during the period.

For every $1 in assets, the firm produced $4.5 in net sales during the period.

For every $1 in assets, the firm earned gross profit of $4.5 during the period.

For every $1 in assets, the firm earned $4.5 in net income.

For every $1 in assets, the firm paid $4.5 in expenses during the period.

Valley Spa purchased $10,000 in plumbing components from Tubman Co. Valley Spa Studios signed a 30-day, 9% promissory note for $10,000. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.)

$75

$10,075

$10,000

$10,250

$10,330

A company purchased a tract of land for its natural resources at a cost of $1,950,800. It expects to mine 2,160,000 tons of ore from this land. The salvage value of the land is expected to be $266,000. The depletion expense per ton of ore is:

$1.026.

$8.120.

$0.780.

$7.334.

$0.903.

Granite Company purchased a machine costing $130,000, terms 2/10, n/30. The machine was shipped FOB shipping point and freight charges were $3,000. The machine requires special mounting and wiring connections costing $11,000. When installing the machine, $2,500 in damages occurred. Compute the cost recorded for this machine assuming Granite paid within the discount period.

$146,200.

$148,800.

$140,900.

$141,600.

$141,400.