A disadvantage of partnerships is the mutual agency of all partners
Indicate whether the statement is true or false
True
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Assume that a company records purchases net of discount. If the company bought merchandise valued at $15,000 on credit terms 3/15, net 30, the entry to record a payment for half of the purchase within the discount period would include a debit to
a. Accounts Payable for $7,275 and a credit to Cash for $7,275 b. Accounts Payable for $7,500 and a credit to Cash for $7,500 c. Accounts Payable for $7,275 and to Interest Expense for $250, and a credit to Cash for $7,500 d. Accounts Payable for $7,275 and to Interest Revenue for $250 and a credit to Cash for $7,500.
Created
What will be an ideal response?
Which of the following statements is CORRECT?
A. The discounted payback method recognizes all cash flows over a project's life, and it also adjusts these cash flows to account for the time value of money. B. The regular payback method was, years ago, widely used, but virtually no companies even calculate the payback today. C. The regular payback is useful as an indicator of a project's liquidity because it gives managers an idea of how long it will take to recover the funds invested in a project. D. The regular payback does not consider cash flows beyond the payback year, but the discounted payback overcomes this defect. E. The regular payback method recognizes all cash flows over a project's life.
A $43,000, two-month, 10% note payable was issued on December 1, 2016. What is the amount of interest expense recorded in the year 2017?
A) $494 B) $358 C) $717 D) $42,994