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MGMT 200 FINAL EXAM (PURDUE UNIVERSITY) NEW VERSION UPDATE ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) 100% PASS SOLUTION /ALREADY GRADED A+$18.99
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MGMT 200 FINAL EXAM (PURDUE UNIVERSITY) NEW VERSION UPDATE ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) 100% PASS SOLUTION /ALREADY GRADED A+
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Course
MGMT 200
Institution
MGMT 200
MGMT 200 FINAL EXAM (PURDUE UNIVERSITY) NEW VERSION UPDATE ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) 100% PASS SOLUTION /ALREADY GRADED A+
an obligation of a company to transfer some economic benefit in the future
Which liabilities require payment in the future?
Accounts payable
Notes Payable
Salaries Payable
When does deferred revenue arise?
when companies receive payment in advance
What is a current liability?
A liability expected to be paid within 1 year of balance sheet date
What is a long-term liability?
payable in more than one year from balance sheet date
What is the operating cycle?
,the length in time from spending cash to provide goods/services to a customer
until collection of cash from that customer
What does a company with a 3 month operating cycle do with their liabilities?
classifies current liabilities as those due in 1 year
What does a company with a 15 month operating cycle do with their liabilities?
classifies current liabilities as those due within 15 months
What is notes payable?
A written promise made by the business to pay a debt, usually involving interest,
in the future.
How to calculate Interest on notes payable?
Face Value x Annual Interest Rate x Fraction of the year
How do you record Notes Payable?
debit cash, credit notes payable
Southwest Airlines borrows $100,000 from Bank of America on September
1,2024, signing a 6%, six-month note for the amount borrowed plus accrued
interest due six months later on March 1, 2025.
, On September 1, 2024, Southwest will receive $100,000 in cash and record the
following:
debit cash 100,000
credit notes payable 100,000
Southwest Airlines borrows $100,000 from Bank of America on September
1,2024, signing a 6%, six-month note for the amount borrowed plus accrued
interest due six months later on March 1, 2025.
How do you calculate the Interest for the 6 month period?
100,000 X.06 X 6/12 = 3000
Southwest Airlines borrows $100,000 from Bank of America on September
1,2024, signing a 6%, six-month note for the amount borrowed plus accrued
interest due six months later on March 1, 2025.
How do you calculate the Interest for the 4 month period? What would be the
Adjusted journal Entry?
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