Clancy Co. accepted a two-year noninterest-bearing note for $1,166,400 on January 1, 2020. The note was accepted as payment for merchandise with a fair value of $1,000,000. The effective interest rate is 8%. The cash collection on December 31, 2021, would be recorded as: Multiple Choice Discount on notes receivable 86,400 Cash 1,166,400 Notes receivable 1,166,400 Interest revenue 86,400 Cash 1,166,400 Notes receivable 1,166,400 Cash 1,166,400 Notes receivable 1,000,000 Discount on notes receivable 166,400 Cash 1,166,400 Discount on notes receivable 166,400 Notes receivable 1,166,400 Interest revenue 166,400

Ming chen began a professional practice on june 1 and plans to prepare financial statements at the end of each month. during june, ming chen (the owner) completed these transactions. a. owner invested $61,000 cash in the company along with equipment that had a $25,000 market value. b. the company paid $1,900 cash for rent of office space for the month. c. the company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. the company completed work for a client and immediately collected the $2,100 cash earned. e. the company completed work for a client and sent a bill for $7,000 to be received within 30 days. f. the company purchased additional equipment for $5,500 cash. g. the company paid an assistant $3,000 cash as wages for the month. h. the company collected $5,200 cash as a partial payment for the amount owed by the client in transaction e. i. the company paid $15,000 cash to settle the liability created in transaction c. j. owner withdrew $1,500 cash from the company for personal use. required: enter the impact of each transaction on individual items of the accounting equation. (enter decreases to account balances with a minus sign.)

Kimberly has been jonah in preparing his personal income tax forms for a couple of years. jonah's boss recommended kimberly because she had done a good job setting up the company's new accounting system. jonah is very satisfied with kimberly's work and feels that the fees she charges are quite reasonable. kimberly would be classified as a(n) (a) independent auditor (b) private accountant (c) public accountant (d) accounting broker

River corp's total assets at the end of last year were $415,000 and its net income was $32,750. what was its return on total assets? a. 7.89%b. 8.29%c. 8.70%d. 9.14%e. 9.59%