2 years ago

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Business

1 answer:

MAVERICK [17]2 years ago

6 0

Answer:

Explanation highest paying

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Rosewood Company made a loan of $16,000 to one of the company's employees on April 1, 2020. The one-year note carried a 6% rate

Nady [450]

Answer:

loan interest revenue for 2020 is $720

loan interest revenue for 2021 is $240

Explanation:

The loan interest revenue in the year 2020 is for 9 months out of the total loan tenure of twelve months:

interest revenue for 2020=$16,000*6%*9/12=$720.00

This would be debited to interest receivable and credited to interest revenue account.

interest revenue for 2021=$16,000*6%*3/12=$240.00

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3 years ago

Read 2 more answers

Preferred Stock Valuation Farley Inc. has perpetual preferred stock outstanding that sells for $30 a share and pays a dividend o

Norma-Jean [14]

Answer:

9.17%

Explanation:

Because this is perpetual preferred stock, there’re no tenor fixed but last forever until the company closes/ broken.

Thus the required rate of return is simply calculated as below:

Rate = dividend/ stock price = $2.75/ $30 = 9.17%

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3 years ago

How does fractional reserve banking grow the economy?

Aleks [24]

Answer:

C. By allowing the same money to be both stored as a deposit and loaned to businesses is the correct answer.

Explanation:

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3 years ago

Generally, when business startup costs exceed the maximum amount allowed, the remaining costs may be amortized over_____ months.

irina1246 [14]

Answer:

The correct answer is letter "B": 180.

Explanation:

During the first year a business operates, companies can elect to deduct up to $5,000 from their costs. If the costs are higher than $50,000, the deduction of $5,000 will be reduced by the exceeding amount. However, that exceeding amount can be amortized for up to 15 years (180 months).

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3 years ago

Harris Company uses the allowance method of handling its credit losses. It estimates credit losses at one percent of credit sale

likoan [24]

Answer:

Dec.31 Bad Debts Expense 27000

December 31 Balance Sheet Accounts Receivable 392400

Explanation:

Harris Company

Credit Sales for the current year $2700,000

Credit Losses = 1% of $ 2700,000= $ 27000

Add Allowance for Doubtful Accounts $ 30600 Cr

Required Adjustments $ 57,600 Cr

General Journal

Date Description Debit Credit

Dec.31 Bad Debts Expense 27000

Allowance for Doubtful Accounts 27000

December 31 Balance Sheet.

Accounts Receivable $450,000

Less: Allowance for Doubtful Accounts $57,600 ( 27000+ 30,600)

Accounts Receivable 392400

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3 years ago