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Mila [183]
2 years ago
6

On November 1, 2021, Tim's Toys borrows $30,000,000 at 9% to finance the holiday sales season. The note is for a six-month term

and both principal and interest are payable at maturity. What is the balance of interest expense for the loan as of December 31, 2022?
Business
1 answer:
nikdorinn [45]2 years ago
3 0

The  balance of interest expense for the loan as of December 31, 2022 is: $450,000.

<h3>Interest expenses </h3>

Loan was outstanding months= November 2022 to December 2022

Using this formula

Interest expenses=Amount borrowed×Interest rate×2/12

Let plug in the formula

Interest expenses= $30,000,000×9%×2/12

Interest expenses=$450,000

Therefore the interest expenses is $450,000.

Learn more about interest expenses here:brainly.com/question/14697209

#SPJ1

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The City issued $2 million in general obligation bonds to acquire a fleet of vehicles for the Central Motor Pool Internal Servic
nlexa [21]

Answer:

a) Bonds Payable.

Explanation:

Since there is an issue of bonds as against cash, which need to be paid back in future, amount received will be credited to bonds payable.

Further the purpose of bonds will always be to acquire a capital asset as bonds are issued for long term finance generally, therefore, the bonds will be credited as bonds payable, rather than capital contributions.

Though a general note in notes to account can be added clearly specifying the purpose of issue of bonds.

a) Bonds Payable.

6 0
3 years ago
The following information relates to the only product sold by Mastrolia Manufacturing. Sales price per unit $ 45 Variable cost p
Oduvanchick [21]

Answer:

a. 40 % and $630,000

b. $ 270,000

Explanation:

The contribution margin ratio = Contribution ÷ Sales

The dollar sales volume required to break even = Fixed Cost ÷ contribution margin ratio

the margin of safety (in dollars) - company sells 20,000 units = Expected Sales - Break even Sales  

8 0
2 years ago
River rock, inc. just paid an annual dividend of $2.80. the company has increased its dividend by 2.5 percent a year for the pas
ohaa [14]
The answer to this should be 24.65.
I could be wrong but I think you are suppose to add.

Hope this helped :)
Have a great day
8 0
3 years ago
A mother earned ​$ 7500.00 from royalties on her cookbook. she set aside​ 20% of this for a down payment on a new home. the bala
Marina CMI [18]
Amount of money deposited in the two accounts is 80% of 7500$.
Amount of money in the two accounts = 0.8 * 7500 = 6000$

Now assume that the amount deposited in CD account is m and the amount deposited in the saving bond is n.
m + n = 6000 
Therefore: m = 6000 - n ................> equation I

Now we write another equation expressing the savings:
0.04m + 0.07n = 360 ............> equation II

Substitute with equation I in equation II:
0.04 (6000-n) + 0.07n = 360
240 - 0.04n + 0.07n = 360
0.03n = 120
n = 4000 $

Substitute with n in equation I to get the value of m as follows:
m = 6000 - n = 6000 - 4000 = 2000

Based on these calculations:
The amount of money deposited in the CD = 2000$
The amount of money deposited in the saving account = 4000$
8 0
3 years ago
For the year ended December​ 31, 2019, Davidson Mart had sales of​ $800,000 and cost of goods sold of​ $600,000. Davidson estima
Anit [1.1K]

Answer:

800,000/600,000=1.33

Profit percentage = 1.33-1=0.33=33%

0.02*800,000=16,000 worth of goods returned

Profit= 0.33*16,000=5280

COGS= 16,000-5280=10,720

Adjusting Entry

                                 Debit                  Credit

Goods returned         10,720

Profit                           5,280

Cash                                                    16,000

Explanation:

3 0
2 years ago
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