Answer:
Yr. amount Interest payment balance
1. 319,500 22365. (77923). 263,942
2. 263,942.18,476. (77,923). 204,495
3. 204,495 14315. (77923). 140,887
4. 140,887. 9862 (77923). 72,826
5. 72826. 5098. (77,923). 1
Explanation:
The interest charge is on the total amount due at the end of the year which is assumed to have been made available to the debtor, the annual payment is deducted from the addition of interest and principal due and the balance due is brought forward to be defray in subsequent years. The balance is expected to show zero but the balance of one shown is a roundup error.
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<u>Answer: </u>Production concept
<u>Explanation:</u>
Production concept is based on concentrating on the efficiency of the production and manufacturing. The basis of production concept is to make the goods available to the consumer at affordable prices. By producing in mass quantities the companies believed they can reduce the cost of production.
Also that supply can be increased when the cost of production is lower. Economies of scale can be achieved by the company when they reduce cost of production they can increase their profit earning capacity.
Answer:
Please see explanation
Explanation:
The following journal entry shall be recorded in the accounts of Weld-Rite Company in respect of salaries expense to be accrued as at December 31:
Debit Credit
Salaries expense $3,600
(6,000/5*3)
Salaries payable $3,600
