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vovangra [49]
1 year ago
11

record the adjusting entry for recording the interest due on a note payable liability. assume that the company has a $2400 note

payable outstanding on which they pay a 5% annual interest rate. record the adjustment for interest due for one month's worth of interest.
Business
1 answer:
almond37 [142]1 year ago
7 0

record the adjustment for interest due for one month's worth of interest

Interest=( 2400×5/100)×1/12

            = $10

In finance and economics, hobby is a price from a borrower or deposit-taking economic group to a lender or depositor of an amount above reimbursement of the major sum (that is, the quantity borrowed), at a specific price. It is awesome from a charge that the borrower may additionally pay the lender or some 1/3 party. It's also distinct from a dividend that is paid by a business enterprise to its shareholders (proprietors) from its earnings or reserve, however not at a specific fee decided in advance, rather on a seasoned-rata foundation as a percentage inside the praise gained by using threat-taking entrepreneurs while the revenue earned exceeds the overall expenses. For example, a consumer could normally pay interest to borrow from a financial institution, so they pay the financial institution an amount that is more than the amount they borrowed, or a customer can also earn hobby on their savings, and so they'll withdraw extra than they firstly deposited. In the case of savings, the patron is the lender, and the bank plays the position of the borrower.

Learn more about interest here

brainly.com/question/25793394

#SPJ1

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Answer:

Explanation:

Profit is the surplus revenue after a firm has paid all its costs. ... In a capitalist economy, profit plays an important role in creating incentives for business and entrepreneurs. For an incumbent firm, the reward of higher profit will encourage them to try and cut costs and develop new products

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A _____ strategy is a way of obtaining customers by making decisions that allow an organization to produce goods or services mor
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3 years ago
Raner, Harris & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm h
Snezhnost [94]

Answer:

The Break Even Point is the Sales Value that will cover the cost of production. Meaning the Sales Value that will bring profitability to Zero

Break Even sales for Company wide =  $378,000

Break Even Value for Chicago is $111,429

And Break Even Value for Minneapolis is $120,000

The Addition of both Outlets/Offices Break Even Sales is less than the Company-wide because the Offices don't share in the Common Fixed Expense as these are specific to Group reporting.

Explanation:

6 0
3 years ago
Taylor Bank lends Guarantee Company $92,811 on January 1. Guarantee Company signs a $92,811, 12%, nine-month note. The entry mad
HACTEHA [7]

Answer:

Dr Cash $92,811

Cr Notes Payables $92,811

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Explanation:

Annual rate = 12%

Interest for 9 months will be:

9/12 x 12% = 9%

So disbursal is 9% x $92,811

= $8,353

Principal (borrowed money) is $92,811.

The loan was disbursed on January 1. So it's only the proceeds from the loan which will be recorded on this date. Repayment will start at later date.

Therefore, The entry made by Guarantee Company on January 1 will be:

January 1

Dr Cash $92,811

Cr Notes Payables $92,811

(Being the proceeds and issuance of note)

4 0
3 years ago
Capital plays vital role for running a business .justify ​
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Answer:

yes it does

Explanation:

It's because without capital you can't even start the business, because you wouldn't have the machines or computers and stuff that is needed for your business. So it' used to pay ongoing production of goods and services to make profit form your business

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2 years ago
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