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Colt1911 [192]
1 year ago
11

on july 1, 2024, a company acquired equipment. the company paid $187,500 in cash on july 1, 2024, and signed a $750,000 noninter

est-bearing note for the remaining balance, which is due on july 1, 2025. an interest rate of 7% reflects the time value of money for this type of loan agreement. (pv of $1, pva of $1) which of the following should be included in the journal entry on july 1, 2024? note: round intermediate and final answer to nearest whole dollar amount. multiple choice credit notes payable, $700,935 and debit discount on notes payable, $49,065. debit equipment, $937,500. debit discount on notes payable, $49,065. credit notes payable, $700,935.
Business
1 answer:
MAXImum [283]1 year ago
5 0

$700,935 and debit discount on notes payable a working year is the correct answer among the group of choices.

<h3>What are debits exactly?</h3>

A debit is an accounting system item that demonstrates a gain in assets and a decrease in liabilities. Debits and credits are the two categories into which the entries fall in basic accounting. Debits are always offset by credit entries.

<h3>Is debit debt or credit?</h3>

A credit increases the balance in a liabilities account whereas a debit decreases it. In this manner, the credit for the loan would equal the debit for the cash on hand account, increasing the long-term debt account by the same amount.

To know more about Debit visit:

brainly.com/question/12269231

#SPJ4

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Brand socialization is a measure of how effectively ______. a. a company’s brand reinforces a positive relationship between the
oee [108]

Answer: Option (B)

Explanation:

From the given options we can state that , option (B) is correct. Brand socialization  is referred to as or known as the measure or scale of how effectively an organization or a company tends to engage with its several or various stakeholders which are mostly online and act in mutual profitable and beneficial exchange of data and information.

5 0
3 years ago
In the United States, all financial institutions are required to conduct business at a physical location only.
worty [1.4K]

Answer:

B-False

Explanation:

Because some companies do business online.

4 0
3 years ago
Playtown Corporation purchased 75 percent of Sandbox Corporation common stock and 40 percent of its preferred stock on January 1
Nesterboy [21]

Answer:

<u>Elimination Journal.</u>

Retained  Earnings $210,000 (debit)

Common Stock $ 150,000 (debit)

Investment in Sandbox Corporation $270,000 (credit)

Non-Controlling Interest  $90,000 (credit)

Explanation:

When dealing with consolidation of Financial Statements, the Equity and Retained Earning in the Subsidiary has to be eliminated from the records whilst the Investment in Subsidiary and the Non-Controlling Interest in Subsidiary are recognized.

Elimination of the common items in consolidation is done by the use of Pro-forma Journals.

<em>Goodwill</em> or <em>Gain on Bargain Purchase</em> are also recognized on the date of acquisition of subsidiary.

Goodwill is the excess of Purchase Price and Non-Controlling interest over the Net Assets Acquired.While Gain on Bargain Purchase is the excess of Net Assets Acquired over Purchase Price and Non-Controlling interest.

<u>Elimination Journal.</u>

Retained  Earnings $210,000 (debit)

Common Stock $ 150,000 (debit)

Investment in Sandbox Corporation $270,000 (credit)

Non-Controlling Interest  $90,000 (credit)

8 0
3 years ago
Do you know the answer?
Ugo [173]

Answer:

d

Explanation:

4 0
2 years ago
India has 3 GDP of 23,000 billion Indian rupees, and a population of 1.1 billion. Theexchange rate is 50 rupees per US. dollar.
vekshin1

Answer:

Indian rupee in US dollars = $418

Explanation:

given data

India GDP = 23,000 billion

exchange rate = 50 rupees per US

population = 1.1 billion

solution

we get here GDP per capita as

GDP per capita = India GDP ÷ population

GDP per capita  = \frac{23000}{1.1}  

GDP per capita  = 20909 rupees

so here we Convert Indian rupee in US dollars that is with exchange rate

Indian rupee in US dollars = GDP per capita  ÷ exchange rate

Indian rupee in US dollars = \frac{20909}{50}  

Indian rupee in US dollars = $418

7 0
3 years ago
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