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salantis [7]
3 years ago
14

Mountaintop Sports Inc. issued $200,000 of 10-year, 6% bonds, with interest payable semiannually on June 30 and December 31 each

year. The bonds were sold at 100. Assuming Mountaintop Sports has a December 31 fiscal year end, what amount should be recorded as interest expense in the journal entry made each six months?
Business
1 answer:
SCORPION-xisa [38]3 years ago
4 0

Answer:

The amount should be recorded as interest expense in the journal entry made each six months is $6,000

Explanation:

In order to calculate the amount should be recorded as interest expense in the journal entry made each six months, we have to calculate the interest annually with the following formula according to the given data:

interest annually=Issue Price of Bond×rate of interest

                           =$200,000 ×6%

                           =$12,000

Therefore, the interest semiannually would be calculated as follows:

interest semiannually=$12,000/2=$6,000

The amount should be recorded as interest expense in the journal entry made each six months is $6,000

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Answer:

Children's model = 7

Standard model = 9

Executive model = 13

Explanation:

Let a = number of children's model

b= number of standard model

c = number of executive model

According to the question given, the time allocation is as follows;

Cutting; a = 5 hr     b = 4hr     c = 7hr, Maximum hours = 162 hours

Construction; a = 3 hr     b = 2hr     c = 5hr, Maximum hours = 104 hours

Finishing; a = 2 hr     b = 2hr     c = 4hr, Maximum hours = 84 hours

We can therefore derive the equations.

5a + 4b + 7c = 162     (i)

3a + 2b + 5c = 104     (ii)

2a + 2b + 4c = 84     (iii)

Subtracting (iii) from (ii), a + c = 20, a = 20 - c     (iv)

Substituting (iv) into (ii)

60 - 3c + 2b + 5c = 104

2b + 2c = 44     (v)

Substituting (iv) into (i)

100 - 5c + 4b + 7c = 162

4b + 2c = 62     (vi)

Subtracting (v) from (vi), we have

2b = 18; b = 9

Since b + c = 22,

c =22 - 9 = 13

Also, a + c =20

a = 20 - 13 = 7

4 0
3 years ago
how would you describe in three sentences the posible product or service you will propose for need in your community.​
inessss [21]

Answer:

Our community needs a babysitting service. in my community, over 50% of the residents have young children. That said, it will provide opportunities for teenagers who want to earn a few extra bucks.

4 0
3 years ago
If the adjustment for accrued expenses is not recorded a.net income will be understated. b.revenues will be understated. c.net i
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Answer:

The correct option is C

Explanation:

Accrued expenses is an accounting term that refers to an expense that is recognized on the books before it has been paid. So if accrued expenses are not recorded the business net income will be overstated.

6 0
3 years ago
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kirill115 [55]

Answer:

A. debit to Interest Receivable for $2,000

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3 years ago
In the market for beef, the price of a pound of beef falls Explain the effect of this event on the quantity of beef supplied and
Lera25 [3.4K]

Answer:

E. The quantity of beef supplied decreases and the supply of beef is unchanged.

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