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kifflom [539]
3 years ago
7

XYZ Corporation loaned $600,000 to another corporation on December 1, 2020 and received a 3-month, 8% interest-bearing note with

a face value of $600,000. What adjusting entry should Starr make on December 31, 2020
Business
1 answer:
jeka943 years ago
8 0

Answer:

Dr Interest Receivable 4,000

Cr Interest Revenue 4,000

Explanation:

Preparation of XYZ Corporation Adjusting entry

Since the XYZ Corporation loaned the amount of $600,000 to another corporation on December 1, 2020 in which XYZ Corporation received a 3 month and 8% interest-bearing note with a face value of $600,000, the first step to take is to find the interest bearing note which is calculated as 4,000(1/12×8%×600,000) and the second step is to record the transaction as :

Dr Interest Receivable 4,000

Cr Interest Revenue 4,000

(1/12×8%×600,000)

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Answer:

$400 .Since inventory is valued at cost or market value(current replacement cost) whichever is lower .

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3 years ago
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Which is not a reason for supporting ethical relativism?
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This is not the reason why not support ethical relativism; Ethical relativism holds that there is a right and wrong, even though we do not agree about what is right and wrong and If people disagree about some moral matter, their disagreement will always be due to their having different moral values.

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3 years ago
When hope springs purchases refillable bottles for its water, it submits its orders directly from its computer system to its sup
Ipatiy [6.2K]

Answer:Electronic data interchange (EDI)

Explanation:

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6 0
3 years ago
Advantages and disadvantages of implementing plan where functional managers will be held responsible for cost overruns against t
Morgarella [4.7K]

Answer:

Kindly check explanation

Explanation:

Implementing plans where functional managers will be held responsible for cost overruns against their original estimate possess both advantages and disadvantages :

The advantages include:

1) Efficient use of Resources : A functional manager could be explained as the head or a person who has managerial authority over a department within a business organization. As such the functional manager will be able to monitor more effectively and take control of his unit. Holding them responsible for cost overruns will ensure that they are more cautious when it comes to resource and cost management as they will not want to be sanctioned.

11) ACCOUNTABILITY: It increases the sense of responsibility of the functional managers as they are being held fully responsible for the decisions made within their unit. This places a higher burden of showing sincerity on the managers.

The disadvantage associated with the plan is the possibility of producing low quality products resulting from the economical and cautious approach embarked upon in other to prevent cost overrun, materials used may be lesser quality than expected.

5 0
3 years ago
A city's Enterprise Fund issued revenue bonds with a face value of $10,000,000. The bonds were issued with a 2% premium and the
Mrac [35]

Answer:

The correct answer is $9,850,000

Explanation:

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= Face Value - Cost of issuance

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Note: Premium will not be considered as it is asked for when the bonds are issued.

5 0
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