Answer:
The journal entry to be recorded for the payment of the note on date of maturity is shown below:
Explanation:
The journal entry to be recorded for the payment of the note on date of maturity is as follows:
Notes Payable A/c..........................Dr $9,000
Interest expense A/c......................Dr $148
Cash A/c..........................................Cr $9,148
Being payment of the note payable is reported on the maturity date
As on the day of the payment, the cash is going out of the business which means assets is decreasing and any decrease in assets is credited. Therefore, the cash account is credited. And the notes payable is paid so the notes payable account is debited and interest expense account will also be debited.
Working Note:
Interest expense = $9,000 × 10% × 60/ 365
Interest expense = $148
Answer: A) Remainderman
Explanation:
A Remainderman may sound like something from a horror movie but it is a property law term that refers to a person that is billed to take over or inherit an estate after the LIFE ESTATE of the previous owner is terminated.
Life Estate is an agreement where a person owns a property or asset for the duration of their life but as soon as they pass on, the asset or property reverts back to the original owner of a THIRD party.
The Remainderman is the person who the property reverts to.
In the above scenario therefore, the woman is in possession of a Life Estate but the Stepson is the Remainderman.
Answer:
$500
Explanation:
Calculation to determine the adjusted gross income for 2020
Ordinary cash dividend $200
Add Cash prize awarded from a contest $300
Adjusted gross income $500
($200+$300)
Therefore the adjusted gross income for 2020 will be $500
Answer:
he would be part of the energy distribution process
Explanation:
As Viet drives around and checks meters to document the amount of electricity used in homes since the electricity is distributed off a power line into the house and then within the house by the wiring to the lights and the electrical outlets for usage by the inhabitants.
16% is the answer.
<u>Explanation:</u>
<u>The following is used in order to calculate the cost of the retained earnings.
</u>
The Calculation of cost of retained earnings by using bond yield plus the risk premium method
= Long term bond yield + the risk premium
The Long term bond yield = 12 percent
The risk premium = 4 percent
Cost of retained earnings = 12 percent plus 4 percent = 16 %
Therefore, the correct option will be with the 16 percent
.
