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victus00 [196]
3 years ago
10

On December 1, 2016, Fine Dining Products borrowed $84,000 on a 12%, five-year note with annual installment payments of $16,800

plus interest due on December 1 of each succeeding year. On December 1, the principal amount was recorded as a long-term note payable. What amount of the note payable will be shown as current portion of long-term notes payable on the balance sheet as of December 31, 2016? (Round your answer to nearest whole number.)
Business
1 answer:
kenny6666 [7]3 years ago
3 0

Answer:

$16,800

Explanation:

The amount of the note payable as the current position of long term notes payable on the  balance sheet as of December 31, 2016 can be calculated by just dividing the principal amount by the number of periods it has been borrowed for

Calculation: 84000/5 = $16,800

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6 0
3 years ago
Penn Inc., a manufacturing company, owns 75 percent of the common stock of Sell Inc., an investment company. Sell owns 60 percen
ratelena [41]

Answer:

Option B-Consolidation used for both Sell and Vane.

Explanation:

Both of the companies must be consolidated because the parent company controls both of the company and according to International Financial Reporting Standard, the companies that the parent company directly controls (75% ownership of Sell Inc. and 75% control) or indirectly controls (75%*60%= 45% ownership of Vane Inc. and 60% control of the company) must be consolidated. Here Penn Inc. controls both the subsidairies Sell Incorporation and Vane Incorporation, so they must be consolidated to group accounts.

4 0
3 years ago
Which is a certificate of debt issued by corporations and governments?
IgorLugansk [536]
I believe the correct answer from the choices listed above is option 2. A certificate of debt issued by corporations and governments is called a bond. It <span> is a document that states the details of the </span>bond<span> including the </span>bond<span> issuer's name, the </span>bond<span> par value or face amount, the interest rate, and the maturity date. Hope this answers the question.</span>
3 0
3 years ago
Read 2 more answers
Finance charges always include which of the following?
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Answer:

I believe the answer is C: Document Preparation Fees.

4 0
3 years ago
True or False: If Antonio's Fire Engines were a competitive firm instead and $105,000 were the market price for an engine, decre
anastassius [24]

Answer:

False

Explanation:

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Individual firms become price takers when the market price is determined by market supply and demand forces. Individual firms are forced to charge the equilibrium price of the market or the consumers would purchase the product from the many other firms in the market who are charging a lower price. The demand curve for an individual firm is, therefore, the same as the equilibrium price in the market

All individual firms are price takers in a perfectly competitive market. The price is determined by the intersection of market supply and demand curves.

The demand curve for an individual firm is not the same as the market demand curve. The market demand curve slopes downward, whereas the firm's demand curve is a horizontal line.

The firm's horizontal demand curve indicates a price elasticity of demand that is perfectly elastic

The horizontal demand curve of an individual firm indicates that the elasticity of demand for the good is perfectly elastic. This means that if any individual firm charged a price somewhat above market price, it would not sell any products.

Offering a firm's product at a lower price than the competitors is a strategy usually used to enhance market share. In a perfectly competitive market, firms cannot reduce their product price without experiencing a negative profit. Thus, assuming that each firm is a profit-maximizer, it will sell its output at the market price.

5 0
3 years ago
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