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anyanavicka [17]
3 years ago
12

Moura Company has $22,000,000 of notes payable due April 12, 2022. At December 31, 2021, Moura signed an agreement with First Ba

nk to borrow up to $22,000,000 to refinance the notes on a long-term basis. The agreement specified that borrowings would not exceed 80% of the value of the collateral that Moura provided. At the date of issue of the December 31, 2021, financial statements, the value of Moura's collateral was $18,000,000. What amount of the note payable should Moura include in the noncurrent liabilities section of its December 31, 2021, balance sheet?
Business
1 answer:
vodomira [7]3 years ago
6 0

Answer:

$7,600,000

Explanation:

Value of the loan = Value of the collateral * 8% = $18,000,000 * 80% = $14,400,000

Note payable outstanding = Notes payable due April 12, 2022 - Loan value = $22,000,000 - $14,400,000 = $7,600,000.

Therefore, the note payable amount that Moura should include in the noncurrent liabilities section of its December 31, 2021, balance sheet is $7,600,000.

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Answer:

 Deductible Interest is $11,250

Explanation:

Compute at the amount of $750,000 the interest Amy could deduct as follows:

Since the interest on loan secured by home could be deduct on the first $750,000 borrowing amount. Hence,

 Deductible Interest = Interest Paid × ($750,000 / Loan Secured by income)

 Deductible Interest = $12,000 × ($750,000 / $800,000)

 Deductible Interest = $11,250

Hence, the Amy could deduct interest on borrowing $11,250

3 0
3 years ago
Doogan Corporation makes a product with the following standard costs:
AveGali [126]

Answer:

Direct material quantity variance= $2,170 unfavorable

Explanation:

<u>To calculate the direct material quantity variance, we need to use the following formula:</u>

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Direct material quantity variance= (2*5,000 - 10,310)*7

Direct material quantity variance= $2,170 unfavorable

4 0
2 years ago
Ann is a teacher who became interested in helping adults in some of the poorer neighborhoods learn how to read. She plans to sta
garik1379 [7]

Answer:

correct answer is nonprofit organization

Explanation:

  • The nonprofit organization primarily represents organizations based on scientific, educational, research and religious concerns.
  • The nonprofit organization represents voluntary and association type organizations that do not pay income tax.
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5 0
3 years ago
10 percent decrease in consumer incomes leads to a 20 percent decrease in the quantity demanded of good D. Instructions: Round y
Katyanochek1 [597]

Answer:

Income elasticity = 2

Normal good

Explanation:

Below is the given values:

Percentage decrease in consumers income = 10%

Percentage decrease in quantity demanded = 20%

Use the below formula to find the income elasticity:

Income elasticity = % change in quantity demanded / % in income

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Income elasticity = 2

Since the elasticity is 2 that means good is normal good.

4 0
3 years ago
Correct way to put on body harness?
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There are video tutorials online. It might be a lot easier to understand it if you see it, rather than read it. Hope this helps! :)

7 0
3 years ago
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