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nata0808 [166]
3 years ago
12

Q 10.25: Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1st. Givens Brick Company signs a $600,000,

8%, 9-month note. Assuming that interest has already been accrued to September 30th, what entry will Givens Brick Company make to pay off the note and interest at maturity
Business
1 answer:
Shtirlitz [24]3 years ago
7 0

Answer:

Entry is given below

Explanation:

As Givens brick company is paying off the liability of note payable and the interest amount therefore, it will be debited as it is a decrease in liability. Cash will be credited as it is our asset and its decreasing.

Entry                      DEBIT          CREDIT

Notes payable     $600,000

Interest                 $36,000(w)

Cash                                           $636,000

Working

Interest = $600,000 x 8% x9/12

Interest = $36,000

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Jason and Ed have a business idea that they plan to commercialize. They approach an independent investor to raise funds for thei
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Answer:

The answer is "venture capitalist".

Explanation:

The venture capitalists are a private equity adequate time and resources equity to companies with a high potential for growth in exchange for an equity stake. This might finance new companies or support local businesses that want to expand but don't have access to equity markets. It aims to generate returns to individual liability thru the financing of innovations and through the assistance of businesses.

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3 years ago
You are a professional financial analyst that is employed to help evaluate possible merger and acquisition candidates. You have
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Answer:

Explanation:

Below are some of the financial ratios he should consider:

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3 years ago
A 60-year old retiree is in a very low tax bracket. He has a low risk tolerance and wishes to make an investment that will provi
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Complete Question:

A 60-year old retiree is in a very low tax bracket. He has a low risk tolerance and wishes to make an investment that will provide income. Which is the BEST recommendation?

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3 years ago
The transactions of Spade Company appear below.
s2008m [1.1K]

Answer:

Entries are given

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

                                            DEBIT           CREDIT

A. Kacy Spade, owner, invested cash in the company

Common stock                   14250

Cash                                                           14250

B. The company purchased office supplies

Office supplies                      413

Cash                                                              413

C.The company purchased office equipment on credit

Office equipment                 7880

Payables                                                      7880

D.The company received $1,681 in cash

Cash                                       1681

Fees earned                                                 1681

E. The company paid $7,880 cash to settle the payable

Payables                                7880

Cash                                                              7880

F. The company billed a customer $3,021 as fees

Receivable                              3021

fees earned                                                   3021

G. The company paid $520 cash for the monthly rent.

Rental expense                        520

Cash                                                               520

H. The company collected $1,269 cash as partial payment

Cash                                         1269

Receivables                                                    1269

I. The company paid a $1,000 cash dividend to the owner

Retained earnings                  1000

Cash                                                                 1000

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