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mel-nik [20]
3 years ago
12

On december 1, 2016, escobar consulting, which uses a calendar year as its fiscal year, signs a $4,000, 12%, four-month note pay

able. journalize the entry to record the payment of the note and entire interest on april 1, 2017.
Business
1 answer:
loris [4]3 years ago
7 0
The journal entry to record the payment of the note and entire interest on april 1, 2017 is as follows; Debit Notes Payable $4,000, Debit Interest Expense 120, Debit Interest Payable 40, <span>Credit Cash $4,160.

April 1,2017
       Notes payable     $4,000
       Interest expense    $120
       Interest payable       $40
                       Cash                  $4,160</span>
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On october 31, 2009, sky co. borrowed $16 million cash and issued a 7-month, noninterest-bearing note. the loan was made by star
mash [69]

Answer: Sky's effective interest rate on this loan is 8.39%.

In this question, we assume that interest is compounded annually.

Since Sky issues a non-interest bearing note, Star Finance will deduct 7 months' interest at 8% on the Face Value of the loan and pay the rest as principal to Sky.

Face value of the note            $16 million

Discount Rate p.a                        8%  

Tenure of the note                    7 months

Discount on Note = Face Value * Discount Rate * \frac{Tenure in months}{Months in a year}

Discount on Note = 16 * 0.08 * \frac{7}{12}

Discount on Note = 0.746666667million

[tex]Loan Amount received by Sky = Face Value - Discount on note[/tex]

Loan Amount received by Sky = 16 - 0.746666667

Loan Amount received by Sky = 15.25333333 million

So, Sky pays an interest of 0.746666667 on a sum of 15.25333333  for 7 months. This works out to a seven month interest of:

Seven month Interest Rate = \frac{Interest}{Loan amount}

Seven month Interest Rate = \frac{0.746666667}{15.25333333}

Seven month Interest Rate = 0.048951049

From this we can work out the effective interest rate for Sky as follows:

Sky's Effective Interest Rate = Seven month interest rate * \frac{12}{7}

Sky's Effective Interest Rate = 0.048951049* \frac{12}{7}

Sky's Effective Interest Rate = 0.083916084

4 0
3 years ago
Overall, the most effective and efficient analgesics are
Marianna [84]
Overall, the most effective and efficient analgesics are the narcotics. Narcotics are analgesic compounds that have  sleep-inducing properties.They are referred to as opiates and opioid analgesics, because of their opatic property. Narcotics result in p<span>ain relief, narcosis  and addiction (physical dependence on the drug).</span>
8 0
3 years ago
Three years ago, you invested $2,750. Today, it is worth $3,500. What rate of interest did you earn?
Ket [755]

Answer:

Rate of interest is 8.37%

Explanation:

Future Value = PV(1+r)^{3}

3,500 = 2750 (1+r)^{3}

\frac{3500}{2750} = (1+r)^{3}

\sqrt[3]{\frac{3500}{2750}} = \sqrt[3]{(1+r)^{3}}

1.0837 = 1+r

r = 1.0837 - 1

r = 0.0837

r = 8.37%

Check:

3500 = 2750 (1+0.0837)^{3}

3500 = 3500

6 0
3 years ago
Sammy created a new logo for his client to use on the company website and office stationery. However, the logo became a blur whe
pychu [463]

Answer:

Sammy needs to use a program and design the ad using density independent pixels.

Explanation:

Based on the scenario being described within the question it can be said that in the future Sammy needs to use a program and design the ad using density independent pixels. This will allow the design to correctly scale up and down by adding the correct ration or pixels needed so that the image is always as clear as originally intended. This will prevent such scenarios as this one.

7 0
3 years ago
Dre works as an executive in a large cooperation. He believes he is much more ethical and competent than the other executives in
Yuri [45]

Answer:

A) illustrate self-serving bias.

Explanation:

According to my research on studies conducted by various psychologists, I can say that based on the information provided within the question Dre's beliefs are an illustration of a self-serving bias. This is people's tendency to attribute positive events to their own character but attribute negative events to external factors. Which is what Dre is exhibiting by attributing positive traits such as ethicality and competence to himself.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

7 0
3 years ago
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