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jeka94
3 years ago
14

Moss County Bank agrees to lend the Ivanhoe Company $365000 on January 1. Ivanhoe Company signs a $365000, 6%, 9-month note. The

entry made by Ivanhoe Company on January 1 to record the proceeds and issuance of the note is
Business
1 answer:
REY [17]3 years ago
6 0

Answer:

Ivanhoe Company on January 1 would record the proceeds and issuance of the note as follows:

Debit Cash $365,000

Credit Notes payable $365,000

<em>(To recognize notes payable to Moss County Bank)</em>

Explanation:

Note payable is a promissory note with a written promise made by the borrower to the lender (payee) to pay a certain, definite sum at a specified date.

Interest expense on the notes is calculated as: Principal x Interest Rate x Time

In this case, the total interest expense to Ivanhoe Company is $365,000 x 6%/12 x 9 months = $16,425.

Monthly interest expense to the Company over the 9-month period is therefore $16,425 / 9 months = $1,825.

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7 0
2 years ago
Chloe and Tamara start a vintage fashion boutique. While both invest equally in the store and are entitled to equal profits, it
WINSTONCH [101]

Answer:

Silent partner.

Explanation:

<u>Chloe is a </u><u>silent partner</u><u> in this vintage fashion boutique.</u> A silent partner or sleeping partner is that <u>who invest</u> in the business and have still<u> shares in the profits and losses </u>of the business, but who is <u>not involved in day-to-day business transactions</u> and in its management and his/her<u> personal property is not at risk</u> in case the business suffers losses as here Chloe and Tamara invested equally but Chloe is not taking part in the management of the business but still shares the profit and loss occurred but her personal property is not at risk<u> in case of firm's insolvency.</u>

3 0
3 years ago
Selected financial data regarding current assets and current liabilities for Queen’s Line, a competitor in the cruise line indus
RSB [31]

Answer:

Current ratio = 0.33 times

Acid test ratio = 0.29 times

Explanation:

• Current ratio

Current ratio = Total current assets ÷ Total current liabilities

= $875 ÷ $2,638

= 0.33 times

• Acid test ratio

Acid test ratio = Quick assets ÷ total current liabilities

Where,

Quick assets = Total current assets - Inventory

= $875 - $116

= $759

Recall total current liabilities = $2,638

Therefore,

Acid test ratio = $759 ÷ $2,638

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8 0
2 years ago
What budget item is NOT easy to lower if your salary is decreased?
zubka84 [21]
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3 0
3 years ago
When a price ceiling is​ imposed, the price system is prohibited from rationing the product in the market in which the ceiling w
padilas [110]

Answer:Queuing, Favoring customers, and ration coupons

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Rationing methods are methods used to control the sale or availability of the product to the consumer.

Queuing is rationing method which is based on the first come first serve, everyone is served According to the time he or she comes or signify interest.

Favouring Customers is.anotjer rationing technique it gives certain Customers some prevelegd based on some conditions.

Ration coupon is used to specify which Quantity can be issued to a customer at a given time.

7 0
2 years ago
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