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uranmaximum [27]
3 years ago
9

On January 1, Year 1, Duffy Enterprises issued $100,000 in bonds that mature in 10 years. The bonds were issue at face value. Th

e bonds have a stated interest rate of 8% and pay interest once per year on December 31. What is the amount of interest expense recorded on December 31, Year 1?
Business
1 answer:
hichkok12 [17]3 years ago
6 0

Answer:

The amount of interest expense which is to be recorded as on December 31, Year 1 is $8,000

Explanation:

Interest expense is the expense which is incurred or happen through an entity for the borrowed funds. It is the non-operating expense that shows or stated on the income statement.

The amount of interest expense which is to be recorded as on December 31, Year 1 is computed as:

Interest expense = Issued amount of bonds × Interest rate

where

Issued amount of bonds is $100,000

Interest rate is 8%

So, putting the values above:

Interest expense = $100,000 × 8%

Interest expense = $8,000

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Following is the income statement information from Apollo Medical Devices.
Llana [10]

Answer:

$ in thousands) 2020

Net sales $4,163,770

Cost of sales before special charges 1,382,235

Special inventory obsolescence charge 27,876

Total cost of sales 1,410,111

Gross profit 2,753,659

Selling, general and admin expense 1,570,667

Research and development expense 531,086

Explanation:

3 0
3 years ago
Write about your last week ( over 50 words)​
Ivenika [448]
So last week, my cousin turned 17 on Thursday, June 25th. I know ironic the same day Michael Jackson died. So I go to her house for a little get together with some of her friends. Now I am pretty antisocial and spent the party alone most of the time eating food. Anyways, I also started my Harvard summer classes last week for biology, it’s a lot of work but worth it in the end.
6 0
3 years ago
Read 2 more answers
1. Compute a single plantwide overhead rate for the year, assuming that the company assigns overhead based on 125,000 budgeted d
melamori03 [73]

Answer:

a. $17.44 per hour

b. $43,600 ; $104,640

Explanation:

The computation is shown below:

a. Single plantwide overhead rate equals to

= Total Overhead Amount ÷ Budgeted Direct Labor Hours

where,

Total overhead amount is

= $625,000 + $900,000 + $105,000 + $175,000 + $300,000 + $75,000

= $2,180,000

And, the budgeted direct labor hours is 125,000

So, the overhead rate is

= $2,180,000 ÷ 125,000

= $17.44 per hour

2. Now the overhead cost is

For Deluxe model

= 2,500 direct labor hours × $17.44 per hour

= $43,600

For basic model

= 6,000 direct labor hours × $17.44 per hour

= $104,640

7 0
3 years ago
Tuller wants to start a commercial trucking business and also wants to form his own limited liability company (LLC). Tuller, as
sweet-ann [11.9K]

Answer:

d, all states, as no state requires at least two members to create an LLC

Explanation:

The requisite of two members to create an LLC was removed from all states in the USA. Now, all states allow a single-member LLC. Massachussets was the last one to eliminate that requisite in 2003.

Maybe this change in laws was because owners cheated on that requisite by placing as the two members (owners) a man and his wife, or a woman and her husband, or some other person (in direct relation with the owner) which was just placing the name but the company actually belonged to only one member.

4 0
3 years ago
Matthew decides to buy expensive designer jeans. Less expensive jeans are available, but the added cost of the designer brand is
kicyunya [14]

Matthew decides to buy expensive designer jeans. Less expensive jeans are available, but the added cost of the designer brand is worth it to Matthew most likely because His preference is for designer labels, since the assertions made by the other manufacturers, which claim that designer trousers are less expensive, are illogical. This is further explained below.

<h3>What is the cost?</h3>

Generally, payment is required before it can be obtained or completed.

In conclusion, Affluent designer jeans are Matthew's choice. There are cheaper jeans out there, but Matthew most certainly prefers designer labels since the arguments of the other manufacturers, who say that designer pants are less costly, are irrational.

Read more about cost

brainly.com/question/15135554

#SPJ1

5 0
2 years ago
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