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erastova [34]
4 years ago
10

On January 1, 2018, Moonbucks, Inc., received $79,380 and agreed to pay $100,000 in 3 years on December 31, 2020. The market rat

e of interest is 8% compounded annually. For the 2nd year ended December 31, 2019, Interest Expense on this note payable equals _________.
Business
1 answer:
solniwko [45]4 years ago
6 0

Answer:

Explanation:

Interest expense refers to charges paid for borrowing money. It is the money that a lender charges  borrower for borrowing money from him. In the income statement, it represents interest to be paid on borrowings such as bonds, loans, convertible debt or lines of credit. It is calculated as product of the interest rate times the outstanding principal amount of the debt.

Given that:

Moonbooks received $79,380 =  principal amount of debt (P)

The interest rate (r) = 8% annually = 0.08.

Interest expense payable for 2018 (first year) = P × r = $79380 × 0.08 = $6350

For the second year i.e 2019 The principal amount of debt = $79380  + $6360 = $85730

Interest expense payable for 2019 (second year) = P × r = $85730 × 0.08 = $6858

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Leker exchanged real property that was used exclusively for business and had an adjusted tax basis of $20,000 for new real prope
goldfiish [28.3K]

Answer:

$17,000

Explanation:

Leker's Old Property Adjusted Tax Basis = $20,000

To calculate the new basis, subtract the $3000 recieved in cash from the new property.

New Tax Basis; $20,000-$3,000= $17,000

The transaction of Leker to exchange a real property for another led to a loss: Meaning a Property of $20,000 was exchanged for a property of $10,000+ $3,000 (cash)= $13,000

The Loss on the transaction= $20,000- $13,000= $7,000

Due to the loss no gain is recognized and the $3000 will reduce the basis for his new asset.

6 0
3 years ago
In a class of 28 students,18 are in Math Club,15 are in Science Club and 8 are in English Club.There are 10 students in both Mat
ruslelena [56]
18 students belong in two clubs
8 0
3 years ago
Varieties of oligopoly An oligopolistic market structure is distinguished by several characteristics, one of which is either hom
Tresset [83]

Answer:

Market control by a few large firms

Difficult entry

Mutual interdependence

Explanation:

In the case of oligopoly as we know that there are very little large firms and each kind of firm generates the important portion of the total output. So each market have the market control

Also the main reason behind the barrier with regard to new firm entered is the barrier for the few firms. The reasons like patents, large capital needed are some reasons that makes it difficult for entering

In addition to this, they are mutual interdependent. This implies that the one firm action would impact the other firm action and according to this, the price and the level of output would be determined

Hence, the above represent the answer

6 0
3 years ago
True or False.
Lana71 [14]

Answer:

False

Explanation:

Checklists can help when hiring temporary staff and also in confirmation of delivery of goods or commodities ordered. Also, a checklist can help a project manager decide which positions are open or occupied and if the filled positions have the required skills to take on or work within the project.

Cheers.

6 0
3 years ago
what financial institution was tasked with assisting in rebuilding europe after world war ii, but ended up helping third-world c
Masteriza [31]

The financial institution of the World Bank was tasked with helping in the reconstruction of Europe after World War II, but ended up helping third world countries with public sector projects.

The Second World War, also known as World War II and abbreviated as WWII or WW2, was a global conflict that lasted from 1939 to 1945. It involved the vast majority of the world's countries, including all the great powers, forming two opposing armies. alliance: Allies and Axis Powers.

World War II was a total war that directly involved over 100 million people from over 30 countries. The major participants in the war threw all their economic, industrial, and scientific capabilities into the war effort, blurring the distinction between civilian and military resources. The causes of World War II are debated, but contributing factors included the Second Italo-Ethiopian War and the Spanish Civil War.

Learn more about  World War II here

brainly.com/question/1862239

#SPJ4

7 0
1 year ago
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