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NISA [10]
3 years ago
7

On August 1, 2020, a company borrowed cash and signed a one-year interest-bearing note on which both the face value and interest

are payable on August 1, 2021. How will the note payable and the related interest be classified in the December 31, 2020, balance sheet?
Note Payable Interest Payable
1. Noncurrent liability Current liability
2. Current liability Current liability
3. Noncurrent liability Not shown
4. Current liability Noncurrent liability
Business
1 answer:
erik [133]3 years ago
5 0

Answer:

Current Liability are those liability that are to be repaid within a short period of time, usually within a year. Example Accounts Payable.

Non Current Liability is that liability that is to be repaid in a long period of time, example Bonds Payable.

Notes Payable will be paid on 1 Aug 2021, which is 7 months after 31 Dec 2020 (within a year) and hence will be classified as Current Liability.

Interest Payable is also a current liability.

Correct Answer: Option #2

Notes Payable – Current Liability

Interest Payable – Current Liability

Explanation:

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Klumper Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the
Reika [66]

Answer:

Instructions are below.

Explanation:

<u>We were provided with the activity rates. To calculate the total cost, first, we need to allocate overhead to both product lines:</u>

<u></u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Product K425:

Allocated MOH= (6*80) + (4*100) + (50*1) + (90*1) + (14*1) + (9*80)

Allocated MOH= $1,754

Product M67:

Allocated MOH= (6*500) + (4*1,500) + (50*4) + (90*4) + (14*10) + (9*500)

Allocated MOH= $14,200

<u>Now, we can calculate the unitary cost:</u>

Product K425:

Unitary cost= 13 + 5.6 + (1,754/200)

Unitary cost= $27.37

Product M67:

Unitary cost= 56 + 3.5 + (14,200/2,000)

Unitary cost= $66.6

7 0
3 years ago
Town A, in one hour, can produce either 4 hotdog buns, or 10 sausages. Town B, in one hour, can produce either 8 hotdog buns, or
katrin [286]

Answer:

The answer is 27 hours

Explanation:

Solution

The Comparative advantage depends on  production of the lower opportunity cost

The opportunity cost of a production is =maximum production of other good /maximum production of the good

Now,

The opportunity cost of hot dog bun for town A =10/4=2.5

Thus,

The opportunity cost of hot dog bun for town B=6/10=0.6

So,

The  town B has a comparative advantage in hot dog buns and A in sausages

Town A will produce-only sausages and it will take the time of  

time in hours =total required a quantity of the good /number of products in an hour

Now,

The time for Town A for sausages=120/10=12 hours

The time for Town B for hot dog buns=120/8=15 hours

Therefore, The total time =12+15=27 hours.

6 0
3 years ago
How did IT help the company solve that problem?
Vikentia [17]

Answer:

IT helps society and determines how people interact with each other on a daily basisIt enables you to identify problems quicker and easier and helps you better analyze a complex problem. Technology students are especially encouraged to be innovative and to want to improve a current situation by encountering and solving problems, in an advanced way.

Explanation:

IT means Information Technology

#HOPE IT HELPED#

8 0
2 years ago
​Lucy needs to buy a new laptop for her business, and she buys a particular brand even though it does not support the software t
yan [13]

Answer:

Bounded rationality.

Explanation:

Bounded rationality is the possibility that in decision-making, rationality of people is restricted by the data they have, the subjective impediments of their psyches, and the limited measure of time they need to settle on a decision.

7 0
3 years ago
The demand for textbooks is Q = 200 – P + 25 U – 50 P beer. Assume that the unemployment rate U is 8 and the price of beer P bee
Readme [11.4K]

Answer: -0.5

Explanation:

Based on the information given, the price elasticity of demand will be calculated as follows:

= dQ/dP × P/Q

where,

dQ/dP = -1

P = 100

Q = 200 – P + 25 U – 50 P beer

Q = 200 - 100 + 25(8) - 50(2)

Q = 200 - 100 + 200 - 100

Q = 200

Therefore, dQ/dP × P/Q

= -1 × (100/200)

= -1 × 1/2

= -1 × 0.5

= -0.5

The price elasticity of demand is -0.5.

4 0
3 years ago
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