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Novosadov [1.4K]
3 years ago
11

On June 1, Carla Vista Co. Ltd. borrows $108,000 from Acme Bank on a 6-month, $108,000, 4% note. The note matures on December 1.

Business
1 answer:
evablogger [386]3 years ago
5 0

Answer:

a) Journal entry

Date        Account and explanation      Debit       Credit

June 1                Cash                             $108,000  

                    Notes payable                                      $108,000

b) Adjusting entry

Date        Account and explanation      Debit       Credit

June 30      Interest expense                    $360

                    (108,000*4%*1/12)

                   Interest payable                                    $360

c) Journal entry  

Date        Account and explanation      Debit       Credit

Dec 10        Notes payable                   $108,000  

                  Interest payable (360*6)      $2,160  

                        Cash                                                  $110,160

d)  Total (interest expenses)

Interest payable = $360 * 6

= $2160

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Answer:

Percent tax = 45%

Explanation:

Given:

Amount of tax charged = $1,152

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Computation:

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6 0
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5 0
3 years ago
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According to my research on the studies conducted by Psychologist Frederick Irving Herzberg, I can say that the factors being described in the question are "hygiene" factors. Herzberg even named his theory the motivator-hygiene theory, also known as the two-factor theory of job satisfaction.

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7 0
2 years ago
On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $57,000. Alan made the appropriate year-end
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