Answer:
1. Debit Interest Expense $7,000; debit Notes Payable $7,238; credit Cash $14,238.
Explanation:
The journal entry is shown below:
Note payable A/c Dr $7,238
Interest expense A/c Dr $7,000
To Cash A/c $14,238
(Being the first payment on the note is recorded)
The computation of the interest expense is shown below:
= Borrowed amount × rate of interest
= $100,000 × 7%
= $7,000
And, the remaining balance left is reported in the note payable account
The total amount accrued, principal plus interest at a rate of 9% per year compounded 1 times per year over 12 years is $1,996,992.00.
<h3>Compound Interest</h3>
Given Data
A = P + I where
P (principal) = $710,000.00
I (interest) = $1,286,992.00
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 9/100
r = 0.09 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 710,000.00(1 + 0.09/1)(1)(12)
A = 710,000.00(1 + 0.09)(12)
A = $1,996,992.00
Learn more about Compound Interest here:
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Answer:
A. 19,800
B. Check answer
Explanation:
In this question, we are asked to calculate or find out two things
Tax payable on $450,000 if they does not incorporate the sole proprietorship and file joint is 108,879.
If they incorporate sole proprietorship and shift $250,000 to it, on balance $200,000 taxable income they pay $36,579 on their individual return and on $250,000 business income at 21% tax payable is $52,500. Thus, total tax payable is $89,079.
By shifting $250,000 income to corporate, they are saving $19,800 in taxes.
b
Their marginal tax rate is 22% once their income crosses $77,400. It is beneficial if they keep $77,400 taxable in their hands and the balance $372,600 in the hands of the corporate at 21%.
Answer:
The RR may change the account number on the order ticket to correct number if the branch manager so agrees and provides in written.
Explanation:
In the given case, we know that when the customer buys shares he provides all the details as Name, Address, Contact Details, mail id, etc:
Now when the account number do not match as to the original of the customer, she the registered representative shall confirm to the original information and if the customer is same the details if any which are not correct shall be changed in records if the branch manager so agree.
As this is beneficial to the both the branch manager and the customer.
<span>In
the technological sector a new product start its live as a prototype, then the
enterprise use various consumer test panel to see the reaction of the
potential costumers in real time environments
and check how the prototype behaves. With the information gathered
from the costumers tests panels the company can make adjustments
<span>improve the prototype
based on the feedback of the people that actually used it and release
a better final version of the product.</span></span>
