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SVEN [57.7K]
3 years ago
5

Great Adventures obtains a $30,000 low-interest loan for the company from the city council, which has recently passed an initiat

ive encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31. Record the appropriate journal entry.
Business
1 answer:
Tju [1.3M]3 years ago
7 0

Answer:

The journal entry at the time when great adventures obtains the $30,000 loan is:

Account Title                       Debit            Credit

Cash                                     30,000

Notes Payable                                          30,000

The interest accrued at the end of each month would be:

30,000 * 6% = 1,800/12 = $ 150

Interest entry would be made at the end of each month to record the interest expense.

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3 years ago
XYZ Company makes 400 widgets. The variable costs are $35.60 per unit and fixed costs are $30.00 per unit; however, $21.40 in fi
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Answer:

increase in income  of $80

Explanation:

Prepare an Analysis of Costs and Savings if the Company buys from Outside Supplier.

Note : The  fixed costs per unit at are unavoidable are irrelevant and disregarded in this decision.

<u>Analysis of Costs and Savings</u>

Purchase Price (400 widgets × $44.00)  =    ($17,600)

Savings :

Variable Costs ($35.60 × 400 widgets)   =     $14,240

Fixed Cost ( $8.60 × 400 widgets)           =      $3,440

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Conclusion :

The effect on net income if the company instead buys the widgets is an increase in  income  of $80

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  • It is an intentional form of deception that can have various criminal consequences.
  • There are various kinds of frauds like bank fraud, insurance fraud etc..
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