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Bess [88]
3 years ago
5

Sweet, Inc. issued a $140,000, 4-year, 12% note at face value to Flint Hills Bank on January 1, 2017, and received $140,000 cash

. The note requires annual interest payments each December 31.
Required:
Prepare Coldwell's journal entry record:

a. the issuance of the note
b. the December 31 interest payment.
Business
1 answer:
Lubov Fominskaja [6]3 years ago
8 0

Answer:

The double entry is given below alongwith its explanation

Explanation:

<u>On January 1, 2017</u>, the receipt of money by the issuance of the 12% note would be recorded as increase in liability which would be credited and increase in cash receipt is increase in asset which must be debited. The entry to record the issuance of note is as under:

Dr Cash   $140,000

Cr Loan Note $140,000

<u>On December 31, 2017</u>, the Payment of interest of 12% on note would be recorded as increase in expense which must be debited and decrease in cash due to payment is decrease in asset and it must be credited. The entry to record the payment of interest is as under:

Dr Interest Expense $16,800

Cr Cash Account             $16,800

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Using supply/demand analysis and words, demonstrate what a weakly enforced antiscalping law would likely do to the price of tick
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Full question:

In some states and localities, scalping is against the law although enforcement is spotty

A. Using supply/demand analysis and words, demonstrate what a weakly enforced antiscalping law would likely do to the price of tickets.

B. Using supply/demand analysis and words, demonstrate what a strongly enforced antiscalping law would likely do to the price of tickets

Answer and Explanation:

A. For the first scenario, a weakly enforced antiscalping law would still allow the resale of tickets as it is not enforced properly. Therefore it's effect on price would remain as though there were no laws restricting scalping( scalping: price increase created by artificial shortage and bulk resale of tickets) . See the attached diagram for the supply and demand curve and price increase as a result of a weak antiscalping law

B. For the second scenario, scalping has no effect on price as antiscalping laws are strong and therefore there is no scalping. Price remains the same and does not change.

In diagram A for first scenario price increases from p1 to p2 and quantity decreases from q1 to q2 to indicate increase in price and quantity decrease for shortage respectively. This shows the effect of scalping on the market with weak antiscalping laws

In diagram B, price and quantity remain the same to show strong antiscalping laws

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When starting a small business, it's important to remember:?
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Identify the consequences of having dissatisfied employees and describe ways of applying the four theories of job satisfaction a
goldenfox [79]

Answer:

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Explanation:

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The following are exogenous (not directly affected by income): G = 11 I = 4 X = M = 0 The consumption function is: C = k + cY, w
nikitadnepr [17]

Answer: the answer is 90.0

Explanation:

From the question above, we are given:

G = 11

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C = k + cY

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Y = k + cY + 4 + 11 + 0

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