On the date the note is signed, rhodes should credit Note payable for $5,000.
Note payable is a loan agreement that is put down in written were the borrower agreed to pay the lender the certain amount he or she borrowed from the lender and must be signed by the borrower.
In Note payable the borrower as well will have to pay interest on the amount borrowed or the interest accrued on the amount borrowed on the due date.
The journal entry on the date the note is signed is:
Debit Cash $5,000
Credit Note payable $5,000
(To record note payable)
Inconclusion on the date the note is signed, rhodes should credit Note payable for $5,000.
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Answer:
PV= $114,699.21
Explanation:
Giving the following information:
Annual payment= $10,000
Number of years= 20
Interest rate= 6%
<u>To calculate the present value, we need to use the following formula:</u>
PV= A*{(1/i) - 1/[i*(1 + i)^n]}
A= annual payment
PV= 10,000*{(1/0.06) - 1 / [0.06*(1.06^20)]}
PV= $114,699.21
Buying goods and services not for their intrinsic value but for the purpose of impressing others is called Conspicuous consumption.
What is Conspicuous consumption?
Conspicuous consumption is the act of acquiring things or services specifically with the intention of flaunting one's wealth. When publicly displayed products and services are too expensive for other people in a person's class, conspicuous consumption is a way to demonstrate one's social position. Although it is frequently associated with the wealthy, this type of consumerism can occur in any income class.
Conspicuous consumption is characterized by buying products that are solely intended to serve as symbols of wealth, such as apparel with luxury brand labels, cutting-edge equipment and toys, and automobiles.
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Answer:
The owner's equity amounts to $1,040,000
Explanation:
The formula to compute the owner's equity is as:
Owner's equity = Assets - Liabilities
Where
Assets = Land + Machinery + Cash
= $1,500,000 + $30,000 + $10,000
= $1,500,000 + $40,000
= $1,540,000
Liabilities = Loan
= $500,000
Putting the values above in the formula:
= $1,540,000 - $500,000
= $1,040,000
