1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Contact [7]
3 years ago
14

g On July 1, Alton Co. issued an $60,500, 10%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends

July 31. Using a 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? When required, round your answer to the nearest dollar.
Business
1 answer:
irakobra [83]3 years ago
8 0

Answer:

The interest expense is $521  

Explanation:

The amount of interest expense for the fiscal year is the interest expense of 31 days which ,in other words the interest incurred only in the month of July ,calculated thus:

interest expense=days in the month/360days*interest rate*loan amount

interest expense=31/360*10%*$60,500=$ 521  

The interest expense for the current fiscal year rounded to the nearest dollar amount is $ 521  

You might be interested in
On January 1, 2019, Oriole Company purchased the following two machines for use in its production process.
ivolga24 [154]

Answer and Explanation:

The journal entries are shown below:

1  Equipment   $53,420

     To Cash  $53,420

(Being the equipment is purchased for cash is recorded)

The computation is given below:

= Cash price of machine + sales tax + shipping cost + insurance during shipping + installation and testing cost

= $49,500 + $3,650 + $100 + $60 + $110

=  $53,420

2. Depreciation expense $9,614

      To Accumulated Depreciation - Equipment  $9,614

(Being the depreciation expense is recorded)

The computation is shown below:

= ($53,420 - $5,350) ÷ ( 5 years)

= $9,614

6 0
3 years ago
Melinda's job consists of greeting visitors at the front desk of an architectural firm. Sometimes she finds herself with little
pickupchik [31]
This is a funny question!
a. texting her mother at home
7 0
3 years ago
Read 2 more answers
Ginger and Maryann are lost in the jungle, where the only things to eat are mangoes and fish. Ginger can gather mangoes faster t
Lyrx [107]

Answer:

C. Maryann should specialize in the activity for which she has a comparative advantage.

Explanation: Being able to produce goods by using fewer resources, at a lower opportunity cost is comparative advantage. Maryann should specialize in the activity where she has this.

5 0
3 years ago
When deleting a check all of the following is true except: Multiple Choice It is better to delete the check than void the check
schepotkina [342]

Answer: It is better to delete the check than void the check in order to erase all records of the transaction

Explanation:

When a check is deleted, it should be noted that such check is being removed entirely from the system and also the transaction of the check will no longer be visible anywhere in the system.

Voiding a check mean that the amount of the transaction on the check will be changed to zero but it should be ited that a record of such transaction will still be kept in QuickBooks but deleting it will help remove the transaction in QuickBooks.

When a check is voided, the check details like the check number, account, payee, memo and date will be unchanged, even though the amount will change to zero.

Therefore, the option that says that it is better to delete the check than void the check in order to erase all records of the transaction isn't true.

4 0
3 years ago
Worker productivity is one of the most important factors that help determine the performance of an economy. Which definition bes
Papessa [141]

Productivity of a worker is measured by how much is produced at a given time.

<h3>What is worker productivity?</h3>

It measures the amount of output produced at a given work interval.

The quantity of goods and services produced per a given time measures a worker productivity.

Therefore, productivity of a worker is measured by how much is produced at a given time.

Learn more on productivity here,

brainly.com/question/1151291

7 0
2 years ago
Other questions:
  • Located predominately in Europe, stores called ________ are based on the concept of one-stop shopping for consumers. Such retail
    15·1 answer
  • What's the percentage of Americans living pay check to paycheck
    13·1 answer
  • Which of the following journal entries is recorded correctly and in the standard format?
    15·1 answer
  • Liquor stores in Tennessee lobby the state legislature, asking that wine shipments from out-of-state be made illegal. They argue
    11·1 answer
  • H&amp;R Block launched a $100 million marketing campaign to parlay the company's intimate knowledge of 20 million customers' fin
    8·1 answer
  • Which of the following terms refers to the process individuals or groups go through to​ select, purchase,​ use, and dispose of​
    7·1 answer
  • Where do most banks get the text to explain their calculations of interest?
    10·1 answer
  • Please subscribe to my mom channel please<br><br>I need 100 subscribe​
    10·1 answer
  • Hospitals, colleges and universities, and museums fall into the ______ category of business customers. reseller market governmen
    5·1 answer
  • A symmetric, bell-shaped frequency distribution that is completely defined by its mean and standard deviation is the _____ distr
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!