Consumer protection is the movement to protect the valid interests of consumers and is a major force in small business today
Answer:
1 Cash 11,190,000
Discount on Note Payable 810,000
Note Payable 12,000,000
2- Interest Expense 810,000
Discount on Note Payable 810,000
3- Note Payable 12,000,000
Cash 12,000,000
Explanation:
In order to pass the Journal entry for issuance of Note Payable. First we need to calculate the Discount on issue of Bond Payable. The discount on note payable is calculated using the 12,000,000 x 9% x 9/12 = 810,000. In case of note payable is discount is interest expense for issuer hence on due corporation will pay full value of note to purchaser of note.
B) $70,880..........................
Answer:
$1,280
Explanation:
Given that,
Rent expense = $1,500
Car payment = $400
Cellphone expense = $120
Utilities = $450
Groceries expenses = $250
Entertainment expenses = $200
Jeff receives a paycheck of $2,100 twice per month, the amount received in a month is calculated as follows:
= $2,100 × 2
= $4,200
The amount left after deducting all of the expenses:
= Amount received - Rent expense - Car payment - Cellphone expense - Utilities - Groceries expenses - Entertainment expenses
= $4,200 - $1,500 - $400 - $120 - $450 - $250 - $200
= $1,280
Therefore, he have left over $1,280 for the month.
Answer:
For seller = $196.44
For buyer = $4583.56
Explanation:
Data provided in the question:
Taxes for the year = $4,780
Date of closing = January 16
since the day of closing belongs to the buyer therefore the seller owns the tax for 15 days only
Per day tax = [ Taxes for the year ] ÷ 365
= $4,780 ÷ 365
= $13.095 per day
Hence,
Proration will be
for seller = $13.095 per day × 15 days
= $196.44
For buyer = $4,780 - $196.44
= $4583.56
