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Stells [14]
3 years ago
9

On November 1, 2018, Quantum Technology, a geothermal energy supplier, borrowed $22 million cash to fund a geological survey. Th

e loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement. Quantum issued a nine-month, 9% promissory note. Interest was payable at maturity. Quantum’s fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Quantum Technology. 2. & 3. Prepare the appropriate adjusting entry for the note by Quantum on December 31, 2018 and journal entry for the payment of the note at maturity.
Business
1 answer:
IgorLugansk [536]3 years ago
3 0

Answer:

<u>when signing the note:</u>

cash    22,000,000

    note payable       22,000,000

<u>accrued interest at december 31th, 2018</u>

interest expense 330,000 debit

     interest payable           330,000 credit

payment of the note:

<u>payment of the note</u>

note payable   22,000,000

interest payable    330,000

interest expense  1,185,000

                  cash                     23,485,000

Explanation:

adjusting entry:

principal x rate x time

22,000,000

rate 9% / 12 = 0.0075

months 2

We must express rate and time in the same metric, in this case, months

22,000,000 x 0.75 x 2 = 330,000 accrued interest

payment of the note:

22,000,000 x 0.75 x 9 = 1,485,000

already accrued                 330,000

interest expense               1,185,000

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A pharmaceutical company in 2016 is researching the market conditions for their newest cold medicine. They pull demographic data
Schach [20]

Answer:

Secondary data technique is not perfect for marketing research

Explanation:

The secondary method is useful, as it is difficult to perform or conduct a new survey. More, importantly using secondary data technique in marketing research is not an ideal method, because the data may be inaccurate or outdated. The pharmaceutical company was performing marketing research, and usually, the availability of new marketing data is challenging to get from secondary sources.

5 0
3 years ago
In general, the better candidates for shortening are: Early tasks opposed to later tasks. Later tasks opposed to early tasks. Bu
Vesnalui [34]

Answer:

Early tasks opposed to later tasks.

Explanation:

Shortening is a strategic procedure used by project managers to reduce or shorten a project's duration by cutting the duration of critical path tasks.

The rationale behind shortening of a project is basically to have a competitive advantage or edge in the market. In order to compete successfully, project managers are always expected to be spontaneous in bringing their company's goods and services to the market in a flash.

There are two important ways of shortening a particular project, these are;

1. Crashing.

2. Task splitting.

In project management, the longest task is considered to be the most effective and efficient candidate activities to shorten a project's duration.

In general, the better candidates for shortening are early tasks opposed to later tasks. The early start of tasks represents one of the primary date used in project scheduling and it's the earliest date a project manager commences an activity, with respect to all its predecessors and successors.

Early tasks usually involves the use of an easy approach to project kickoff while later tasks uses the difficult approach.

8 0
3 years ago
Mike's Motors Corp. manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end. I
Lapatulllka [165]

Answer:

Mike's Motors Corp.

Cash Budget

                                             July             August        September

Beginning balance          $41,000          $30,000          $30,000

Cash receipts                   92,000            118,000           157,000

Total cash available      $133,000         $148,000        $187,000

Cash payments              120,000           106,900           134,400

Interest/Loan repayment                         11,100              6,602

Cash balance                    13,000            30,000            45,998

Cash to borrow                 17,000                      0               0

Minimum cash balance $30,000          $30,000          $30,000

Explanation:

a) Data and Calculations:

Minimum cash balance = $30,000

Interest rate on borrowings = 3% per month

Beginning cash balance = $41,000

Cash Budget

                                           July             August        September

Beginning balance        $41,000          $30,000          $30,000

Cash receipts                 92,000            118,000           157,000

Total cash available    $133,000         $148,000        $187,000

Cash payments            120,000           106,900           134,400

Interest/Loan repayment                         11,100              6,602

Cash balance                  13,000            30,000            45,998

Cash to borrow               17,000                      0               0

Minimum cash balance 30,000            30,000            30,000

Loan repayment:

In August:

Interest is paid =   $510 ($17,000 * 3%)

Loan is repaid = 10,590

Total paid =        $11,100

Balance of loan unpaid = $6,410 ($17,000 - 10,590)

In September:

Interest on loan = $192 ($6,410 * 3%)

Loan repaid =     6,602 ($6,410 + 192)

6 0
2 years ago
Discuss 4 contributing factors that lead to poor service delivery. and corruption​
alex41 [277]

The factors like democracy, poor leadership, lack of communal participation and inefficient strategic management lead to poor service delivery and corruption.

<h3>What is service delivery?</h3>

The process of providing service to the customer or subscriber, by whatever name called, who is being supplied with such services by the provider, is known as a service delivery.

Hence, the significance of service delivery is as aforementioned.

Learn more about service delivery here:

brainly.com/question/1296449

#SPJ1

7 0
1 year ago
Milton Friedman, Karthik Ramanna, and Peter Singer walk into a bar. Unfortunately, itâs not a joke. You are the unlucky bartende
Lilit [14]

Answer:

Consider the following explanation

Explanation:

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Mr.Karthik said that the MNCs are also huge retail shops who must make sure that their production of goods and services are worth opting for. This is actually what business is supposed to do. Unlike the two gentlemen who are busy taking out the judgement on what is right and wrong in business and role it plays in the society, Mr.SInger started to add an important aspect. According to his view the greater role of business today, lies in the fact that it must benefit the society and reap positive externalities.

This is where the Corporate social responsibility comes in. The usage of resources and then replenishing it back into the nature is very very important according to Mr.Singer. He explained why the industries should not be given the liberty to discharge waste anywhere but must be either penalised or made to indulge in the act of social responsibility. With such conclusive thought s all th three agreed on a larger perspective of business.

3 0
3 years ago
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