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
ollegr [7]
3 years ago
11

Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The te

rms provide for annual installment payments of $130,196. Prepare the entry to record the mortgage loan on December 31, 2019, and the first installment payment on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Business
1 answer:
9966 [12]3 years ago
6 0

Answer:

For mortgage loan:

Dr cash      $800,000

Cr mortgage payable     $800,000

Repayment of $130,196

Dr interest expense  $80,000

Dr mortgage payable $50,196

Cr cash                                          $130,196

Explanation:

The repayment of $130,196 comprises of both principal repayment and interest payment.

Interest payment=mortgage amount*rate of interest

mortgage amount is $800,000

rate of interest is 10%

interest payment=$800,000*10%=$80,000

Principal repayment=$130,196-$80,000=$50,196

You might be interested in
Match the job titles with the career clusters
Lerok [7]

<u>Business Management and Administration</u>: general manager and executive secretary

<u>Finance</u>: accountant, loan officer

<u>Marketing, sales, and service</u>: survey researcher and purchasing agent

<u>Transportation, distribution, and Logistics</u>: storage and distribution manager and cargo and freight attendant

7 0
3 years ago
Read 2 more answers
What does the price elasticity of supply measure? Click or tap a choice to answer the question. how income affects spending the
Zolol [24]

You didn't put all the alternatives, but I understand economics and I know exactly that concept.

Supply price elasticity measures how price changes impact the supply of goods and services. If the elasticity of supply is elastic, it means that supply is very sensitive to price changes. If the price goes down even slightly, the supply of goods will fall sharply. If the price increases, even if little, the offer will increase much. Conversely, if supply is inelastic, price changes will have little effect on supply for the good. If the price goes down, there will be little impact on the supply of the good. If the price increases, there will also be little impact on supply.

4 0
3 years ago
What is the name of the experimental task in which an infant interacts with an adult who first engages in normal social interact
Komok [63]

The still-face interaction paradigm

<span>An experimental task was introduced in 1978 to prove that infants actively contribute to social interaction. It is called the Still-Face Paradigm or SFP.</span>

<span>In the experiment,  3 phases of face-to-face interaction of infants with an adult were tested:  the normal interaction, the still-face (where the adult becomes unresponsive and maintains a neutral facial expression), and a reunion where the adult resumes normal interaction.</span>

<span>Indeed, the still-face paradigm showed effects like increased gaze aversion and less smiling. </span>

4 0
3 years ago
Blossom Company's accounting records show the following for the year ending on December 31, 2017.
LuckyWell [14K]

Answer:  $678,220

Explanation:

Given that,

Purchase Discounts = $ 11,000

Freight-in = $15,300

Purchases = $689,020

Beginning Inventory = $55,000

Ending Inventory = $45,600

Purchase Returns and Allowances = $15,100

Cost of goods purchased:

= Purchases + Freight in - Purchase discounts - Purchase returns and allowances

= $689,020  + $15,300  - $ 11,000  -  $15,100

= $678,220

4 0
3 years ago
Eric works at an electronics store in a mall. Eric doesn't like to work hard, and it costs him $100 to do so. Eric's employer ca
SCORPION-xisa [38]

Answer: work hard; $65; less; $85

Explanation:

The following can be deduced from the question:

The Expected profit from working hard will be:

= (90% × $200) + (10% × $50)

= (0.9 × $200) + (0.1 × $50)

= $180 + $5

= $185

Then, the profit will be the difference between revenue and coat which will be:

= $185 - $100

= $85

Then, the expected profit from shirking will be:

= (90% × $50) + (10% × $200)

= (0.90 × $50) + (0.10 × $200)

= $45 + $20

= $65

Then, the profit will be:

= $65 - $0

= $65

Eric will (work hard) because the net gain of ($65) from shirking is (less) than the net gain of ($85) from working hard.

7 0
3 years ago
Other questions:
  • Paparo Corporation has provided the following data from its activity-based costing system:
    13·1 answer
  • An independent gas station sits beside a busy highway. Half of its customers are travelers passing through the area. On a sign i
    11·2 answers
  • The local government uses property taxes to pay for goods and services in the community. true or false
    12·2 answers
  • Corporation had 200,000 shares of common stock outstanding during the current year. There were also fully vested options for 10,
    6·1 answer
  • There is a 15 percent probability the economy will boom; otherwise, it will be normal. Stock G should return 15 percent in a boo
    5·1 answer
  • Sound Financials Corporation sends daily e-mail ads to its previous customers and those who have opted to receive the notices. I
    11·1 answer
  • In its first year of operations, Woodmount Corporation reported pretax accounting income of $500 million for the current year. D
    15·1 answer
  • On January 2, Cohan Company acquired 37% of the outstanding stock of Sanger Company for $715,500. For the year ended December 31
    7·1 answer
  • Mill Co. uses a batch processing method to process its sales transactions. Data on Mill's sales transaction tape are electronica
    12·1 answer
  • Drag the tiles to the correct boxes to complete the pairs.
    7·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!