Given:
July 1 borrowed money from eight national bank on 8-month, 40,000, 5% note.
Interest and principal is all due on February 28
No journal entries were made.
Recognizing cash and notes payable.
Debit Credit
Cash 40,000
Notes Payable 40,000
Interest on Notes payable
Interest Expense 1,333
Interest Payable 1,333
Recognizing interest owed but not yet paid.
40,000 * 5% * 8/12 = 1,333
On February:
Notes Payable 40,000
Interest Payable 1,333
Cash 41,333
The answer that fits the blank above would be BALANCE SHEET AND INCOME STATEMENT. The balance sheet serves the copy of the liabilities and assets that a company or firm has recorded for a specific period of time. On the other hand, the income statement shows both the profit and loss that the company has. Therefore, it is based on these two that financial managers are able to calculate ratios.
Answer:
exact actual growth rate of your purchasing power was 4.8%
Explanation:
given data
nominal rate of interest = 10%
inflation rate = 5%
solution
we get here exact actual growth rate that is express as
exact actual growth rate = 
..........................1
put here value and we will get
exact actual growth rate = 
exact actual growth rate = 4.8 %
so here exact actual growth rate of your purchasing power was 4.8%
The answer is true because empowerment is a positive thing which leads to a positive outcome.
Answer:
Income statements and or Cash flow statements.
Explanation:
Income statement and Cash flow statements are required.
Income Statement will give us insight about our costs as we maybe recording sales but if the costs and expenses are too high we are unlikely to be making enough gross profits to be able to pay bills.
Cash flow statements are required as sales may be credit and thus reducing working capital for the company, although they may be making profits but if the debts are uncollected they are unlikely to have cash available to be able to make payments.
Hope that helps.
