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
Y_Kistochka [10]
3 years ago
10

On January 1, 2019, Brooks, Inc., borrows $90,000 from a bank to purchase machinery. Brooks signs a 5 percent installment note r

equiring four annual payments of principal plus interest.
Required:
Complete the necessary journal entry
Business
1 answer:
klasskru [66]3 years ago
7 0

Answer:

A Journal entry for Brooks Incorporation on January 1, 2019 which is shown below

Explanation:

Solution

Given that:

           JOURNAL ENTRY FOR BROOKS INCORPORATION

Date               General Journal Debit Credit

Jan 01 2019                Cash        90000

                               Notes Payable          90000

Thus

A Journal entry was recorded for Brooks Incorporation.

Here, the cash of $90,000 was recorded at the debit side of the Journal.

While the notes payable of $90,000 was also recorded on the credit side

You might be interested in
Electronic communication:_____.
otez555 [7]
E. You can send a presentation via email instead of having to fly to a customer.
5 0
3 years ago
PrimeFlix sells one-year online subscriptions for viewing classic movies. Customers are required to pay for the subscription at
LUCKY_DIMON [66]

Answer:

$3,000

Explanation:

Given that,

On April 1, 2021, total sales of one-year subscriptions = $12,000

Total number of months for which subscription is received = 12 months

Months Relating to year 2022 for which subscription received on 1 April 2021:

= From January 1, 2022 to March 31, 2022

= 3 Months

Deferred revenue is for the three months.

Therefore, the adjusted balance of Deferred Revenue on December 31, 2021 is as follows:

= Amount of subscriptions received × Time period

= $12,000 × (3 ÷ 12)

= $3,000

5 0
3 years ago
Gertrude takes out a $5,500 subsidized Stafford loan, which must be paid back in ten years. Gertrude will graduate four years af
Sergio [31]

$2,095.30 interest will she pay by the time the loan is repaid

Solution:

The $5,500 guaranteed Stafford loan is taken from Gertrude.

The loan has a monthly compounding interest rate of 6.8 percent.

Price current= $5,500.

Present Value = $5,500

Time period = 10 years

So , N = 10 x 12 = 120 months.

Interest rate, R = 6.8/1200 = 0.005666667

PV = Pmt * [1 - (1+R)^(-N)]/(R)

5500 = Pmt * [1 - (1+0.005666667)^(-120)]/(0.005666667)

Pmt = $63.29418157

She got full refund. = 63.29418157 x 120 = $7,595.30

Interest paid = Total repayment - Loan Principal

                      = $7,595.30 - $5,500

                      = $2,095.30

7 0
3 years ago
According to CEO Heidi Ganahl, Camp Bow Wow requires a strong and consistent corporate culture to keep all local franchise owner
geniusboy [140]

Answer:

The correct answer is letter "A": are inflexible and incapable of adapting to environmental change.

Explanation:

Strong consistent cultures are characterized by having endured during long periods of history. Their success in enduring relies on certain strict behaviors and rules adopted by their followers. At the same time, one of the features of these cultures is that they are reluctant to change or to adopt new trends to their way of living.

4 0
3 years ago
If the money supply is growing at a rate of 1010 percent per​ year, real GDP​ (real output) is growing at a rate of 11 percent p
Nat2105 [25]

Answer:

The correct answer is 999%

Explanation:

We will use the Quantity Theory of Money to solve this simple question.

The Quantity Theory of Money equation is equal to:

ΔM X V = ΔP X ΔY

Where:

  • ΔM = Change in Money supply
  • V = Velocity, which does not change, because it is assumed to be constant
  • ΔP = Change in prices, or inflation
  • ΔY = Change in output or GDP

According to this theory, inflation is equal to:

ΔP = ΔM + V - ΔY

Replacing...

ΔP = 1010% + 0 - 11%

ΔP = 999%

So the price change, or inflation rate is 999%.

8 0
3 years ago
Other questions:
  • 50 POINTS!!!
    15·2 answers
  • If input prices for a perfectly competitive industry remain constant as the output of the industry expands in the long run, the
    10·1 answer
  • Budget information for college athletic programs show that the programs could not exist with receive a significant amount of mon
    9·1 answer
  • Which of the following is NOT one of the RESULTS of mass production? A) lower prices B)Product standardization C) increased trad
    6·1 answer
  • Rework problem 3 in section 1 of Chapter 7 of your textbook, about the Natural Fertilizer Company, using the following data. Ass
    8·1 answer
  • Alter the Solow growth model so that the production technology is given by Y = zK, where Y is output, K is capital, and z is tot
    15·1 answer
  • "7 out of 10 dentists recommend brand x toothpaste". this finding is based on the results of a survey of 10 randomly selected de
    5·1 answer
  • Gunslinger Company is considering the purchase of pipe cutting equipment. Data on the equipment are as follows: Original Investm
    15·1 answer
  • A flour manufacturer is more likely to use process costing than job-order costing whereas a manufacturer of customized leather j
    15·1 answer
  • When preparing a presentation, you want to learn about the audience so that you can tailor your message accordingly. What factor
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!