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Scilla [17]
3 years ago
6

On the first day of the fiscal year, Hawthorne Company obtained an $88,000, 7-year, 5% installment note from Sea Side Bank. The

note requires annual payments of $15, 208, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $4, 400 and principal repayment of $10, 808. The journal entry Hawthorne would record to make the first annual payment due on the note would include a debit to cash for $15, 208 credit to notes payable for $10, 808 debit to interest expense for $4, 400 debit to notes payable for $15, 208
Business
1 answer:
olasank [31]3 years ago
4 0

Answer:

Debit to interest expense for $4, 400

Explanation:

The journal entry is shown below:

Interest expense A/c Dr $4,400

Notes payable A/c Dr $10,808

         To Cash A/c $15,208

(Being the due payment is recorded)

For due payment, we debited the interest expense and the notes payable account and credited the cash account as cash is paid for the first annual payment due on the note

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The graph shows unemployment rates in the United States in recent years.
S_A_V [24]

The correct answer is C. The United States suffered an economic downturn starting in 2009.

Explanation:

The graph shows the percentage of unemployment in the U.S. from 2006 to 2012. In this, you can see the unemployment rate was between 4% and 5% during 2006, 2007 and 2008; however, after this year the rate suddenly increased. Indeed in 2009, the rate was 6% and in 2010 it was 10%, which is evidently higher than in previous years. This situation suggests there was an economic recession or downturn that began in 2009 and continued during the following years, this explains why the number of unemployed people increased as an economical recession usually leads to fewer jobs. Thus, the most accurate statement is "The United States suffered an economic downturn starting in 2009".

6 0
3 years ago
The reason of taxation? ​
elena-14-01-66 [18.8K]

Answer:

The money you pay in taxes goes to many places. In addition to paying the salaries of government workers, your tax dollars also help to support common resources, such as police and firefighters. Tax money helps to ensure the roads you travel on are safe and well-maintained. Taxes fund public libraries and parks.

6 0
3 years ago
Read 2 more answers
Sophia is an architect and she is trying to decide whether to hire Jacob, a draftsman, to assist with her work. Sophia could hir
Brrunno [24]

Answer:

b. Jacob should be hired at the $20 per hour wage rate

<u>Options</u>

a. Sophia should do the drafting work herself because she has the lower opportunity cost

b. Jacob should be hired at the $20 per hour wage rate

c. Sophia should not hire Jacob because it would be faster for her to do the work herself

d. Jacob should be hired, but only if he is paid more than $30 per hour

Explanation:

Sophia cannot fullfil their client request on time without hiring an employee Assuming Jacob is the best possible candidate for Sophie she should consider to hire it as three hours of Jabor will cost 60 dollars while an hour of his work is worth 90 dollars

Thus, making convinient to hire it as there is a profit of 30 dollars.

We should also conider jacob will earn experience over time and this will make it a better employee in the long-run.

4 0
3 years ago
Which of the following statements is true? A) To be more conservative in planning for an individual's retirement, decrease the i
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Answer:

A) To be more conservative in planning for an individual's retirement, decrease the individuals life expectancy.==>TRUE

B) A sensitivity analysis helps the advisor determine the single most effective factor in a retirement plan. ==> FALSE

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8 0
3 years ago
Cragmont has beginning equity of $277,000, net income of $63,000, withdrawals of $25,000 and no additional investments by owners
Andrew [12]
<span>The ending equity is $315,000 This is just a matter of adding income and subtracting withdraws. So let's do it. "Cragmont has beginning equity of $277,000," x = $277000 "net income of $63,000" x = $277000 + $63000 = $340000 "withdrawals of $25,000" x = $340000 - $25000 = $315000</span>
3 0
3 years ago
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