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attashe74 [19]
4 years ago
11

On April 1, 2012, Allen Company signed a $100,000, one-year, 6 percent note payable. At due date, March 31, 2013, the principal

and interest will be paid. Interest expense and interest receivable should be reported on the income statement (for the year ended December 31, 2012) as ___________.
A) $6,000.
B) $3,000.
C) $4,500
D) $1,500
Business
1 answer:
elena55 [62]4 years ago
3 0

Answer:

C) $4,500.

Explanation:

The interest expense for one year is $6,000 (100,000 * 6%). The Accrual Principle of Accounting requires entities to record expenses in a period in which they are incurred and not when paid. So, we have to record the interest accrued for nine months that is from April to December.

⇒ Interest Expense at Year End = (6,000 / 12) * 9 = $4,500.

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The amount by which government expenditures exceed revenues during a particular year is the:A. public debt.B. budget deficit.C.
slava [35]

Answer:

The correct answer is

B. budget deficit

good luck

4 0
3 years ago
payment history and total debt, together, comprise of 65% of your score. why do you think it’s so high?
Otrada [13]

<u>Solution and Explanation:</u>

Most money related specialists characterize a terrible FICO rating as anything beneath a 600, however, every loan specialist has its own principles while checking on applications. The normal American has a FICO assessment of 687, which helps put the range into viewpoint.  

In the event that you have poor credit, you've presumably had a blend of negative things on your credit report, as missed installments, misconducts, or possibly a chapter 11 or dispossession. You can generally demand a free credit report to make sense of what precisely is keeping your score so low. Truth be told, we prescribe checking your credit report each year.  

Government law permits you access to a free duplicate of every one of your three reports like clockwork, so there's no explanation not to exploit this advantage.

6 0
3 years ago
Which two factors are important to consider when choosing a production method?
Hunter-Best [27]

Answer:

-The technology that is available for the market.

- The nature of the products

Explanation:

Latest technology often able to produce larger amount of products with significantly lower time. This will help reduce the overall cost of production in the long run.   Business owner need to consider this and calculate whether the initial investment that needed to be made to install the technology will worth the value in the long run.

Nature of the products consisted of all  the characteristics that our products process. For example food products tend to not have a long shelf life unlike fashion product. This difference in characteristics influence the type of production method that business owners could implement.

For example, It is impossible for business owners to mass produce produce food products with the expectation that it can maintain their quality in the warehouse, but producer of fashion products could make that expectation.

6 0
3 years ago
Which of the following acts would probably constitute minimum contacts that would allow an Ohio court to serve a Michigan defend
otez555 [7]

Answer:

A) All of the contacts described provide sufficient contacts for in personam jurisdiction.

  • c. The Michigan defendant got into an automobile accident in Ohio.
  • d. The Michigan defendant signed a contract in Ohio with an Ohio business.
  • e. The Michigan defendant sold products in the state of Ohio that injured the purchasers.

Explanation:

In legal terms, in personam (Latin for "directed toward a particular person") means that a court can serve a defendant wherever he/she is.

In this case, a Michigan citizen can be judged in an Ohio court if he/she committed any of the cited actions:

  • participated in a car accident in Ohio
  • signed a contract in Ohio
  • sold products in Ohio

In other words, if you live in any state but are involved in certain events or business transactions in another state, you can be judged by a court of the other state.

4 0
3 years ago
At an open house the listing agent begins giving advice to a prospective buyer regarding how much to offer for the house, withou
lukranit [14]

Answer:

d. The agent has not violated any duties, because she is not performing real estate services for the buyers

Explanation:

Here, at the open house, the agent, without proper introduction and without explaining that she represents the seller, started giving advice to a prospective buyer regarding the amount to offer for the house. By offering advice to the buyer and not disclosing who she represents, the agent is now acting as an undisclosed dual agent, also she has breached the loyalty duties to both parties. The agent is also not acting in accordance with her agency status.

Therefore the incorrect option is option D.) The agent has not violated any duties, because she is not performing real estate services for the buyers

5 0
3 years ago
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