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elena-14-01-66 [18.8K]
3 years ago
8

On January 1, 2020, Ann Price loaned $212355 to Joe Kiger. A zero-interest-bearing note (face amount, $275000) was exchanged sol

ely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2022. The prevailing rate of interest for a loan of this type is 9%. The present value of $275000 at 9% for three years is $212355.
What amount of interest income should Ms. Price recognize in 2020?
Business
1 answer:
Evgesh-ka [11]3 years ago
3 0

Answer:

$19,112

Explanation:

Data provided as per the question below:

Price loaned = $212,355

Rate of percentage = 9%

The computation of interest income is shown below:-

Interest income = Price loaned × Rate of percentage

= $212,355 × 9%

= $19,112

Therefore for computing the interest income we simply multiply the price loaned with rate of percentage.

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Explanation:

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3 years ago
Roger remembers from a business class he took years ago in college that there are several business forms to choose from. Each fo
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Answer:

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a) Partnership

b) C Corporation

c) S Corporation

d) Limited Liability Company

e) Limited Liability Partnership

And the correct answer is the option D: Limited Liability Company.

Explanation:

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3 years ago
The Refining Department of Crystal Cane​ Sugar, Inc. had 73 comma 000 tons of sugar to account for in December. Of the 73 comma
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Answer:

67,600 tons

Explanation:

Weighted average costing adds the value of beginning inventory in the period cost to calculate the average cost per unit.

According to this method the equivalent units formula is as follow

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Conversion

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3 years ago
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