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
<span>Gross domestic product </span>occurs when the amount of of capital per worker increases. The answer is letter A
Answer:
The Supreme Court ruled that the name Coke was so well known around the world, that it is effectively a common term for the trademarked Coca Cola. If other companies try to use similar terms like Koke for other types of products, e.g. bakery items, there is a risk that the Coca Cola company would be negatively affected by that product's image since consumers might associate Koke directly to Coca Cola.
It doesn't matter if the products were low quality or not, the courts cannot determine that, what matters is that the use of the term may negatively impact another company.
Answer:
0.25 or 25%
Explanation:
The computation of the gross profit rate is shown below:
Gross profit rate = Gross profit ÷ Net sales revenue
where,
Net sales revenue = Sales revenue - Sales Returns and Allowances - Sales Discounts
= $2,000,000 - $250,000 - $50,000
= $1,700,000
And, the Cost of goods sold is $1,275,000
So, the gross profit is
= $1,700,000 - $1,275,000
= $425,000
So, the gross profit rate is
= $425,000 ÷ $1,700,000
= 0.25 or 25%
Answer:
Devil’s advocacy
Explanation:
Devil’s advocacy is a thorough analysis of a preferred alternative to check and test its strengths and weaknesses before being implemented with the purpose of identifying all the faults that might make the preferred alternative unacceptable.
This method helps in determining the dangers of any action taken by an individual or group of persons.
