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
gregori [183]
3 years ago
14

Montana Furniture Mart sold $120,000 of furniture on June 30 and accepted the customer's $120,000 10% 1-year note payable in exc

hange. Montana Furniture Mart would record ___ for interest on December 31 assuming that 10% approximates the market rate of return.
Business
1 answer:
ICE Princess25 [194]3 years ago
4 0

Answer:

$6,000

Explanation:

Data given in the question

Sale value of the furniture = $120,000

Interest rate = 10%

So by considering the above information, the interest recorded is

= Sale value of the furniture × interest rate × number of months ÷ total number of months in a year

= $120,000 × 10% × 6 months ÷ 12 months

= $6,000

The six months is calculated from June 30 to December 31 and we considered the same for the above calculation

You might be interested in
Which of the following is not a typical adjustment made to the income statement for projection purposes?
ankoles [38]

Answer:

The correct answer is b. Adjusting revenues to only include organic revenue growth.  

Explanation:

One of the quantitative planning techniques is the projection of financial statements or also called pro forma statements.

The applications that can be had among others are the following:

Know how the year will end for tax purposes in terms of income and deductions in order to make decisions before the end of the year.

Another application will be to know the external financing needs for the period you want to know.

The most common and practical method of projecting financial statements is based on sales.

7 0
3 years ago
If monopolistic competitors must expect a process of entry and exit like perfectly competitive firms,.
nikitadnepr [17]

If monopolistic competitors must expect a process of entry and exit like perfectly competitive firms, they will be unable to earn higher-than-normal profits in the long run.

<h3>What is a monopolistic competition?</h3>

A monopolistic competition is an industry characterised by many sellers of differentiated goods and services. A monopolistic competition has characteristics of both a monopoly and a perfect competition. A monopolistic competition sets the price for its goods and services. A monopolistic competition makes economic profit in the long run. An example of monopolistic competition are restaurants

A perfect competition is an industry characterized by many buyers and sellers of identical goods and services. Market prices are set by the forces of demand and supply. In the long run, firms earn zero economic profit due to no barriers to the entry and exit of firms.

Here are the options:

A. they will be unable to earn higher-than-normal profits in the short run. O B. they will wish to cooperate to make decisions about what price to charge.

OC. they will wish to cooperate to make decisions about what quantity to produce.

O D. they will be unable to earn higher-than-normal profits in the long run.

To learn more about monopolistic competition, please check: brainly.com/question/21052250

#SPJ1

6 0
1 year ago
PC​ Bell, a computer manufacturer that sells computer systems directly to​ customers, buys a computer chip for ​$150​, software
Stella [2.4K]

Answer:

The price is $1,540      

Explanation:

The reason is that the profit share is $1,100 and the cost includes computer chip, software and printer which are worth $150, $250 and $40.

The price can be calculated using the following formula:

Price - Cost = Profit

Here profit is $1100 and cost is $440 (150+250+40)

By putting the values we have:

Price - $440 = $1100

Price = $1100 + $440 = $1540

6 0
2 years ago
In the ethical decision making process, moral imagination is used by decision makers while ________.
lapo4ka [179]

In the ethical decision making process, moral imagination is used by decision makers while they consider available alternatives to make an effective decision.

<h3>Ethical decision-making process</h3>

It is essential that this process is guided by the company's set of policies and requirements, which are in compliance with legal norms and promote the development of organizational systems.

Therefore, decision makers need to identify the nature of the decision and the necessary information that will help to consider the available alternatives for the decision to develop possible resolutions and the assessment of the impact of their decision.

The choice of ethical decision must always be prioritized in favor of maintaining organizational transparency that generates greater reliability and positioning in the market.

Find out more information about decision making process here:

brainly.com/question/24864682

7 0
2 years ago
What is one way that the government cannot prevent a budget deficit?
Anna007 [38]

Answer:

The answer is Selling Stocks

3 0
2 years ago
Other questions:
  • _____ is granted by suppliers when they ship materials, parts, or goods to a firm without requiring immediate payment.
    13·1 answer
  • Why do starbucks customer at busy downtown locations in major cities pay more for a cup of coffee than they would at less busy l
    8·1 answer
  • Define a Small Scale Enterprise as per ‘MSMED Act, 2006’.
    10·1 answer
  • 8. At the Penalty APR rate of 28.99% and a balance of about $1800,
    7·2 answers
  • Farah is one of a handful of permanent employees at an e-retailing company that has little to no formal structure. Depending on
    9·1 answer
  • julia suffered a severe stroke and has been admitted to a private hospital where she is expected to remain for the rest of her l
    6·1 answer
  • Which of the following statements are correct concerning yield-to-maturity (YTM)?
    11·1 answer
  • What barriers to entry exist in other industries that allow certain firms to operate as a monopoly? Are these barriers contestab
    14·1 answer
  • PLEASE! I need help :): will mark brainliest! Describe Sinek's Golden Circle. What does he use this for? Sinek argues that "peop
    15·1 answer
  • Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 8,988. The
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!