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jarptica [38.1K]
4 years ago
8

On January 1, 2021, Crane Company sold property to Wildhorse Company. There was no established exchange price for the property,

and Wildhorse gave Crane a $5400000 zero-interest-bearing note payable in 5 equal annual installments of $1080000, with the first payment due December 31, 2021. The prevailing rate of interest for a note of this type is 10%. The present value of the note at 10% was $4094064 at January 1, 2021. What should be the balance of the Discount on Notes Payable account on the books of Wildhorse at December 31, 2021 after adjusting entries are made, assuming that the effective-interest method is used?
Business
1 answer:
Olegator [25]4 years ago
3 0

Answer:

interest expense    409,406.4 debit

           note payable              409,406.4 credit

Explanation:

We have to apply the market rate to the carrying value of the note payable:

$4,094,064 x 10% = 409,406.4 interest expense

We will increase the note payable and declare the interest expense

Then, at payment we decrease our note payable account against cash.

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Given the following data, what is the dollar amount of beverage sales? Food cost: $175,000 Beverage cost: $50,000 Total sales: $
nignag [31]

Answer:

$160,000

Explanation:

If the beverage sales represent 20% of the total sales, to find out the dollar amount of beverage sales, all we need to do is multiply the total sales x 20%:

beverage sales = $800,000 x 20% = $160,000

food sales = total sales - beverage sales = $800,000 - $160,000 = $640,000

7 0
3 years ago
Fiona works for an organization that needs concise data as well as detailed historical data for analysis from time to time. Whic
Rasek [7]

Answer:

Refer below.

Explanation:

Time-Variant :

Historical data is kept in a data warehouse. For instance, one can recover documents from 3 months, a half year, a year, or even past data from a data warehouse. These varieties with an exchanges framework, where regularly just the most current record is kept.

Subject-Oriented :

A data warehouse focus on the displaying and investigation of data for leaders. In this manner, data warehouses regularly give a compact and clear view around a specific subject, for example, client, item, or deals, rather than the worldwide association's progressing activities. This is finished by barring data that are not valuable concerning the subject and including all data required by the clients to comprehend the subject.

8 0
3 years ago
Read 2 more answers
Pathos is an appeal to emotions (everything from humor to horror) in order to sway an audience, while logos is the 7 use of data
adoni [48]

Answer:

Explanation:

NOTE: In order to solve this question efficiently, there is need to watch the videos attached to this question. Kindly check video link in the comment section of this question since it can not be attached here. If the link can not be added in the comment section, check the Channel(TED), the title is AM I NOT HUMAN? A CALL FOR CRIMINAL JUSTICE REFORM.

So, from the video one can see that the presenter in the TED talk made use of Pathos more than he does for logos.

The argument/point in this presentation that I find the most compelling is when he argued that people that have bad past also deserves an empathy and not only people with no criminal record as we are all human and we can do better. The past is in the past and the present is the present.

6 0
3 years ago
f the price elasticity of demand for volleyballs is 1.20, a 15 percent increase in the price will result in
Lesechka [4]

A 15 percent increase in the price will result in 18% decrease in quantity demanded.

What is Price Elasticity Of  Demand?

Price elasticity of demand  is defined as the the change in the rate  of consumption of a particular product with respect   to the change in its price. It is given as is the ratio of the percentage change in the  quantity demanded of a product to the percentage change in price.

Simply put;

Price elasticity of demand   = percentage change in quantity demand / percentage change in price

pEd =\frac{percentage change in quantity}{percentage change in price, } ; pEd =\frac{Qd}{Pd }

We were given that

  • Price Elasticity of demand; pEd  1.20
  • Increase in the price ; 15%

Plugging in our values, we have that

1.20 =\frac{Qd}{0.15}

Percentage change in quantity demandedQd  =0.18   =18%

Therefore, A  15 percent increase in the price will  result to an  18% decrease in quantity demanded.

learn more about calculation on Price Elasticity Of  Demand://brainly.com/question/24903676

4 0
3 years ago
Buddy Slaton has only one itemized deduction item, the $3,000 he gave to his church. His standard deduction this year is $5,450,
Pepsi [2]

Answer:

$0

Explanation:

Tax payers can elect to use either standard deduction or itemized deduction to reduce their taxable income, for them to pay least amount of tax on their taxable income. Standard deduction is calculated and given in accordance with the provision of the tax law while itemized deduction is a list of items that the tax payer has incurred and expecting to except from tax, examples of this includes donation to charities and interest paid on mortgage.

Taxpayers normally elect the higher of standard deduction and itemized deduction to reduce their tax liability to the lowest.

In the case of Buddy Slaton, electing for itemized deduction of contributing to church($3,000) will save her no tax since the standard deduction is greater ($,5450).

5 0
3 years ago
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