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
mote1985 [20]
3 years ago
12

On October 1, Willette Company borrowed $120,000 cash and issued a six-month, 10% promissory note. Interest is payable at maturi

ty. Willette has a calendar year-end and has not yet accrued any interest on the note. Prepare the appropriate adjusting entry dated December 31.
Business
1 answer:
viktelen [127]3 years ago
3 0

Answer:

Cash borrowed = $120,000

Interest on promissory note = 10%

The journal entry is as follows:

On December 31,

Interest expense A/c Dr.  $3,000.00

           To Interest payable                   $3,000.00

(To record interest accrued on note)

Working notes:

Interest expense:

= $120,000 × 10% × (3/12)

= $120,000 × 0.1 × (1/4)

= $3,000

You might be interested in
Christie makes changes to her budget at the end of every month. What is her reason for doing this in terms of smart financial pl
mr_godi [17]
<span>A great reason to revise her monthly budget is that Christine can adjust her planning to meet her specific goals. While sticking to long term goals may be a good idea for some, if that is not possible adjusting your budget is a good way to keep track of income and expenses and to make sure that you do not spend more than you should.</span>
4 0
3 years ago
Read 2 more answers
A) Kasapreko Company Limited is a wholly Ghanaian-owned company with branches in Nigeria, South Africa and Germany. With relevan
s2008m [1.1K]

Answer:

I think b because they knew they were gonna get caught

7 0
3 years ago
A company is undergoing a restructuring, and its free cash flows are expected to vary considerably during the next few years. Ho
Bumek [7]

Answer:

Value of company = $982.16

Explanation:

The free cash flow is the cash generated by a company that is not retained and reinvested. It is the cash flow available to all providers of capital . It is available to pay dividend or finance other project

The value of the company would be the present value of its free cash flow discounted at the weighted average cost of capital.

Value of company )year 4= 85/(0.12-0.065) = 1,545.45

Value of company (in year 0) = 1,545.45× 1.12^(-4)= 982.16

Value of company = $982.16 millions

7 0
3 years ago
Sheffield Corporation exchanged 2750 shares of Pharoah Company common stock, which Sheffield was holding as an investment, for e
AveGali [126]

Answer: Please refer to Explanation

Explanation:

When recording Equipment here the value of the shares at current value should be used and not the cost of the equipment.

DR Equipment $162,250

CR Investment in Pharaoh Company $137,500

CR Gain on Exchange $24,750

(To record Exchange of shares for Equipment)

Workings.

Investment in Pharaoh Company.

= 2,750 shares * $50(purchase price)

= $137,500

Gain on Exchange

= 2,750 shares * (Market Price - Purchase Price)

= 2,750 shares * ( 59 - 50)

= $24,750

Equipment.

= Investment in Pharoah Company + Gain on Exchange

= 137,500 + 24,750

= $162,250

6 0
3 years ago
One important point to remember is that just because a difference between two treatment groups is found to be statistically sign
pogonyaev

Answer:

Researchers use a finding's Effect size to measure magnitude and reliability.

Explanation:

Effect size is statistical method used by researchers to compare between variables that are statistically significant. It is used to determine the magnitude of the parameters and reliability of the treatment group.

4 0
2 years ago
Other questions:
  • The board of directors of McKay Company has approved a 20% stock dividend. The firm currently has net income of $900,000. There
    15·1 answer
  • _______ can provide guidance when organization members are uncertain about whether an action is ethical. The communications mana
    14·1 answer
  • If the average wage paid to the worker was $20 in the year 1990 and $30 in the year 2000, then the average worker in the year 20
    12·1 answer
  • E7-16 (Transfer of Receivables with Recourse) Beyoncé Corporation factors $175,000 of accounts receivable
    15·1 answer
  • Horizontal analysis evaluates a series of financial statement data over a period of time:
    6·1 answer
  • If farmer sam macdoanld can produce 200 pounds of cabbages and 0 pounds of patotes or 0 pound of cabbes and 100 pounds of potato
    12·1 answer
  • Isabel, a human resources assistant, wants to conduct safety training for employees. So, she's creating a graphic to inform empl
    7·1 answer
  • OK Dry-Cleaning advertises so effectively that the regular customers of its competitor, Purity Cleaners, patronize OK instead of
    7·1 answer
  • Azus is an international food products company with subsidiaries in many countries. It employs host-country nationals extensivel
    8·1 answer
  • The salary at the new job is a(n). The benefits at the job are a(n). The job’s location is a(n). The potential for job satisfa
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!