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lesya [120]
3 years ago
13

Kelly Jones and Tami Crawford borrowed $46,500 on a 7-month, 4% note from Gem State Bank to open their business, Wildhorse’s Cof

fee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
mel-nik [20]3 years ago
6 0

Answer:

Dr. Cash               $46,500

Cr. Note Payable $46,500

Explanation:

The funds received from the bond is a liability for the business. As cash is received against the liability, so to increase the cash balance we debited the cash account because cash is an asset and has debit nature. On the other hand, to record the liability we, have credited the note payable account because liability has credit nature.

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The present value of an annuity considers which of the following factors? I. the timing of each cash flow II. the amount of each
Nitella [24]

Answer:

All of them.

Explanation:

For considering the annuity formula we can determinate all the proposed factor:

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C represent II the amount of each cash flow

r = represent the discopunt rate

while time or "n" represent the numebr of cashflow we have to calcualte the present value.

The timing refer wether the payment are made at the beginning or end of the period.

When made at the beginning it is an annuity-due

and the (1+r) factor multiplies the previous formula to represent the addtional period of capitalization each cashflow has or the one period less to discount for each cashflwo in cases of prresent value.

8 0
3 years ago
Are you a successful entrepreneur essay in economics year 12​
fgiga [73]

Answer:

Entrepreneurship is the name given to the factor of production which performs the functions of Enterprise. In economics, Land, Labour, Capital, Organisation and Enterprise are the five factors which are thought to be the basis of all the production activities.  Entrepreneurship in a broader sense can be considered as a process of action undertaken by an entrepreneur (Person) to establish his enterprise. It is a creative and innovative response to the environment.  Entrepreneurship can be described as a creative and innovative response to the environment. Such responses may take place in any field of social endeavour may be business, agriculture, social work and education etc.

<h2>Please mark me as brainliest</h2>

3 0
3 years ago
Many places of business will not take a check, but will take a credit card. True or False
luda_lava [24]
<span>True, because if they take a check, they may be cheated because the check has an expiration date, and the credit card does not

</span>
7 0
3 years ago
Corporation has two manufacturing departments--Casting and Customizing. The company used the following data at the beginning of
Pavel [41]

Answer:

Allocated overhead= $37,260

Explanation:

Giving the following information:

Total

Estimated total machine-hours (MHs) 10,000

Estimated total fixed manufacturing overhead cost $38,000

Estimated variable manufacturing overhead cost per machine-hour $4.3

<u>First, we need to calculate the plantwide predetermined overhead rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (38,000/10,000) + 4.3

Predetermined manufacturing overhead rate= $8.1 per machine-hour

<u>Now, we can allocate overhead to Job G:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Job G

Casting machine-hours 1,600

Customizing machine-hours  3,000

Allocated overhead= 8.1* (1,600 + 3,000)= $37,260

6 0
3 years ago
Product Y sells for $15 per unit, and has variable expenses of $9 per unit. Fixed expenses total $300,000 per year. How many uni
netineya [11]

Answer:

b. 65,000 units

Explanation:

The number of units of products y must sell to yield an annual profit of $90,000 is computed as;

Break even point in sales units = (Fixed cost + Targeted profit) / Contribution margin

Given that ;

Fixed cost = $300,000

Targeted profit = $90,000

Contribution margin = $15 - $9 = $6

Therefore,

Break even point in sales units = ($300,000 + $90,000) / $6

= 65,000 units

The number of units of products y must sell to yield an annual profit of $90,000 is 65,000 units.

3 0
3 years ago
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