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
Svetllana [295]
3 years ago
9

On September 1, Joe's Painting Service borrows $150,000 from National Bank on a 4-month, $150,000, 6% note. What entry must Joe'

s Painting Service make on December 31 before financial statements are prepared?
Business
1 answer:
Agata [3.3K]3 years ago
6 0

Answer:

Loan Account

DR  loan Note Account  with $150,000

DR Loan Interest Expenses with $3,000

CR   Cash/Bank Account with $153,000

Explanation:

the interest payable  on the loan as at Dec 31  =  $150,000 *6% *4/12 = $3,000

You might be interested in
Sue purchased a stock for 45 a share, held it for one year received a 2.34 divided and sold the stock for 46.45. what nominal ra
Alexxandr [17]

Answer:

8.4

Explanation:

nominal return - price return + dividend yield

price return = 46.45 /45 - 1 = 3.2%

dividend yield = 2.34 / 45 = 5.2%

7 0
3 years ago
Tamara has $500 she is looking to save for a class trip. She wants to earn the most possible interest and will not need access t
Kay [80]
She would have to save up to $6,000
7 0
3 years ago
Read 2 more answers
Joe Pie is considering investing in a Heaven Piza franchise that will require an initial outlay of $100,000. He conducted market
avanturin [10]

Answer:

i agree with joe pie what he said

6 0
3 years ago
Which of the following roles is responsible for writing programming code?
jok3333 [9.3K]
We can't answer this question because you didn't show the "following"
7 0
3 years ago
Seojun acquired an activity several years ago, and in the current year, it generates a loss of $50,000. Seojun has AGI of $140,0
ahrayia [7]

Answer:

Seojun's Adjusted Gross income is $140,000.

Explanation: Adjusted Gross income(AGI) is a term used in Financial accounting to describe the total amount of gross income remaining after certain deductions have been made to the Gross income of a business entity over a given period of time.

Since Seojun is not a Material participant,the $50,000 loss can not be considered in calculating Seojun's Adjusted Gross income.

7 0
3 years ago
Other questions:
  • If a firm applies its overall cost of capital to all its proposed projects, then the divisions within the firm will tend to ____
    13·1 answer
  • A _____ refers to a control system combining four sets of performance measures: financial, customer, business process, and learn
    14·1 answer
  • _____is the function of coordinating the diverse activities and human resources of a company to produce a smooth-running operati
    7·1 answer
  • X Company has two production departments, A and B. At the start of 2018, the following budgeted cost information was available:
    5·1 answer
  • Which of the following is NOT part of a typical resume?
    6·1 answer
  • You have been using a variety of nested IF functions to calculate costs in your spreadsheet when a colleague stops by and commen
    14·1 answer
  • A company issues 9%, 5-year bonds with a par value of $140,000 on January 1 at a price of $145,678, when the market rate of inte
    6·1 answer
  • When a cereal company introduces a stylish new granola, placing it at eye level on grocery shelves and pricing it higher than th
    13·1 answer
  • Which would be most helpful when considering a large expenditure that might require repeating payments? Select three options.
    12·1 answer
  • Can anyone answer this question it important​
    13·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!