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
Oliga [24]
3 years ago
12

Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1st. Givens Brick Company signs a $600,000, 8%, 9-mon

th note. What entry should be made by Givens Brick Company on January 1st to record the proceeds and issuance of the note?
Business
1 answer:
NeTakaya3 years ago
7 0

Answer:

The journal entry for the issuance and the proceeds of the note is shown below:

Explanation:

Cash A/c.........................Dr   $600,000

    Notes Payable A/c......Cr  $600,000

The givens company received a amount of $600,000 from the bank, so cash is increasing and increase in cash is debited. Therefore, the cash account is debited. Whereas, the cash against a note payable, which increases the liability and any increase in liability is credited. Therefore, notes payable is credited.

You might be interested in
Next >
Andrei [34K]

Answer: Originally he planned to paint his apartment

Explanation: The loss of other alternatives when one alternative is chosen is what we call opportunity cost. opportunity cost Is when an option is chosen from alternatives, the opportunity cost is the "cost" incurred by not enjoying the benefit associated with the best alternative choice. In a simple term, Opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else.

5 0
3 years ago
A partnership that looks much like a corporation (in that it acts like a corporation and is traded on a stock exchange) but is t
andre [41]

Answer:

A master limited partnership

Explanation:

A master limited partnership are a business venture that exists in the form of a publicly traded limited partnership in the sense that they combine the tax benefits of a private partnership (profits are taxed only when investors receive distributions)  with the liquidity of a publicly-traded company.

MLP are traded publicly on the exchange market.

Hence the best answer that explains the question is Master Limited Partnership (MLP)

3 0
3 years ago
If U.S. auto manufacturers cut the prices of their vehicles to sell a greater quantity, buyers may assume that the lower price i
777dan777 [17]

Answer: Lower quality

Explanation: U.S auto industry comes under the oligopoly market structure with small number of sellers operating at very large scale. In an oligopoly market structure, the firms in the industry compete on the basis of advertising, product differentiation etc. and not on price.

If US auto manufacturers do so, buyers will surely assume that the quality of product offered is lower than others.

4 0
3 years ago
Angela, Inc., holds a 90 percent interest in Corby Company. During 2017, Corby sold inventory costing $77,000 to Angela for $110
strojnjashka [21]

Answer

The answer and procedures of the exercise are attached in a microsoft excel document.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

Download xlsx
6 0
3 years ago
Your _____ is the full amount of money that you earn without anything taken out for items such as taxes and Social Security. gro
Leno4ka [110]
Your gross pay is the full amount of money that you earn without anything taken out for items such as taxes and social Security.

After you deduct Gross Pay with items such as taxes and social security, then you get your net pay. 
8 0
3 years ago
Other questions:
  • Your favorite ice cream travels from the producer, who manufacturers the product, through several other organizations before arr
    9·1 answer
  • An equal partnership is formed by rita and gerry. rita contributes cash of $10,000 and a building with a fair market value of $1
    8·1 answer
  • Following are interest rates (annual percentage rates) for a 30-year-fixed-rate mortgage from a sample of lenders in a certain c
    14·1 answer
  • A commercial bank will loan you $7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The ann
    8·1 answer
  • Target profit a.are when sales and costs are exactly equal. b.can be calculated by modifying the break-even equation. c.equals d
    15·1 answer
  • Jessica has been very reliable making payments on reasonable loans over the past decade. She has never been late on a payment an
    13·2 answers
  • Sound good?
    8·2 answers
  • Some recent financial statements for Smolira Golf Corp. follow:
    8·1 answer
  • Explain how a command economy differs from the<br> other economic systems.
    12·1 answer
  • rony is the managing director of a fabric manufacturing company in order to limit the profit of the company and , therefore , th
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!