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Harman [31]
4 years ago
11

Miranda Company borrowed $125,000 cash on September 1, 2019, and signed a one-year 5%, interest-bearing note payable. Assume no

adjusting entries have been made during the year. Prepare adjusting entry at the end of the December 31, 2019 accounting period.
Business
1 answer:
Pachacha [2.7K]4 years ago
4 0

Answer:

31 Dec 2019  Interest expense      $2083.33 Dr

                         Interest Payable         $2083.33 Cr

Explanation:

The adjusting entry is made under the accrual basis of accounting that follows that a particular period's revenues and expenses should be matched and recorded in the same period. The interest expense on the note that relates to the period from September 2019 to December 2019, 4 months, should be recorded in 2019 on 31 December.

The interest expense for 4 months is = 125000 * 0.05 * 4/12 = $2083.33

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e.  $0

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6 0
3 years ago
________ measures the percentage of profit earned on each sales dollar before interest and taxes but after all costs and expense
julsineya [31]
Hello!

The correct answer for the blank is: Operating profit margin.

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7 0
3 years ago
The leadership styles of ________ originally included supportive and achievement-oriented and two others, but was more recently
Blizzard [7]

Answer:

2) House's path-goal model

Explanation:

Based on the information provided within the question it can be said that the he leadership styles of House's path-goal model. This model is based on choosing a style that most perfectly fits the employee and work environment in order to be able achieve the goal. This is done in order to improve employee satisfaction which would cause them to become more productive and efficient members within the organization.

7 0
3 years ago
Pauley Company provides home health care. Pauley charges $35/hour for professional care. Variable costs are $21/hour and fixed c
Lyrx [107]

Answer:

the variable cost ratio is 60 % (option d)

Explanation:

The variable cost ratio (VCR) represents the ratio of variable costs to sales. Therefore

VCR = (total variable costs)/(total sales)

since

total variable costs = variable costs * services provided = $21/hour * 12000 hours/year = $252000 /year

total sales = price of service * services provided = $35/hour * 12000 hours/year = $420000 /year

thus

VCR = ($252000 /year) / ($420000 /year) = 0.6 = 60 %

8 0
4 years ago
Millburg Corp. uses the periodic inventory method. Millburg's beginning inventory is $10,000. During the year, Millburg purchase
Annette [7]

Answer:  $13,000

Explanation:

Given that,

Beginning inventory = $10,000

Inventory purchased = $8,000

Ending inventory = $5,000

Company uses the periodic inventory method,

Cost of goods sold = Beginning inventory + Inventory purchased - Ending inventory

                                = $10,000 + $8,000 - $5,000

                                = $13,000

6 0
3 years ago
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