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
Dmitry_Shevchenko [17]
3 years ago
5

LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2016. In payment for the $25.0

million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 24%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required:

1. & 2.

Prepare the journal entries for LCDâs purchase of the components on November 1, 2016 and the first installment payment on November 30, 2016. (Enter your answers in whole dollars. If no journal entry is required for a transaction, select "No journal entry required" in the first account field.)

3.

What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2016?. (Enter your answers in whole dollars.)
Business
1 answer:
deff fn [24]3 years ago
8 0

Answer:

We will use the following equations for this problem

a. (Initial cost  Estimated output) × Actual yearly output

b. (Depreciable cost  Yearly output) × Estimated output

c. Depreciable cost  Yearly output

d. (Depreciable cost  Estimated output) × Actual yearly output

You might be interested in
In preparing a company's statement of cash flows using the indirect method, the following information is available: Net income $
cestrela7 [59]

Answer:

Cash flows from operating activities:

Net income                                                                          $52,000

Adjustments to net income:

  • Depreciation expense $30,000
  • Accounts receivable increased by ($25,000)
  • Inventories increased by ($5,000)
  • Accounts payable decreased by ($18,000)             <u>($18,000)</u>

Net cash flow provided by operating activities                $34,000

3 0
3 years ago
Workers in contributing to the common good is
Katarina [22]
A worker's success in contributing to the common good is determined by how well one does his or her job. One way is to pay tax contributions properly. Another way is to be proactive and open-minded with regards to work. Lastly, they must also know how to motivate others.
4 0
3 years ago
Suppose the price of tomatoes falls, ceteris paribus. Describe the impact the substitution effect and the real income effect wou
mamaluj [8]

Answer:

Ceteris paribus assumption: Demand curves relate the prices and quantities demanded assuming no other factors change

Explanation:

Ceteris paribus is a  Latin phrase meaning “other things being equal”. If all else is not held equal, then the laws of supply and demand will not necessarily hold.

Demand is the amount of some product a consumer is willing and able to purchase at each price.

IMPACT THE SUBSTITUTION EFFECT AND THE REAL INCOME

A substitute is a good or service that can be used in place of another good or service. A lower price for a substitute decreases demand for the other product and increases the quantity demanded for tomatoes

A change in the price of a good or service causes a movement along a specific demand curve, and it typically leads to some change in the quantity demanded, but it does not shift the demand curve.

3 0
3 years ago
The income statement for Nadeen, Inc. shows income before income taxes $700,000, income tax expense $210,000 and net income $490
katrin [286]

Answer:

B $4.90

Explanation:

The earnings per share ratio (EPS), is an entities net income after tax that is available the shareholders divided by the weighted average number of shares of common stock that are outstanding during the period of the earnings.

As such, given;

net income after tax = $490,000

number of shares = 100,000

EPS = net income after tax/number of shares

= $490,000/100,000

= $4.90

4 0
3 years ago
You are faced with the following alternative choices on Saturday afternoon. You can only do one of these activities. None of the
garri49 [273]

Answer:

Missing out on the benefits I get from working out using exercise equipment in my garage.

Explanation:

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. The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen." Since Choice B is the next best choice to hiking, missing out on the benefits of working out will be my opportunity cost.

3 0
3 years ago
Other questions:
  • You heard somebody say, Marketing is just sales and advertising" Discuss the accuracy of this statement
    11·1 answer
  • Home Accessories’ bank statement showed a $120 NSF check. Which of the following shows how recognizing this check will affect Ho
    13·1 answer
  • Why is a firm in perfect competition a price​ taker? A firm in perfect competition is a price taker because​ _______. A. it prod
    10·2 answers
  • Windsor Industries acquired two copyrights during 2017. One copyright related to a textbook that was developed internally at a c
    7·1 answer
  • You’ve received your raise pool for the year and it’s not as big as you had hoped. You fear that you won’t be able to provide th
    9·1 answer
  • An account manager with _____ has the ability to create statements for a budget, compare the budget to the actual income stateme
    12·1 answer
  • A stock is expected to return 11% in a normal economy, 19% if the economy booms, and lose 8% if the economy moves into a recessi
    5·1 answer
  • Whereas ______________ are willing to violate procedures and operate outside normal channels, ______________ gather hard data an
    5·1 answer
  • Crane Company has 900 shares of 4%, $100 par cumulative preferred stock outstanding at December 31, 2018. No dividends have been
    10·1 answer
  • g A speculator buys a call option for $3, with an exercise price of $50. The stock is currently priced at $49, and rises to $55
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!