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
You need some money today and the only friend you have that has any is your ‘miserly' friend. He agrees to loan you the money yo
Bingel [31]

Answer:

B. The total interest = $4.35

Explanation:

The first question to answer, is  what is the present value of the annuity of the loan and then based on that the total interest can be calculated.

<h2>Present value of annuity= A x [(1-(1+r)-n)/r]*(1+r) </h2>

Where the A represents Annuity = or $20

The r represents the rate or 1.5%

and the n represents the number of periods which is 6 months

Calculating the value =

= 20 x [(1-1.015^-6)/0.015]*1.015

= 20 x [(1-0.91454219251)/0.015]*1.015

= 20*5.782644973

=$115.65

Now that the loan amount is known, the Total Interest can be calculated as follows

Total Interest= number of payments x monthly payments) - the loan amount (calculated above)

= 20 x 6 -115.65

= 120-115.65

The total interest = $4.35

8 0
3 years ago
When the director/manager allows employees to guide themselves toward the goal, then a(n) _______ leadership style is being used
kondaur [170]

Answer:

Free Rein Style

Explanation:

leadership can be described as research area that encomposses the ability of an organisation or an individual to lead a team, individuals or entire organisations.

Free rein style is the most suitable.

7 0
3 years ago
A dividend preference for preferred stock means that:_________A. Dividends must be declared on preferred stock. B. Preferred sha
Airida [17]

Answer:

D. Preferred stockholders are allocated their dividends before dividends are allocated to common shareholders.

Explanation:

Before declaring dividend on common shares, it is always necessary for the company to pay dividends on preferred shares and dividends are declared when there are sufficient profits.

4 0
3 years ago
In the "Input Analysis" section of the spreadsheet model, calculate the correlations between the sales of each type of product a
rodikova [14]

Answer:

The correct formula will be :

=average(past event tab then col in that tab) use this for att, programs, food, and merch

=AVERAGE('Past Events'!C4:C103)

Explanation:

To calculate the correlation between the sales of each kind of product and event attendance, from the Input analysis part of the spreadsheet model.

According to the information provided, in the targeted cell, we will use formula

=Average(data cells)

and for other part of the question is to calculate sales. For this part we can simply use the sum formula, first, we will sum the sales for a single item in past events column than at the end of the past column.

Thus, the correct formula will be :

=average(past event tab then col in that tab) use this for att, programs, food, and merch

=AVERAGE('Past Events'!C4:C103)

7 0
3 years ago
A consumer is consuming at a point on her budget line. Her income is $50 a week, and she purchases hamburgers and grilled cheese
Ivahew [28]

Answer:

Each grilled cheese costs $1.25

Explanation:

Giving the following information:

Her income is $50 a week. Hamburgers cost $4, and she consumes 10 of them. She consumes eight grilled cheese sandwiches.

To calculate the price of the grilled cheese sandwiches, we need to use the following equation:

Income= cost of hamburgers*number of units + cost of grilled cheese*number of units

50= 4*10 + x*8

10=8x

$1.25= x= grilled cheese

3 0
3 years ago
Other questions:
  • MacKenzie Company sold $620 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 5.0% serv
    13·1 answer
  • On october 1, goodwell company rented warehouse space to a tenant for $2,500 per month and received $12,500 for five months' ren
    15·1 answer
  • QUESTION 1
    13·1 answer
  • Wilturner Company incurs $74,000 of labor related directly to the product in the Assembly Department, $23,000 of labor not direc
    15·1 answer
  • The advantages of _______ are having a greater pool of knowledge, gaining different perspectives, gaining intellectual stimulati
    15·1 answer
  • The initial cost of a packed-bed degassing reactor for removing trihalomethanes from potable water is $84,000. The annual operat
    6·1 answer
  • Janet Foster bought a computer and printer at Computerland. The printer had a $900 list price with a $100 trade discount and 2/1
    10·1 answer
  • Winslow Inc. manufactures and sells three types of shoes. The income statements prepared under the absorption costing method for
    5·1 answer
  • Asset deflation: Multiple select question. reflects a decline in the productive capacity of assets and therefore reduces potenti
    6·1 answer
  • a. The equality of MR and MC is essential for profit maximization in all market structures because if
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!