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Sladkaya [172]
4 years ago
9

Sheffield borrowed $701000 on October 1, 2017 and is required to pay $721000 on March 1, 2018. What amount is the note payable r

ecorded at on October 1, 2017 and how much interest is recognized from October 1 to December 31, 2017?
Business
1 answer:
Georgia [21]4 years ago
5 0

Answer:

On October 01, 2017

The amount actually borrowed that is $ 701,000 will be recorded as liability/note payable on october 01, 2017. The following accounting entry will be passed

Debit Cash Asset           $ 701,000

Credit Note payable       $ 701,000

Interest recognized from October 1 to December 31, 2017

The premium amount paid on redemption will be recorded as interest over the period of time. The interest amount is

Interest = 721,000 -701,000 = $ 20,000

So this above calculated expense will be recognized as an expense over loan period.

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or each of the following situations, indicate the liability amount, if any, that is reported on the balance sheet of Bloomington
ra1l [238]

Answer:

Bloomington Inc.

Indication of Liability Amount on the Balance Sheet at December 31, 2019:

Situation            Liability Amount

a.                        $220,000

b.                        $0

c.                        $3,100

d.                        $0

Explanation:

For Bloomington to recognize a liability or record it in its financial statements, the probability that an outflow of economic resources will occur in the future must be established.  Bloomington must also be able to reliably measure the amount of the liability.  These two conditions are satisfied in situations A and C.  For situation B, the contract is not in force as at December 31, 2019, since the drill press will be purchased in January, 2020.  Lastly, for situation D, the amount of the profit-sharing bonus cannot be reasonably and reliably ascertained because the amount to apply the 5% is not clear or known.

8 0
3 years ago
In a guaranty​ situation, the​ _____ contract is between the person who agrees to pay the debt if the primary debtor does not an
Natali5045456 [20]
<span>In a guaranty​ situation, the​ guaranty contract is between the person who agrees to pay the debt if the primary debtor does not and the original creditor.

The guaranty contract outlines the role of the </span>people in the agreement. It shows the lender to borrow agreement and obligation. This agreement serves as a document to make sure the lender has proof in value to get something in return from lending the money. 
8 0
4 years ago
Describe the role of separation and termination in relation to broader human resources and business objectives
zimovet [89]

Answer:

Separation and or termination in HR relates to the cessation of the relationship between employer and employee.

Separation and or termination of the contract may occur in the following ways:

1. Constructive Discharge

2. Firing

3. Layoff

4. Termination by Mutual Agreement

5. Termination with Prejudice

6. Termination without Prejudice

7. Involuntary Termination of employment contract

8. Voluntary Termination of employment contract

9. Wrongful Termination of employment contract

10. Cessation of Temporary Contracts

Explanation:

Regardless of the type of separation or termination which occurs, the business owner and the the HR manager must realize that the HR funnel must never run short of hands with which the organization will attain its goals/objectives.

Recognizing the times lines for contracts that are terminal in nature, anticipating and preparing for sudden separation and planning adequately for these occurrences using HR Planning enables the business to continue to thrive regardless of its rate of turnover.

Cheers

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