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Sladkaya [172]
3 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]3 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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Labor data for making one gallon of finished product in Bing Company are as follows. (1) Price—hourly wage rate $16.70, payroll
blondinia [14]

Answer:

a. Standard direct labor rate per hour = Hourly wage rate + Payroll taxes + Fringe benefits

Standard direct labor rate per hour = $16.70 + $0.60 + $1.40

Standard direct labor rate per hour = $18.70

b. Standard direct labor hours per gallon = Actual production time + Rest periods and cleanup + Setup and downtime

Standard direct labor hours per gallon = 1.60 hours + 0.30 hours + 0.20 hours

Standard direct labor hours per gallon = 2.1 hours

c. Standard labor cost per gallon = Standard direct hours per gallon * Standard direct labor rate per hour

Standard labor cost per gallon = 2.1 hours * $18.70

Standard labor cost per gallon = $39.27

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3 years ago
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Which of the following is NOT an advantage of budgeting?
Mama L [17]

Answer:

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Organizational independence is a state in which an organization is not vulnerable for personnel turnover. Independent Organizations are normally mon profits or non government organizations and they are defined to be a collection of people who to pursue a charitable goal be it local, national or global level. Budgeting is applicable on dependent organizations instead of independent Organizations.

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Answer:

C. Often pay a lower interest rate during the first few years.

Explanation:

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GDP is the: a. market value of an economy's production of final goods and services in a one year period. b. sum of coins, bills,
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Answer:

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I hope my answer helps you

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