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
creativ13 [48]
3 years ago
9

On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $57,000. Alan made the appropriate year-end

accrual. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made

Business
1 answer:
just olya [345]3 years ago
4 0

Answer:

Amount paid to record is $58,900

Explanation:

In this question, we are asked to state the Journal entry as of March 1.

Please check attachment for tabular explanation

Kindly note that 360 is used as the number of days in a year

You might be interested in
In terms of interests in real property, this is not an interest in land but a temporary right to use another's land for a limite
kifflom [539]

Answer:

a leasehold      

Explanation:

Leasehold relates to an accounting phrase for a rented resource. Usually the asset is estate such as a house or storage within a building. The lessee buyouts with the property owner in return for a sequence of planned payouts throughout the lease term, for the lawful right to utilize the estate.

Once a lease agreement is signed, to a degree permitted by the deal, the purchaser or tenant starts to construct the accommodation for its activities. In commercial real estate, leaseholds are much more popular whereby supermarkets as well as other facilities can be constructed on the ground but often occur in housing uses, such as homes and condos.

7 0
3 years ago
Shawn exchanges a factory building for an apartment building in a qualifying like-kind exchange. The factory has a basis of $350
Setler [38]

Answer:

a.$30,000

b.The alternative i could suggest to Shawn is that he may sell the factory building instead of him to purchase the apartment building in order for him to recognize the loss which will inturn lower his taxes.

Explanation:

a. Calculation of what is Shawn’s realized gain or loss and the basis of the apartment building

Since Shawn tend to received the apartment building which has a Fair Market Value of $320,000 in exchange of his $350,000 worth of factory , this means he had a lost of $30,000 which is calculated as ($320,000-$350,000) which can therefore be deferred

b. The alternative i could suggest to Shawn is that he may sell the factory building instead of him to purchase the apartment building in order for him to recognize the loss which will inturn lower his taxes.

6 0
3 years ago
Jane is an employee of Tyco, Inc. and she is in charge of payroll. Every week she issues a check in the name of a fictitious emp
KengaRu [80]

Answer:

b. Tyco is liable because it authorized Jane to issue payroll checks.

Explanation:

There is the company responsibility to put the right person for the specific job. Here in the given situation Jane would not be a liable person for an vital position of the company. in the case when the fraud done by the employee so the firm would be liable as the company provide the authorization to the person who have to perform that job

Therefore, the option b is correct

4 0
3 years ago
A 14-week construction activity requires a crane that rents for $1,000 per week and a crew of general laborers that costs $5,000
Helen [10]

Answer: C) $2,000 per week.

Explanation:

The slope of the project refers to the additional amount that it would cost to be able to finish the project faster than schedule.

In the question, the construction activity is for 14 weeks at a rate of $5,000 for the laborers per week. If you wanted to reduce this project duration to 10 weeks, you will have to spend an additional $2,000 more per week.

This $2,000 is therefore the slope of the activity.

3 0
2 years ago
Sandra waterman purchased a 52-week, $1,000 t-bill issued by the u.s. treasury. the purchase price was $996. (a) what is the amo
Darina [25.2K]
(a) Discount amount = Face value - Price of t-bills = $1,000-$996 = $4

(b) Amount received at maturity = Face value = $1,000 (Note: T-bills are guaranteed and thus one of the safest investment).

(c) Current yield, R = Discount amount/Face value * 360/t, where t = 52 weeks = 360 days.

Then,

R = (4/1000)*(360/360)*100 = 0.4%
6 0
3 years ago
Other questions:
  • You can insure a $42,000 diamond for its total value by paying a premium of D dollars. If the probability of loss in a given yea
    10·1 answer
  • A proposed project has fixed costs of $47,000 per year. The operating cash flow at 11,000 units is $69,000. a. Ignoring the effe
    7·1 answer
  • You hear on the news that the​ S&P 500 was down 2.6 % today relative to the​ risk-free rate​ (the market's excess return was
    5·1 answer
  • Resconic Inc. follows a formal structure that focuses on rules, policies, and authority. It also uses reward systems to keep its
    7·1 answer
  • Darwin Company, a manufacturer, has provided the following information pertaining to its recent year of operation: • Net income
    7·1 answer
  • Business-to-business (B2B) _____ refers to dividing the market based on the characteristics of buyers.
    13·1 answer
  • which of the following is the features of memorandum. (a) no salutation (b) dear ma/sir (c) it contains letter headed paper (d)
    12·1 answer
  • From the standpoint of the issuing company, a disadvantage of using bonds as a means of long-term financing is that Group of ans
    14·1 answer
  • When the market breaks through the moving average line from below, a technical analyst would probably suggest that it is a good
    9·1 answer
  • When reviewing the offering documents for a new issue, the FINRA Corporate Financing Department will only permit a new issue to
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!