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patriot [66]
3 years ago
12

On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 da

ys. Prepare the September 1 journal entry for Vicario by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Business
1 answer:
allochka39001 [22]3 years ago
4 0

Answer:

Sep 1st

Debit Cash                   100,000

Credit Note Payable   100,000

(to record 90-day note borrowing from First National Bank)

Explanation:

As at September 1, Vicario Inc receive the cash amount of $100,000 from First National Bank through Borrowing, the Cash account should be recorded up $100,000 ( that is, Dr, as Cash is an asset account) to reflect the transaction.

The offseting Credit entry will be recorded in Note Payable account ( which is a liability account) to reflect the liability of $100,000 owed to the Bank.

As at 1 September, the first day of assuming the debt, no interest expenses is incurred, so, no entry is needed to record interest expense.

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: Narda Corporation agreed to sell all of its capital stock to Effie Corporation for three monthly payments of $200,000. After E
Gnoma [55]

Answer:

Since Effie Corporation forfeited their stock subscription, then they will lose their stocks and the money they invested in Narda Corporation.

In this case, Narda was being completely acquired by Effie Corporation and the whole operation went down, then the initial payment must be recorded as additional paid in capital. It should not be included as part of operating income since it wasn't a normal business activity.

8 0
3 years ago
Which of the following is not one of the competitive forces included in the competitive forces​ model?
photoshop1234 [79]

Answer:

C) the firms ability to differentiate its product

Explanation:

Porter five forces of the model comprise rivalry among competitors, bargaining power of suppliers, bargaining power of buyers, the threat of new entrants, the threat of substitution.

The rivalry among competitors deals with the strength and weaknesses of the competitors so that the business does the planning accordingly.  

The bargaining power of suppliers stated the change in the price of the product made by the supplier's offer plus the customer are attracted towards the product as the product is unique which impact the overall profit

The bargaining power of buyers deals with the number of buyers and how much orders are given by a single buyer.  

The threat of new entrants impacts the overall position of the business if the competitor enters the market.  

The threat of substitution is an alternative way to produce the goods and services which can also drop your position and also it directly impact profitability.  

4 0
3 years ago
You got a new credit card and spent $200 on the card last month. You forgot to make the payment on time and were assessed a $40
Andre45 [30]
The answer is 20%, 40 is 1/5 of 200, therefore it is 20%
5 0
3 years ago
If many firms enter the computer software industry and consequently bid up the price of programmers, then:
Lena [83]

Answer:

the correct option is C) If many firms enter the computer software industry and consequently bid up the price of programmers, then: the long-run industry supply curve will slope downward.

Explanation:

When many firm enter an industry, there is competition and the presence of multiple players will eventually cause the cost of production to decline.

In the short run,  if many firms enter the computer software industry and consequently bid up the price of programmers, then the increase in participation will increase the number of software developed.

In the long run, industry supply curve will slop downwards indicating a price reduction.

4 0
3 years ago
A(n) ____ model is an outsourcing fee model that charges a variable fee based on the volume of transactions or operations perfor
Svet_ta [14]
A(n) (transection)  model is an outsourcing fee model that charges a variable fee based on the volume of transactions or operations performed by the application.(transection
7 0
3 years ago
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