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Thepotemich [5.8K]
3 years ago
8

On July 8, Jones Inc. issued an $75,700, 8%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends o

n July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year
Business
1 answer:
Marizza181 [45]3 years ago
3 0

Answer:=Jones recognizes $386.9  as interest

Explanation:

Fiscal year ending July 31st

there are 23 days between when the cash as issued ie July 8 and the end of the fiscal year on July 31st

Given amount or Principal amount = $75,700

Rate= 8%

Interest = Principal x Rate x Time

  $75,700 x 8% x 23/360=$75,700 x 0.08 x 23/360

=$386.9

Jones recognizes $386.9  as interest in the current fiscal year.

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pishuonlain [190]

Answer:

C

Explanation:

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Firstly, from the question we understand that this is a partner business. And it basically involves the ownership of a business by two or more persons.

There is a way we record an asset in a partnership business. If a partner contributes an asset to the business, the correct way of recording this is that the amount is recorded at a price that has been agreed upon by the partners after evaluation.

Now, in the case of this question, we can deduce that the partners have agreed that $29,000 is the valuation of the contributed equipment. Hence $29,000 should be debited in the equipment account.

7 0
4 years ago
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3 years ago
If unemployed workers decide to stop looking for a job and instead enroll in further education, how will the number of employed
allochka39001 [22]

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On the other hand the unemployment rate will decrease or decline based on the fact that the unemployed workers are no longer looking or searching for job  but has rather enroll in further education.

Inconclusion the number of employed workers will not change and the unemployment rate will decrease.

Learn more about unemployment rate change here:brainly.com/question/14629507

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