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Levart [38]
2 years ago
12

On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $20.0 million cash to expand operations. The l

oan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. FirstBanc Corp.’s year-end is December 31. Record the acceptance of the note by Firstban Corp.
Business
1 answer:
Marina CMI [18]2 years ago
7 0

Answer:

                                Debit                  Credit

Loan Receivable      $20,000,000

Cash                                                    $20,000,000  

Interest Receivable     $666,666

Interest Income                                     $666,666        

             

Explanation:

Interest is calculated by multiplying 0.08 by 20 million and then dividing it by 2 because the loan is a 6 month loan. As Aug- Dec is 5 months we will record revenue of 5/6 of the interest.

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Explanation:

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8 0
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2 years ago
Shangrilah Sandals is a manufacturing firm in a developing country, where it routinely uses grease payments to local officials t
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Answer:

b. cultural relativism

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As in the given instance the Shangrilah Sandals make grease payments in their own country as it is a developing country, but do not practice the same in another country called US as it is a developed country.

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b. cultural relativism

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