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
Levart [38]
3 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]3 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.

You might be interested in
If a homeowner wants to sell his property to an adult child for $1, may a sales agent be involved in that transaction?
Umnica [9.8K]

Answer:

Of course a sales agent can be involved, although they will probably charge a fixed amount and not a sales percentage. Many people probably need the help of a sales agent to fill out legal forms, including contracts, etc. Not everyone has the knowledge to prepare them or simply fill them out, and a sales agent can be helpful.

7 0
3 years ago
Jane: "I'll pay you $50 if you will clean my windows."
Vikentia [17]

Answer:

B. There is no contract

Explanation: A contract is an agreement between two or more people to enter into a relationship which can be a business relationship or other types of Relationship.

FOR A CONTRACT TO BE BINDING IT MUST MEET CERTAIN CRITERIA WHICH INCLUDES

(1) CONSENT OF THE PARTIES INVOLVED.

(2) THE PARTIES INVOLVED MUST BE OF SOUND MIND ESPECIALLY AS AT THE TIME THE CONTRACT IS BEING SIGNED

(3) THE CONTRACT MUST BE LEGAL ETC.

Between Jane and Al there is no contract as Al does not agree with the proposal of Jane.

4 0
3 years ago
In the product markets of the circular flow model, households provide __________ to the business sector in exchange for goods an
blsea [12.9K]

In the product markets of the circular flow model, households provide <u>Consumption Spending (or Revenues) </u>to the business sector in exchange for goods and services.

Consumer spending is the total amount of the money spent by people and families in an economy on finished goods and services for their own use and enjoyment. All private purchases of durable, nondurable, and service products are included in modern measurements of consumer spending.

To help estimate and plan investment and policy decisions, investors, corporations, and regulators regularly monitor published statistics and reports on consumer spending.

To know more about consumer spending, click here:-

brainly.com/question/14809763

#SPJ4

4 0
2 years ago
In the textual example, Muhammad Yunus was highly successful in his use of applying social incentives through group responsibili
Usimov [2.4K]

Answer:

b) Offer similar loans to the poor.

Explanation:

Muhammad Yunus is a Bangladeshi economist, and civil society leader who was awarded the Nobel Peace Prize for the concepts of microcredit and microfinance, which provided loans to entrepreneurs too poor to qualify for traditional bank loans. According to my research on Yunus's teachings, I can say that based on the information provided within the question his success created an incentive for other banks to offer similar loans to the poor.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

7 0
3 years ago
A distributor of large appliances needs to determine the order quantities and reorder points for the various products it carries
blondinia [14]

Answer:

a. 32 refrigerators

b. 29 refrigerators

Explanation:

a. The computation of the economic order quantity is shown below:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

= \sqrt{\frac{2\times \text{500}\times \text{\$100}}{\text{\$100}}}

= 32 refrigerators

The carrying cost is come from

= $500 × 20%

= $100

b. And, the reorder point is

= Annual demand ÷ total number of days in a year × lead time + service level × Standard deviation during lead time

= 500 ÷ 365 days × 7 days + 1.90 × 10

= 29 refrigerators

7 0
4 years ago
Other questions:
  • Eastwood Cake Factory sells chocolate cakes, birthday cakes, and specialty cakes. The factory is experiencing a bottleneck and i
    9·1 answer
  • Which of the following is a disadvantage of conducting primary research into a business problem? Multiple Choice It may not be p
    8·1 answer
  • The pizza industry is perfectly competitive and has​ 1,000 firms.All firms are identical.In​ long-run equilibrium, each firm is​
    6·1 answer
  • Laura is a gourmet chef who runs a small catering business in a competitive industry. laura specializes in making wedding cakes.
    10·1 answer
  • Suppose price increases from $7.00 to $13.00. using the mid-point formula, the percentage change in price is:
    13·2 answers
  • Which type of market are you in if your company, along with three other companies, control 95 percent of the total music industr
    9·1 answer
  • S.<br> Economics<br> Explain the term "Budget"
    11·1 answer
  • How will the organization obtain cash to operate concession stands and provide
    6·1 answer
  • A limited partnership is an agreement between at least _____ general partner(s) and ______ limited partner(s).
    9·1 answer
  • A measure such as direct labor-hours or machine hours used to assign overhead costs to products and services is called a cost dr
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!