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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.

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1) Partnership. Nick Selver and Rita Andrew began the company as a partnership. 
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4 years ago
These linings contain goblet cells, which secrete ____________ to help trap particles and protect the cells of the lining. Anoth
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Answer:

mucus

Explanation:

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3 years ago
This​ year, FCF Inc. has earnings before interest and taxes of ​$10 comma 400 comma 000​, depreciation expenses of ​$1 comma 000
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Answer:

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Explanation:

Free cash flow is the net cash cashflow available for the shareholders or for the reinvestment after paying all capital expenditure.

Free Cash flow

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Add: Depreciation expenses                  $1,000,000

Less: Capital expenditures                      ​$1,900,000

Less: Increase in net working capital     <u>$575,000    </u>

Free cashflow                                           $8,925,000

8 0
3 years ago
Ace Inc. has 10,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outs
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Answer:

b. $50,000 in total

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3 years ago
The account number 13 tells you that the account
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