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
An investor invests $4,000 to buy 200 shares of Sand Corporation, which has an expected return of 24%; $2,000 to buy 100 shares
Anni [7]

Answer:

Expected return = 28%

Explanation:

given data

invests $4,000

share = 200

return = 24%

and

invests = $2000

share = 100

return = 18%

and

invest = $4,000

share = 400

return = 28%

to find out

expected return on this portfolio

solution

we know total investment is

Total investment = 4000+2000+4000

Total investment = 10000

and

Wt. of Sand Corporation shares in the total portfolio= \frac{4000}{10000} =  0.4

Wt. of Water Corporation shares in the total portfolio=\frac{2000}{10000} =  0.2

Wt. of Beach Corporation shares in the total portfolio=\frac{4000}{10000} =  0.4

and

Expected return on the given portfolio is

Expected return = 0.4 × 24% + 0.4 × 18% + 0.4 × 28%

Expected return = 28%

5 0
3 years ago
Listed below are four interbank cash transfers, indicated by the letters a, b, c and d, of a client for late December 20X1, and
zimovet [89]

Answer:

A. Unaffected

B. Unaffected

C. Understated

D. Overstated

Explanation:

C. Understated.

Understated balance is one that is reported as having a lesser balance than it actually does. example of what could cause the situation in which cash is understated is that when check is written on the disbursing bank on the last day of December with a credit to cash, and an associated debit to some expense account so as to decrease reported profits and taxes be it (direct or indirect tjaxes) for the year.

Another example is when a utility bill that is suppose to be paid by the last day of the month but failed to record the expenses, under the accrual basis of accounting, the company should recognize the expenses now even though the bill is not yet due. Until the bill is recorded, the utilities payable is understated

d. Overstated.

An overstated balance is an account balance that is reported as having a greater balance than it actually does, example of such situation is that in which an employee has misappropriated funds during the year, and draw a check transferring funds to the account with the shortage so as to cover the shortage. As of December 31, the shortage is replaced, with no reduction as yet recorded in the account on which it is drawn.

In second example of understated, expense account is understated and because of this net income is overstated.

5 0
3 years ago
Although she hates the work, Jessica has spent most weekends and the last three summers as a short-order cook; she has an associ
Ostrovityanka [42]
I think it would be a restaraunt
4 0
3 years ago
Read 2 more answers
Label the statements as increasing GDP in either Canada or the United States.
Sidana [21]

Answer:

Increasing Canadian GDP:

-Toyota, a Japanese company, manufactures cars in Toronto, Ontario.

-ATI Technologies, a Canadian company, operates in Alberta.

Increasing American GDP:

-Toyota, a Japanese company, manufactures cars in San Antonio, Texas.

-Starbucks, a U.S. company, opens stores in New York state.

-Tim Horton's, a Canadian company, opens coffee shops in New England.

Explanation:

Gross domestic product (GDP) is the sum of all final goods and services produced in an economic space for a certain period, usually one year, excluding the intermediate consumption used in production. Until the 1980's, the use of Gross National Product (GNP) was preferred, a measure almost identical to GDP but incorporating goods and services produced by external factors. The variation in this macroeconomic magnitude is often used to measure economic growth.

5 0
3 years ago
Which of the following is NOT considered personal information?
Anastasy [175]
Can you reply to this with the options so i can answer ^^
5 0
3 years ago
Other questions:
  • Forward Inc. is an investment bank that operates in a particular geographic territory in Valentia. The company allocates specifi
    5·1 answer
  • (Chapter Supplement) Irish Industries purchased a machine for $65,000 and is depreciating it with the straight-line method over
    9·1 answer
  • Career pathways never overlap.<br> True<br> OB.<br> False
    9·1 answer
  • Choose an advertisement that you found to be especially memorable. Describe the advertisement and explain how effective it is. D
    7·1 answer
  • George, a regional manager for a global corporation, is meeting with several upset managers from the rome plant about steve, who
    10·1 answer
  • Effie company uses a periodic inventory system. details for the inventory account for the month of january, 2013 are as follows:
    8·1 answer
  • Dew Drop In, Inc. announces is quarterly dividend will increase from $3.80 to $4.00. After the announcement, the price of Dew Dr
    10·1 answer
  • Razak's, a popular chain of fast-food restaurants in the Middle East, plans to expand its market in Asia and signs a contract wi
    9·1 answer
  • Samantha is a marketing manager and researcher at a beverage company. Her company plans to launch a new health drink in the mark
    14·1 answer
  • 11.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!