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4 years ago

On November 1, Wright Co. borrowed $20,000 cash from Third Bank by signing a 90-day, 6% interest-bearing note.

1 answer:

4 0

On January 30, the due date of the note, Wright will record the payment with a debit to Interest Expense in the amount of $100.

Explanation:

On November 1, Wright Co. borrowed $20,000 cash from the Third Bank by signing a 90-day, and 6% of interest-bearing note.

On December 31, it was recorded an adjusting entry to interest expense of $200.
On January 30, which is the due date of the note, Wright will record the payment with a debit to Interest Expense in the amount of $100.
Interest expense is an expense which is known as a non-operating expense which is shown on the income statement. It also represents interest payable amount when it is borrowed. For Example,
bonds,convertible debt, loans or lines of credit
The main difference between the interest expense and the interest paid is that the discount amount and this difference changes the net amount of bond liability.
Interest expense is an amount determined by the interest rate on an account.

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For higher levels of management, responsibility accounting reports a.contain about the same level of detail as reports for lower

ss7ja [257]

Answer:

d. are more summarized than for lower levels of management

Explanation:

This report is generally explained to be a rundown of a company's budget and also expenditure and it is comprised also of different operations by higher levels of the company's management. In as much as it gives reports and details of the lower part of the company, it is generally explained to be more summarized for higher management levels than for lower levels of management. In its bid to assist and control the company's head or responsibility units, it gives headway to staff care/welfare and also steady overview of benefits to staffs.

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4 years ago

The following facts apply to the pension plan of Culver Inc. for the year 2017. Plan assets, January 1, 2017 $495,100 Projected

tiny-mole [99]

Answer and Explanation:

The preparation of pension worksheet is shown below:-

General Journal entries

Particulars Annual pension Cash Pension Assets/

expenses Liabilities

Service cost $43,700 Dr.

Interest cost $39,608 Dr.

(495,100 × 8%)

Actual return $52,100 Cr.

Contributions $26,600 Cr.

Journal Entry 31 Dec $31,208 Dr. $26,600 Cr. $4,608 Cr.

Balance 31 Dec 217 $4,608 Cr.

Memo record

Projected benefit obligation Plant assets

Balance Jan 1 2017 $495,100 Cr. $495,100 Dr.

Service cost $43,700 Cr.

Interest cost $39,608 Cr.

(495,100 × 8%)

Actual return $52,100 Dr.

Contributions $26,600 Dr.

Benefits $36,500 Dr. $36,500 Cr.

Balance 31 Dec 217 $541,908 Cr. $537,300 Dr.

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3 years ago

C. this year casey made a gift worth $16.8 million to stephanie. casey is married to helen in a common-law state, and the 2010 g

Dmitry_Shevchenko [17]

Casey and Helen both give and receive gifts that can be taxed, so according to their common-law state, they would have to find out which of the gifts are taxable.

This refers to the federal tax which is levied on a taxpayer who makes a gift of either money or property to someone and is between 18-40%.

Hence, it can be noted that gift taxes are made on any valuable property which is given to another person, regardless of whether the person considers it as a gift.

Please note that your question is incomplete so I gave you a general overview to help you get a better understanding of the concept.

Read more about gift tax here:

brainly.com/question/876942

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2 years ago

Which of the following is the correct formula for profit?

Lisa [10]

Answer:

(Sales volume * Price) – (Variable costs + Fixed costs)

Explanation:

Profit is equal to Total sales less Total costs .

Here, Total costs is the addition of Variable and Fixed costs

(Sales Volume x Price) - (Variable Costs + Fixed Costs).

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3 years ago

A seller listed a home for $200,000 and agreed to pay a commission rate of 5%. The MLS stated that the commission would be share

earnstyle [38]

Answer:

The selling sales associate received $2,700

Explanation:

The final number was 180 thousand dollars. Then the MLS chared 5% of the total sale. Thus, 9 thousand dollars is the commission. Now, the commission was divided again and the sales associate received 50% of the listing office's commission. So those 9000 are divided in 2 and we get 4500 which then are divided and the selling sales associate receives the 60% of that amount or 2700 dollars.

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4 years ago