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Mekhanik [1.2K]
3 years ago
7

On March 1, 2021, Bearcat lends an employee $16,000. The employee signs a note requiring principal and interest at 12% to be pai

d on February 28, 2022. Record the adjusting entry for interest at its year-end of December 31.
Business
1 answer:
kramer3 years ago
8 0

Answer:

Given that,

Amount of money lend to employees on March 1, 2021 = $16,000

Rate of interest = 12 percent

Interest amount and principal to be paid on February 28, 2022.

Interest is accrued on December 31,

Time period = From March 1, 2021 to December 31, 2021

                    = 10 months

Accrued Interest amount = Principal amount × Interest rate × Time period

                                          = $16,000 × 0.12 × (10 ÷ 12)

                                          = $1,600

Therefore, the adjusting journal entry is as follows:

Interest receivable A/c Dr. $1,600

         To interest income                $1,600

(To record the interest on amount given to employees is accrued and adjusted)

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Record the January 31, 2019 adjusting entry for the December 31, 2018 receipt of $3,000 from race participants for providing ser
MAXImum [283]

Answer:

Debit Unearned revenue   $1,000

Credit Service revenue       $1,000

Explanation:

When cash is received in advance for service yet to be provided, an asset and a corresponding liabilities are created.

The liability is then reduced as the revenue for which cash was collected in advance is earned.

Given that the December 31, 2018 receipt of $3,000 from race participants for providing services for three races. One race is held on January 31, 2019 and the other two will be held in March 2019.

Revenue from one race = 1/3 × $3,000

= $1,000

Since One race is held on January 31, 2019, entries required

Debit Unearned revenue   $1,000

Credit Service revenue       $1,000

Being entries top recognize revenue earned from the race held on January 31, 2019 .

4 0
3 years ago
You invest $1,000 in a complete portfolio. The complete portfolio is composed of a risky asset with an expected rate of return o
gizmo_the_mogwai [7]

Answer: 45%

Explanation:

Standard deviation for the portfolio will be a weighted average of the standard deviations of the individual assets.

Risky asset has standard deviation of 20%. Assume the weight is x.

Treasury bills have a standard deviation of 0 as they have no risk. Assume their weight is y.

Target Standard deviation is 9%.

Formula would be:

9% = (x * 20%) + (y * 0%)

20%x = 9%

x = 9% / 20%

x = 45%

4 0
3 years ago
Emily had an excellent year as a salesperson in 2015, earning $97,000. she paid $37,000 for necessities such as mortgage, food,
ycow [4]

Discretionary income is the amount of money remaining from her income after paying federal taxes, other mandatory charges, and necessary expenditures for living. In this situation, Emily is earning a gross income of $97,000. When you deduct her necessary expenditures for mortgage, food, and clothing in the amount of $37,000 and her federal income taxes in the amount of $24,000 from her gross income, you can get her discretionary income which is $36,000.

4 0
3 years ago
When developing career goals, it is important to have the mindset that dramatic changes can and often do occur in the job market
Katarina [22]

Answer:

A. home health aides; computer programmers

Explanation:

When developing career goals, it is important to have the mindset that dramatic changes can and often do occur in the job market. In considering the data in your text, it can be seen that the profession of _____ experienced a dramatic increase over the past decade, while careers as ______ have experienced a substantial decrease during the same time frame.

A. home health aides; computer programmers

B. flight attendants; machinists

C. telemarketers; public relations specialists

D. financial managers; child care workers

3 0
2 years ago
Draw a curve that shows the relationship between quantity and total revenue when the demand curve for umbrellas is linear.
irakobra [83]

Draw a curve that shows the relationship between quantity and total revenue when the demand curve for umbrellas is linear ​increases.

If demand is elastic (price elasticity > 1), price and total sales are negatively related. In other words, an increase in price leads to a decrease in total sales.

Revenue is the amount of money generated WITHOUT subtracting the costs of business. In economics, the total sales test is a means of determining whether demand is elastic or inelastic. If an increase in price leads to an increase in total sales, demand is said to be inelastic because the increase in price does not significantly affect the quantity demanded.

Learn more about revenue at

brainly.com/question/16232387

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5 0
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