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Lostsunrise [7]
3 years ago
6

On December 1, Victoria Company signed a 90-day. 8% note payable, with a face value of $16, 200. What amount of interest expense

is accrued at December 31 on the note?
a. $0
b. $1, 296
c. $216
d. $108
e. $324
Business
1 answer:
8_murik_8 [283]3 years ago
5 0

Answer:

Option (d) is correct.

Explanation:

Given that,

On December 1,

Victoria Company signed a 90-day. 8% note payable, with a face value of $16, 200

Interest expense on December 31 is accrued for 30 days (Dec 1 - Dec 31)

Interest expense:

= Amount of note payable × Interest rate × Time period

= $16,200 × 8% × (30 ÷ 360)

= $108

Therefore, amount of interest expense is accrued at December 31 on the note is $108.

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<h3>What is cash flow statement?</h3>

A cash flow statement is a financial statement that outlines all cash inflows a company receives from ongoing operations and outside investment sources.

It also includes all cash outflows for business and investment operations over a set period of time.

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5 0
3 years ago
Whether people use automatic or controlled processing for reacting to a persuasive message is often a function of ________.
kogti [31]
B) their level of interest in it
7 0
3 years ago
A pencil manufacturer is in a perfectly competitive market. The firm can sell as much as it wants at a price of $1.50 per pencil
Ierofanga [76]

Answer:

d. Continue production in the short run, but exit the business in the long run unless prices are expected to rise or costs to fall..

Explanation:

Currently, their sales revenue less variable cost is positive as it can sale at $1.50 dollars and the variables cost are less than that. Therefore, there are fixed cost thefirm can pay because it produce.

Now, in the long-run when the firm can exit the market it should consider to do so if it continues to get an average cost above the selling price.

3 0
3 years ago
Horatio Alger is the product manager for Brand X, a consumer product with a retail price of $1.20. Retail margins are 35% while
Anna71 [15]

Answer:

Contribution per unit of Bran X = 51 cents

Contribution margin: 51 / 69 = 73.91%

Explanation:

<em>Retail price: 1.20</em>

retail margin of 35% --> thus the cost of good is 1.20 x ( 1 - 0.35) = 0.78

At this price the wholesalers trade to grosery store and others

wholesales margin 11.5% --> the price at which Alger sales the product to wholesalers:

0.78 x (1- 0.115) =<em> 0.6903 producer selling price</em>

Now from this, Horatio has the following variable cost:

variable manufacturing cost:   0.08

shipping and other cost:          0.03

sales persons 10% commision 0.06903

Total variable cost: 0.17903

Contribution per product: .6903 - 0.17903 = 0.51127 = 51 cents

8 0
3 years ago
If your gross pay is $380 and they take out $35.90 in state taxes,$52.70
masha68 [24]

Answer:

$262.40

Explanation:

Net pay is gross pay minus all deductions. To get the net pay, we add up all deductions and subtract them from gross pay

net pay =  $380-( $35.90+$52.70 +  $23.50 + $5.50 )

=$380- $117.60

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3 0
3 years ago
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