Based on the information given Winn will record total interest expense of $200.
Using this formula
Total interest expense=Principal amount× Interest rate ×Time
Where:
Principal amount=$15,000
Interest rate=8%
Time=60 days/360
Let plug in the formula
Total interest expense=$15,000 x .08 x (60/360) = $200.
Total interest expense=$200
Inconclusion Winn will record total interest expense of $200.
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Answer:
<u><em>Securities </em></u>
Explanation:
The amount that an employer withholds from an employees wage is called withholding tax. The employer pays this tax directly to the government on behalf of employee. The other form of this tax is levied on income sources of non residents of US e.g securities. Withholding taxes were first levied in 1862 during the presidency of Abraham Lincoln to finance the civil war. Income tax and tax withholding were abolished after 1872.
The required double entry to adjust the accounts for salaries accrued at the end of the accounting period is a debit to the Salaries Expenses Account and a credit to the Salaries Payable Account.
- The Salaries Payable account is a current liability because the firm has not yet paid cash for.
- Debiting the Expense account and crediting the Payable account complete the double entry. This is a recognition of the accrual concept and the matching principle of generally accepted accounting principles.
Thus, the accrual concept and the matching principle require that expenses that have not been paid for be accounted for in the period that they are incurred to match with the revenue that they generated.
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Answer:
On November 1, the listing was terminated
Explanation:
According to the given n situation, the listing was terminated on November 1 because due to fire, it causes considerable damage to the property. As the property is damaged, so automatically the listing was canceled and terminated.
The date of rescinds the listing, the expiration date, and, the date at which the broker is incompetence is not relevant.
Answer:
3) Future data
Explanation:
Future data is used to make decision in this case. Although future data is not available, Donna is using a future estimate based on her professional judgement.