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
Delicious77 [7]
3 years ago
14

Barton Chocolates used a promissory note to borrow $1,000,000 on July 1, 2018, at an annual interest rate of 6 percent. The note

is to be repaid in yearly installments of $200,000, plus accrued interest, on June 30 of every year until the note is paid in full (on June 30, 2023). Show how the results of this transaction would be reported in a classified balance sheet prepared as of December 31, 2018. (Do not round intermediate calculations.)
Business
1 answer:
iragen [17]3 years ago
7 0

Answer:

Explanation:

Balance sheet for Barton Chocolates as at December 31,2018

Current liabilities                                  230,000

Non current liabilities                           800,000

<u>Workings.</u>

Loan - $1,000,000

Loan date = July 1

Reporting date = December 31

Timeline = 6 months / 1/2 years

Yearly installment = $200,000

Interest payable = 6/100*1000000*1/2 = 30,000

Current liabilities are liabilities that are due for settlement within a year

Therefore the current liability portion = $200000+30000= $230,000

The non current liability is the balance of the principal loan amount = 1000000=200000= 800000

You might be interested in
Explain the difference between common and preferred stock? List the advantages and disadvantages of each.
Juli2301 [7.4K]
Common stockholders will not receive any money before the preferred stock holders in the case of the company having to liquidate.  So thats a disadvantage.  Preferred stockholders tend to get higher dividends paid out to them, which is an advantage.  
7 0
3 years ago
What is the difference between a debit card and a cash card? A. A debit card is less secure than a cash card.  B. A cash card c
Nimfa-mama [501]

Answer:

C. A cash card is not tied to a bank account.

Explanation:

3 0
3 years ago
After visiting several automobile dealerships, Richard selects the car he wants. He likes its $11,500 price, but financing throu
WITCHER [35]

Answer:

The answers are:

A) total interest = p x r x t

where:

  • p = $9,200
  • r = 10%
  • t = 2 years

total interest = $9,200 x 10% x 2 = $1,840

B) the total cost of the car = down payment + principal + total interest

total cost = $2,300 + $9,200 + $1,840 = $13,340

C) monthly payment = (principal + total interest) / total number of payments

monthly payment = ($9,200 + $1,840) / (12 x 2) = $11,040 / 24 = $460

D) APR = (total payments x total interest) / [principal x (total payments +1)]

APR = (24 x $1,840) / ($9,200 x 25) = 0.192 or 19.2%

5 0
3 years ago
Produced goods used as inputs for the production of other goods comprise the resource known as:.
Mashcka [7]

Capital.

Capital goods are those goods that are used for further production of other commodities. They are used in the future for purpose of productivity. These goods have derived demand and helped in raising the productive capacity of the business.

3 0
2 years ago
Read 2 more answers
Assignment 2 (Due Week 3)
Nikolay [14]

Explanation:

Hi a warm greetings to you. This is " Your name" from one of the top companies in selling "car accessories". Our team who is very creative has come out with a new car accessories which would safe guard the person who drives the car , passenger, the car and also the person on the road. Let me not surprise you for more time, its an accessories which would give a beep if the drive fall asleep while driving. Isn't not essential to have to safe guard property and life? I know you would says yes like all our esteemed customers. We care for you and your lovely properties. Would you be interested to buy and we can deliver it within short span of time.

5 0
3 years ago
Other questions:
  • Michael Chang buys only tennis rackets during a particular year. During the year in question, the price of all goods rises by 10
    10·1 answer
  • During the year Waterway reported net sales of $951000. The company had accounts receivable of $75500 at the beginning of the ye
    5·1 answer
  • "when the assembly line was applied to more industries, america entered the:"
    9·1 answer
  • The Jabba Corporation manufactures the "Snack Buster" which consists of a wooden snack chip bowl with an attached porcelain dip
    10·1 answer
  • true or false for the best control of both the accelerator and brake pedals rest the heel of your foot on the floor??
    7·2 answers
  • In doing a Kodak SWOT analysis, which of the following represents a traditional strength that the company leveraged into the new
    5·1 answer
  • an economy where more money is being collected than is being allocated or spent is known as what type of economic stance
    15·2 answers
  • Name two criminal justice careers that require a similar skillset and explain how this skillset aids in job performance.
    6·1 answer
  • Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $160,000 on December 31, 2018. During the year, the co
    6·1 answer
  • Alternative Production Procedures and Operating Leverage Assume Sharpie, a brand of Newell Brands, is planning to introduce a ne
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!