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Ivahew [28]
3 years ago
12

On the last day of October, Wicker Company borrows $120,000 on a bank note due in 90 days (3 months) at %11 percent. Interest is

not included in the face amount. Assume that Wicker properly recorded the borrowed amount at October 31. If no payments have been made with respect to this loan, should a liability be recorded at Wicker's fiscal year end of December 31, and if so, what is the amount of the liability that should be record? Assume that each month is 30 days.
Business
1 answer:
rodikova [14]3 years ago
3 0

Answer:

interest expense 3,000 debit

   interest payable       3000 credit

Explanation:

We will recognize the accrued interest for the period Nov 1st to Dec 31th

 principal   x   rate     x    time

  120,000   x 11%/12   x 3 months = 3,000

We divide the rate by 12 as there is express as annual rate and we need to match with time, which is months.

The entry will recognize interest expense for 3,000

and interest payable for 3,000

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A costing method that first assigns costs to activities and then assigns them to products based on the products' consumption of
Makovka662 [10]

Answer: Activity based cost accounting

Explanation:

The activity based cost accounting is the one of the type of accounting method in an organization that assigned various types of objects for allocating indirectly the overall cost of the products in the department as compared to the conventional costing.

 According to the given question, the activity based cost accounting is firstly assigning the cost to each activity and then assigning the products based in the consumption for different types of activities in production processing.

 Therefore, Activity based cost accounting is the correct answer.

7 0
2 years ago
Type the correct answer in the box. Spell all words correctly. What factor reflects the ‘cost of money’? The ‘cost of money’ is
Serga [27]

1) Production Opportunities

2) Time Preferences for Consumption

3) Risk

4) Inflation

Explanation:

These are the factor reflects the ‘cost of money. The cost of the borrowing is the rate of interest paid by the lender to the creditor by the supply and demand of the assets.

1) Production Opportunities  : Investment Opportunities to produce competitive (cash) assets.

2) Time Preferences for Consumption  : Present market choice rather than potential demand savings.

3) Risk  : The probability of a small or unfavourable return on an investment.

4) Inflation  : The price will growing over time.

6 0
3 years ago
1. Should you have a separate checking and saving account?
iris [78.8K]

Back when interest rates were high, I had just one account. I had a money-market checking account that offered good interest rates and unlimited check writing. But those days are long gone.

I want as high an interest rate as I can get for my savings. In order to get those rates, I am using a money-market savings account. All such accounts I’ve seen restrict the number of transactions I can make in a month. I need to be able to pay bills, no matter how many of them there are — and I never ever want to pay fees for excess transactions!

So I have a separate checking account. It pays less than half the interest rate of my savings account, but I can make as many transactions as I want. The bank offers a bill pay application that I use for most payments, and I can write as many checks as I want to. I can transfer money between the accounts quickly.

5 0
2 years ago
What responsibility, if any, does fishpeople have to the local fishing industry?​
Evgen [1.6K]

Answer:

IN UK

Explanation:

Contents

Rules for access to waters after the UK leaves the EU

Quota allocations and fishing opportunities

North-East Atlantic Fisheries Commission (NEAFC) Convention Area

Regional fisheries management organisations (RFMOs)

Access to ports

EU and non-EU (third country) vessels landing into UK ports

Import and export of fishery products

Exporting UK-caught fish and fishery products to the EU

Importing EU-caught fish and fishery products to the UK

Labelling and marketing of fishery and aquaculture products

European Maritime and Fisheries Fund

Eels and eel products

Rules for access to waters after the UK leaves the EU

When the UK leaves the EU, the government will control and manage access to fish in UK waters. It will be responsible for managing the UK’s:

territorial waters (out to 12 nautical miles)

Exclusive Economic Zone (out to 200 nautical miles or the median line with other states)

The UK government will make sure that fisheries control and enforcement continue.

UK waters

There will be no change to your rights and responsibilities if you have a UK-registered vessel fishing in UK waters. You must continue to comply with the law and the conditions of your licence, including the economic link criteria.

Non-UK-registered vessels will no longer have automatic access to UK waters. This will be subject to any existing agreements covering territorial waters.

EU and non-EU (third country) waters

There will be no automatic access for UK-registered vessels to fish in EU or non-EU (third country) waters. This will be subject to any existing agreements covering territorial waters.

Quota allocations and fishing opportunities

If you’re a UK quota holder, the UK fisheries administrations will tell you what your allocation will be. They aim to do this in October 2019.

The government will also confirm arrangements for:

non-quota shellfish (scallops, edible crabs and spider crabs)

demersal species under the Western Waters effort regime (demersal species live mainly on or near the sea floor)

There will be no automatic access for:

the UK Fisheries Administrations to exchange fishing opportunities with EU member states

EU member states to exchange fishing opportunities with the UK

North-East Atlantic Fisheries Commission (NEAFC) Convention Area

You can prepare for the UK joining the NEAFC. For UK-registered vessels to continue fishing in the convention area, and landing into the EU, you must hold a current UK domestic licence. You’ll need this before you can apply for an international licence from the relevant fisheries authority.

Please contact your local fisheries authority office if you want further guidance on fishing internationally. You’ll also need to register with the NEAFC’s electronic Port State Control system and complete the Port State Control 1 forms.

Regional fisheries management organisations (RFMOs)

The UK will join all relevant RFMOs as quickly as possible - it will no longer be a member of RFMOs through EU membership. The joining process may take up to 6 months.

During this time, UK vessels may not be able to fish in international waters covered by RFMOs. The Department for Environment, Food and Rural Affairs (Defra) will keep fishermen informed of progress and what the outcome of a decision will mean in practice.

Access to ports

If you have a UK-registered vessel, you’ll no longer have an automatic right to land fish in any EU port. You’ll be allowed access to EU designated ports for:

port services

landings

transhipment

the use of market facilities (where vessels meet EU requirements on illegal, unreported and unregulated fishing)

You must notify the relevant Fisheries Monitoring Centre of your intention to arrive into a designated port. You must notify vessel and catch-related information

6 0
2 years ago
Assessments of the currency of diversity plan
FinnZ [79.3K]

An equality and diversity policy is basically a written agreement for your organization on how you will avoid discrimination and provide a safe and inclusive environment for your members and service users.

<h3>What is meant by currency of a plan?</h3>

The currency in which the Policy is denominated, as described in the Policy Schedule, is referred to as the Policy Currency.

The assessment of the currency of diversity plan or policy therefore, is the process of ensuring that a diversity policy or plan is up to date.

Learn more about diversity plans:
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4 0
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