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ANEK [815]
3 years ago
7

In its cash flow statement for the current year, Fox Co. reported cash paid for interest of $70,000. Fox did not capitalize any

interest during the current year. Decreases occurred in several balance sheet accounts as follows:
Accrued interest payable $17,000

Prepaid interest 23,000

In its income statement for the current year, what amount should Fox report as interest expense?
Business
1 answer:
Nina [5.8K]3 years ago
6 0

Answer:

$76,000

Explanation:

The calculation of the interest expense is shown below:

= Reported amount of cash paid for interest + Decrease in prepaid interest - decrease in accrued interest payable

= $70,000 + $23,000 - $17,000

= $76,000

The decrease in prepaid interest is classified as a current asset and the  accrued interest payable is current liabilities and we know that the rise in current assets and a decline in current liabilities are excluded, while the decline in current assets and an increase in current liabilities are included.

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Bad White [126]

Answer:

D) They had a unilateral, express agreement.

Explanation:

In a unilateral contract, the offeror makes an express promise without a reciprocal agreement from another party. The offeror's express promise of payment requires that the other party performs.

In this case, professor Debby made an express promise to pay $50 to anyone that mowed her yard, and Max performed the yard mowing, therefore he is entitled to payment.

5 0
3 years ago
What is the major difference between an attraction and entertainment?
Black_prince [1.1K]
Hello there.

<span>What is the major difference between an attraction and entertainment?

</span>Attraction- interest 

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Based off that, 

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8 0
4 years ago
Read 2 more answers
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Sladkaya [172]

Answer:

The correct answer is: size differences and economies of scale.

Explanation:

To begin with, in order to obtain an advantage in the field of business and in that way to overcome the other competitors there are differentes way of getting that. One of them, the <em>economies of scale</em>, focus on decreasing the cost of the production by the act of increasing the amount of goods producted. In that order, more is better, therefore that when ChipMaker decided to add production capacity in an effort to lower costs it is pursuing size differences and economies of scale.

6 0
3 years ago
True or false is April 15th is an important date for people who have a job.
matrenka [14]

Answer:

true

Explanation:

its Tax Day so they are very busy

6 0
3 years ago
What effect do rising input costs have on the price of a good.
Genrish500 [490]

Answer:

Explanation:

Inputs are the factors required for production to take place. They may include labor and raw materials. In economics, inputs are the four factors of production that include land, labor, entrepreneurship, and capital.

The final cost of a product is dependent on the costs of production. The cost of production is an aggregation of the cost of each input used in the production. For a company to stay in operation, it must meet all its production costs. These costs are spread to each unit produced.  A high production cost will result in an expensive product. Should the cost of any of the input increase, then the overall cost of the products will rise.

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3 years ago
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