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
Allisa [31]
3 years ago
14

On September 1, 2021, Middleton Corp. lends cash and accepts a $4,000 note receivable that offers 10% interest and is due in six

months. How much interest revenue will Middleton Corp. report during 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)
Business
2 answers:
iris [78.8K]3 years ago
8 0

Answer:

Middleton Corp. will report interest revenue of 133.33 for the period of 2021.

Explanation:

The adjusting entry for the interest receivable for the period ended 31 december will require the Middleton Corp. to record the 4 months interest as interest revenue for the period ended 2021.

The interest on the note for this period is ending 2021 is,

Interest revenue = 4000 * 0.1 * 4/12 = 133.33

The entry on 31 December will be

Interest receivable    133.33 Dr

   Interest Revenue       133.33 Cr

kakasveta [241]3 years ago
3 0

Answer:

The amount of interest revenue Middleton corp will report during 2021 = $200

Explanation:

The following data were provided from the question;

The amount of cash Middleton Corp borrowed or received = $4,000

Interest rate = 10%

Duration = 6 months = 6 ÷ 12 = 0.5 year

To calculate the amount of interest revenue Middleton corp will report during 2021;

= cash receivable × interest rate × duration

Therefore,

Interest revenue = 4,000 x 0.10 x 0.5

= $200

You might be interested in
In an establishment that serves alcohol for on premise consumption and gets less than 50% of its gross receipts from alcohol sal
KATRIN_1 [288]

Answer:

A. True

Explanation:

As we know that the license is been provided that serves alcohol for on-premise consumption and gets less than 50% of its gross receipts from alcohol sales, a cashier can be less than 18 years as well, according to the establishment. The establishment clearly mentions that it acquires less than 50 percent of its total receipts and a cashier can be less than 18 years. The given statements are true.

7 0
3 years ago
Bondholders tend to offset the effects of selfish strategies implemented by shareholders by: Multiple Choice increasing the inte
Zepler [3.9K]

It should be noted that bondholders offset the effects of selfish strategies that are implemented by shareholders by A. increasing the interest rate on monies loaned to the firm.

A bondholder simply means an individual that's owning a bond that was issued by the government or a public company.

The effects of selfish strategies that are implemented by shareholders are offset by increasing the interest rate on monies loaned to the firm.

Learn more about bonds on:

brainly.com/question/25524725

8 0
2 years ago
_________ is a person (usually former slave) who farmed a leased portion of land during the Reconstruction era. The planter shar
Anuta_ua [19.1K]

Answer:

The correct word for the blank space is: Sharecropper.

Explanation:

Sharecroppers were farmers who used to lease lands for the crop of different commodities. In exchange, the landowner used to receive a portion of the crop at the end of every year. This practice was mostly developed in the U.S. south by former slaves.  

During the Reconstruction era (1865-1877) white landowners entered in conflict with freed blacks who were fighting for their total independence after the Civil War (1861-1865).

4 0
3 years ago
Read 2 more answers
Homer has decided to buy a trampoline. the trampoline costs $2000.00. he borrows the money from the springfield bank at an inter
Elodia [21]
Finance Charge = Balance x Interest rates

Since Philip has passed the full year since the initial credit, we use the full 19% for the calculation.

So, the finance charge is:

$ 2,000 x 19%

= $ 380
6 0
3 years ago
1. Assume that in the relevant jurisdiction, contracts with clauses restricting working for competitors for more than six months
jeyben [28]

<u>Answer: </u>Wrongful interference with a contractual relationship requires the existence of enforceable contract, third party  knowledge, and intentional inducement.

<u>Explanation:</u>

All the business consist of information which is invaluable and wants the employees to keep it within the business and not sell it to competitors. As they are the successful objectives of the business.

Contractual relationship is the relationship bound by legal requirements where there are two or more parties who agree with same terms through enforceable contract. Intentional inducement is where an individual causes damage to  contractual relationship with third party. The damage can be of monetary basis.

8 0
3 years ago
Other questions:
  • Conditions that can create conflicts can be classified into three categories. Which of the following is one of these three categ
    12·1 answer
  • You have decided to set a new goal of saving at least $4,500 over the course of the next year. You already have $900 saved. By h
    12·3 answers
  • Why is the demand for professional labor generally high relative to the supply compared to the demand for unskilled or semi skil
    7·2 answers
  • Kit Company borrows $5 million at 12% on January 1, 2016, specifically for the purpose of financing the construction of a buildi
    6·1 answer
  • Answer the question on the basis of the following data for the hypothetical nations of Alpha and Beta. Qs is domestic quantity s
    5·1 answer
  • How do you pay taxes and is it hard ( just curious)
    13·1 answer
  • Kelly has decided to start his own business giving sailing lessons. To purchase equipment for the business, Kelly withdrew $1,00
    13·1 answer
  • The recording, summarizing, and reporting of the economic activities and events of an organization is known as _____.
    6·1 answer
  • if a start up business owner invests $25,000 cash and then borrows $15,000 from a bank, the owner's equity would be
    7·1 answer
  • Charles is going to purchase a new car that has a list price of $21,450. He is planning on trading in his good-condition 2004 Do
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!