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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

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3 years ago
Hines Cosmetic Co. sold beauty preparations nationally to beauty shops at a standard or fixed- price schedule. Some of the shops
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Price discrimination refers to the practice of charging different prices from different customer which the company have definitely not done.

Hence, Hines could not be charged of guilty of price discrimination.

6 0
3 years ago
On November 10th, Easton Company sold the Y Company stock for $31 per share. On December 15th, Z Company paid dividends of $0.12
AysviL [449]

Answer:

Find attached complete part  of the question.

The unrealized gains is $3500

Explanation:

Y stock has been disposed and its gains or losses are now realized, and it is not applicable to our computation now.

Unrealized gains or losses is the difference between purchase price of a stock and its current market price

Stock X=($43-$40)*1500=$4500 gains

Stock Z=($21-$22)*1000=-$1000 losses

So unrealized gains overall =$4500-$1000

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Note that the price of stock X  has risen to $43 from initial $40 while that of company  Z has fallen to$21 from the initial $22.

I

Download xlsx
3 0
3 years ago
4. The E. Harris Company issued bonds in September of 2003. When issued, the bonds had 20 years to maturity, a coupon rate of 7.
stiv31 [10]

Answer:

6%

Explanation:

Yield to maturity is the annual rate of return that an investor receives if a bond bond is held until the maturity. It is the long term return of the bond which is expressed in annual term.

Face value = F = $1,000

Coupon payment = $1,000 x 7.5% = $75

Selling price = P = $1110.40

Number of payment = n = 10 years

Yield to maturity = [ C + ( F - P ) / n ] / [ (F + P ) / 2 ]

Yield to maturity = [ $75 + ( $1,000 - $1,110.4 ) / 10 ] / [ ( $1,000 + $1,110.4 ) / 2 ]

Yield to maturity = [ $75 - 11.04 ] / $1,055.2

Yield to maturity = $63.96 / $1,055.2

Yield to maturity = 0.0606 = 6.06%

Rounded off to whole percentage 6%

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3 years ago
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