B. Panuto: Isulat sa patlang kung ano ang tinutukoy sa pangungusap.

The following transactions apply to Ozark Sales for 2018: The business was started when the company received $49,500 from the is

Oksana_A [137]

Answer: a. Dr Interest expense $341.67

Cr Accrued Interest Liability $341.67.

b. Total Amount of Current Liabilities = $72741.67

Explanation:

Accrued Interest on notes Payable

The Note was issued on 1 September 2018, note Payable is $20500 interest interest will be incurred from the Month of September to February because the Note will be settled on 1 March 2019, How ever The year ended on the 31st of December (current financial period) which means Ozark Sales Company incurred interest for 4 months in the current year (1 September to 31 December 2018).

Interest Calculation

Note Payable Amount = $20500

Interest rate (R) = 5% per annum

Period (Number of months) = 4 months (September to December 2018)

Accrued Interest expense = $20500 x 5/100 x 4/12

Accrued Interest expense = $341.6666667 = $341.67

Journal Entry

Dr Interest expense $341.67

Cr Accrued Interest Liability $341.67.

Current Liabilities

Ozark Sales current liabilities include Purchased equipment inventory, Accrued Interest expense incurred on the Notes Payable and the Notes Payable amount. Ozark Sales Made a Payment of $125100, this payment was made to settle some of the total current liabilities.

The total Current Liabilities (The Balance) on 31 December 2018 will include all transactions mentioned about and the payment of $125100 will be subtracted. The Balance will the amount that will be reflected in the Balance sheet for Current Assets

Purchased Equipment inventory = $177 000

Notes Payable = $20500

Accrued Interest Liability = $ 341.67

Accounts Payable Payment = $125100

Total Amount of Current Liabilities = $177 000 + $20500 + $341.67 - $125100

Total Amount of Current Liabilities = $72741.67

7 0

3 years ago

The grant available to third-or fourth-year college students majoring in

Marrrta [24]

<u>The grant available to third-or fourth-year college student:</u>

The National Science & Mathematics Access to Retain Talent Grant (National SMART Grant) is the grant given to the third or fourth year college students who want to do major in scientific or mathematical fields like physical, life, engineering, mathematics, medical, languages, etc.

To apply for the SMART grant students apply through free application of federal student aid and then if they receive the grant they can do their higher studies in their preferable fields which come under SMART grant.

5 0

4 years ago

If you were the head of marketing for Troon, what benefit would you receive from Mr. Westmark’s decision to implement TCO?

ololo11 [35]

<span>One benefit to Mr. Westmark's decision is that it gives customers more flexibility when it come to buying. Customers can exceed the company's net earnings and get a better understanding of what they're buying. They get to know what the company gains from the deal, and the final cost.</span>

4 0

4 years ago

Heart & Home Properties is developing a subdivision that includes 600 home lots. The 450 lots in the Canyon section are belo

Sophie [7]

Answer:

Each Canyon lot will cost = $10,000, total costs associated to the 450 Canyon lots = $4,500,000

Each Hilltop lot will cost = $20,000, total costs associated to the 150 Hilltop lots = $3,000,000

Explanation:

When you allocate joint costs using the value basis method, the costs will be allocated to the different products using their sales value:

total costs = $4,000,000 + $3,500,000 = $7,500,000

total sales value = (450 lots x $55,000) + (150 lots x $110,000) = $24,750,000 + $16,500,000 = $41,250,000

total costs allocated per $1 of sales value = $7,500,000 / $41,250,000 = $0.181818

Each Canyon lot will cost = $0.18181818 x $55,000 = $10,000, total costs associated to the 450 Canyon lots = $4,500,000

Each Hilltop lot will cost = $0.18181818 x $110,000 = $20,000, total costs associated to the 150 Hilltop lots = $3,000,000

6 0

3 years ago

Taxable income from the rental of actively managed depreciable real estate is classified as:

iragen [17]

Answer:

passive income if taxable income is negative;active income if taxable income is positive.

3 0

3 years ago