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
erma4kov [3.2K]
3 years ago
5

Kieso Company borrowed $630,000 for five months. The annual interest rate on the loan was 12%. Kieso's fiscal year ends on Decem

ber 31. Kieso borrowed the $630,000 one month prior to the start of its current fiscal year and paid back the $630,000 plus interest four months into its current fiscal year. In regards to this loan, how much interest expense, if any, would Kieso report at the end of its last fiscal year? At the end of its current fiscal year?
Business
1 answer:
dusya [7]3 years ago
6 0

Answer:

1.$62,748

2. $31,752

Explanation:

The computation of End of fiscal year and current fiscal year is given below:-

End of fiscal year = Borrowed amount × Interest rate × one month ÷ Total number of months

= $630,000 × 12% × 1 ÷ 12

= $630,000 × 12% × 0.083

= $62,748

Current fiscal year = Paid back amount × Interest rate × Four month ÷ Total number of months

= $630,000 × 12% × 5 ÷ 12

= $630,000 × 12% × 0.42

= $31,752

So, we applied the above formula.

You might be interested in
Why is it important to gather facts from a variety of sources so you can make fair, objective decisions before delivering bad ne
snow_tiger [21]

The situation may be disturbing, but solutions should not usually be based on emotion. Your first interpretation of the situation may not be the only valid view.

Don't try to sugarcoat the truth. It's best to be open and honest about what happened and what you're going to do to make it right. Remember that your attitude and the clarity of your message are two very important factors in this conversation. Be open, clear, and honest.

Bad news can be effectively clarified and explained by communicating it directly. D. Verbal communication of bad news includes instructions for later reference by the recipient of the bad news.

It's important to be open, honest, and empathetic. Provide all the facts you have and give your employees the time they need to digest the news and ask questions. Guarantee that you will do your best.

Learn more about  emotion here brainly.com/question/4692301

#SPJ4

3 0
2 years ago
Tirri Corporation has provided the following information: Cost per UnitCost per PeriodDirect materials$ 7.05 Direct labor$ 4.20
Kazeer [188]

Answer:

Contribution margin per unit= $12.85

Explanation:

Giving the following information:

Direct materials$ 7.05

Direct labor$ 4.20

Variable manufacturing overhead$ 1.55

Sales commissions $ 1.15

Variable administrative expense$ 0.40

<u>To calculate the contribution margin, we need to use the following formula:</u>

Contribution margin per unit= selling price - total unitary variable cost

Contribution margin per unit= 27.2 - (7.05 + 4.2 + 1.55 + 1.15 + 0.4)

Contribution margin per unit= $12.85

8 0
2 years ago
Wansley Enterprises is considering a new project. The company has a beta of 1.0, and its sales and profits are positively correl
Bezzdna [24]

Answer:

A. The proposed new project would have more stand-alone risk than the firm's typical project.

Explanation:

4 0
2 years ago
What is a future consequence of making minimum payments each month?
Luden [163]

Answer:

A: a longer period in debt

Explanation:

Minimum payments are generally associated with credit card debts. A credit card allows the user to spend on credit. At the end of every month, the credit card company sends the customer a statement detailing the amount they owe. The statement shows the total outstanding amount and the minimum amount payable.

Paying the total outstanding amount clears the total credit card debt helping the customer avoid interest charges. Paying the minimum amount means the customer will have a balance carried forward to the following month, attracting interest charges.

Paying the minimum amount allows the user to continue using the credit card. There will be a balance carried forward and interest charges if only the minimum amount is paid. Due to the high-interest rates that credit cards charge, the debts increase exponentially. The cardholder will require a long time to clear the debts, which means that the interest charges and penalty amounts will be high.

6 0
3 years ago
A company must invest in project 1 in order to invest in project 2. Which of the following constraints ensures that project 1 wi
pickupchik [31]
The correct answer is C
7 0
2 years ago
Other questions:
  • New cola alternatives (Mecca Cola, Muslim Up, Arab Cola, and ColaTurka) sprang up after the military conflicts in the Middle Eas
    15·1 answer
  • Sunland Company had the following account balances at year-end: Cost of Goods Sold $60,410; Inventory $15,010; Operating Expense
    7·1 answer
  • The manager of a clothing store in the mall has hired five new employees for the summer. All of them have just graduated from hi
    11·2 answers
  • Mittelstaedt Inc., buys 60 percent of the outstanding stock of Sherry, Inc. Sherry owns a piece of land that cost $223,000 but h
    9·1 answer
  • business buying often involves long-term relationships with suppliers. How does this affect buying behavior​
    6·2 answers
  • Which loan type requires you to make loan payments while you're attending school?
    12·1 answer
  • Lara uses the standard mileage method for determining auto expenses. During 2019, she used her car as follows: 9,000 miles for b
    12·1 answer
  • A company offers ID theft protection using leads obtained from client banks. Three employees each work 40 hours a week on the le
    7·1 answer
  • The short run is defined as A. a period of time of five years or less. B. the period of time in which all factors of production
    15·1 answer
  • Market segment profiles are used to describe _____________ members of a market segment, and to explain ______________members in
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!