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
Marina CMI [18]
4 years ago
8

During the fourth quarter ended December​ 31, Year​ 1, Lighting Fixtures Inc.​ (LFI) had average outstanding revolving bank loan

s of​ $1.2 million. Assume that the quarterly interest charges associated with these loans was​ $7,500. If LFI makes the interest payment to the banks on January​ 15, Year​ 2, what is the journal entry​ (if any) made by the company on December 31 to reflect the​ above?
Business
2 answers:
IrinaK [193]4 years ago
8 0

Answer:

December 31, Year 1              DR.        Cr.

Accrued Interest Expense  $7,500

Interest Payable                                 $7,500

Explanation:

On December 31 Year 1 Interest was accrued and It was recorded by the Lighting Fixtures Inc.​ (LFI) but its outstanding now. Lighting Fixtures Inc.​ (LFI) paid the interest on January 15, at this time a payment entry of a payable interest was be made. Expense was charged on December 31 of year 1.

almond37 [142]4 years ago
3 0

Answer:

I think it is 7,500

Explanation:

Hope this helps!!!!

You might be interested in
The final paragraph of a letter of application explains why you are writing the letter
Ivan
<h2>The given statement is false.</h2>

Explanation:

The reason for writing the letter comes always in the first.

The reader should first know, why the writer has written.

If the purpose of the letter is mentioned in the last, the reader wouldn't be interested and it is not the best practice also.

The last part should comprise of requesting, or re-insisting the purpose of the letter.

The middle paragraph should go in deeper by giving some proof or explaining the process in a descriptive manner.

6 0
3 years ago
Have a look at the top 10 brands in the world, what similarities can you see in regards to their marketing activities
8_murik_8 [283]

s you probably know, brand equity is becoming increasingly important factor to successful brands. Brand equity has the ability for firms to to gain additional market share, at a price premium, with increased customer loyalty, and greater acceptance of new products. It also provides significantly more access to more retailer channels and easier ability to enter new markets.

Professional valuation companies that rank firms on the brand equity value consider how much the brand contributes to additional profitability. Here are the top 10 brands for 2015 as determined by Millward Brown.

Apple

Google

Microsoft

IBM

Visa

AT&T

Verizon

Coca-Cola

McDonalds

Marlboro

7 0
3 years ago
Suppose someone borrows $552,000 today to buy a house in Davis, CA. If the annual interest rate is 4%, with monthly compounding,
galina1969 [7]

Answer:

Monthly Repayment on Loan  = $2634.06

Explanation:

given data

principal =  $552,000

annual interest rate = 4% = 0.333% monthly

solution

for get here fair value monthly mortgage payment we consider here time period is 30 year = 360 months

so now we apply here Monthly Repayment on Loan formula that is

Monthly Repayment on Loan  = principal ×  \frac{r(1+r)^t}{(1+r)^t -1}    .................1

put here value and we get

Monthly Repayment on Loan  = 552000 × \frac{r(1+0.333)^{360}}{(1+0.333)^{360} -1}    

Monthly Repayment on Loan  = $2634.06

4 0
3 years ago
.Academic studies suggest that the amount people tip at restaurants is only slightly related to the quality of service, and that
AlexFokin [52]

There are various forms of market failure, though it is commonly defined in economics as a situation where the distribution of goods and service are conducted in an inefficient manner.

In the case illustrated in the question, the form of market failure that is taking place occurs in the nature of the exchange, which is due to bounded rationality. It is defined as condition commonly occurring in individuals where decision-making is based on making a satisfactory solution instead of an optimal one – this leads to irrational behaviors. A good example is the tipping behavior provided in the question.

Thus, the answer to the question is (D) Yes this could be considered a form of market failure. If consumers and markets were rational tips would be based on the quality of service.

3 0
4 years ago
Money you pay up front to reduce the amount you will owe is called a
blondinia [14]

Answer:

down payment

Explanation:

A down payment is money paid upfront in a financial transaction, such as the purchase of a home or car. Buyers often take out loans to finance the remainder of the purchase price.

5 0
3 years ago
Other questions:
  • Sonya showed the office manager at Arunden Solutions how he could pay for the new copier she was selling by bringing more of Aru
    14·1 answer
  • Glueck Corp. reports sales revenue of $200,000. During the year, the company's accounts receivable balance decreased by $14,000.
    11·1 answer
  • Continuing on the same train of​ thought, when the Fed decreasesdecreases the growth rate of the money​ supply, the price level
    14·1 answer
  • The number of employees in a company is reduced in the ratio 3 : 2 and the salary of each employee is increased in the ratio 4 :
    8·1 answer
  • Marketing creates, communicates, and delivers value to the firm's chosen customers. This enables the firm to attract and keep cu
    8·1 answer
  • On November 1, 2018, A-1 Products borrowed $64,000 on a 5%, 5-year note with annual installment payments of $12,800 plus interes
    9·1 answer
  • Which section of the unqualified audit report on the effectiveness of ICFR would the following statement belong in: "We have aud
    9·1 answer
  • At Medallion Industries, variable cost per unit is budgeted to be $8.00 and fixed cost per unit is budgeted to be $5.00 in a per
    10·1 answer
  • How do you compute net income for a merchandiser. Multiple choice question. Revenues - expenses. Net sales - cost of goods sold.
    5·1 answer
  • If there are initially 1,000 workers in country X and 500 workers in country Y, then we should expect:
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!