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Elza [17]
3 years ago
11

Azure Inc. assigns $4,000,000 of its accounts receivables as collateral for a $3 million loan with a bank. The bank assesses a 3

% finance charge on the loan amount and charges interest on the note at 7%. What would be the journal entry to record this transaction?
Business
1 answer:
Vlad1618 [11]3 years ago
8 0

Answer with its Explanation:

Step 1:

First of all record a loan of $3 million loan:

Dr Bank $3,000,000

Cr Loan      $3,000,000

Step 2:

Finance charge will be 3% on this loan amount:

Dr Finance Charge $3million *3% = $90,000

Cr                   Bank                                       $90,000

Step 3:

The interest on the note is 7% which is $70,000. So the journal entry would be:

Dr Interest Expense $70,000

Cr Interest payable                  $70,0000

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STatiana [176]

Answer:

(1) RFID TAGS FROM A GREATER DISTANCE THAN BARCODE WHEN TAGGING INVENTORIES.

(2) RFID TAGS CAN BE READ AT A FARTHER DISTANCE THAN BARCODE.

(3) RFID TAG MUST NIT BE IN LINE WITH THE SCANNER FOR IT TO IDENTIFY AND READ INVENTORIES.

Explanation:RFID(RADIO FREQUENCY IDENTIFICATION) uses electromagnetic fields to track and identify by reading and capturing the information stored on a tag attached to an object. It is a generally accepted and has been widely used in variety of industries including Supply chain,Human resources, inventory management etc

(1) RFID TAGS FROM A GREATER DISTANCE THAN BARCODE WHEN TAGGING INVENTORIES.

(2) RFID TAGS CAN BE READ AT A FARTHER DISTANCE THAN BARCODE.

(3) RFID TAG MUST NOT BE IN LINE WITH THE SCANNER FOR IT TO IDENTIFY AND READ INVENTORIES.

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3 years ago
Which of the following is NOT a key element in strategic planning as it is described in the text? a. The statement of cash flows
Colt1911 [192]

Answer:

(a) The Statement of cash flow

Explanation:

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While for The statement of purpose, company's degree, articulation of corporate goals and organization's systems you should have vital arranging since it will show the region where corporate will run in future.

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3 years ago
Akika Corporation started as a small firm and has grown substantially in the past decade. Its interests span from electronics to
AysviL [449]

Answer: d. Unity of direction

Explanation:

The principle of Unity of Direction is one of the 14 principles of Fayol in relation to administration. Summarised into one phrase, the principle would mean,<em> One Head One Plan</em>.

This is because the principle believes that when in a company, different departments aim to achieve distinct goals, the departments should have a sole leader and a sole plan for the goals that should be accomplished so that there is no confusion.

This is why the Akika Corporation wants to create independent domains that reflect the actions they perform and will have the distinct roles needed to help them perform the actions efficiently.

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3 years ago
Yeast is used in bread baking; it has a rapid doubling time of approximately 90 minutes. (note: use the concepts of half-life or
dlinn [17]

Answer:

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Explanation:

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3 years ago
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Fabrick Company's quality cost report is to be based on the following data: Lost sales due to poor quality $ 15,200 Quality data
Yuki888 [10]

Answer:

The total appraisal cost that would appear on the quality cost report is $63,300.

Explanation:

Appraisal costs can be described as costs that are incurred by a company in order to detect some of its products that have defects before they delivered to customers.

Examples of appraisal cost include costs incurred to inspect work-in-process materials, costs incurred to inspect finished goods, supplies used to conduct inspections, and among others.

Based on the above explanation, the total appraisal cost that would appear on the quality cost report can be calculated as follows:

Total appraisal cost = Test and inspection of in-process goods + Final product testing and inspection = $19,500 + $43,800 = $63,300

Therefore, the total appraisal cost that would appear on the quality cost report is $63,300.

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