Answer:
Dr Interest Expense account 10,000
Cr Cash account 10,000
Explanation:
We have to calculate how much interest did the company paid = $100,000 x 10/12 x 12% = $10,000
Then we must record the journal entries
- Dr Interest Expense account 10,000
- Cr Cash account 10,000
Since cash is an asset and it decreases, then it should be credited.
Since interest is an expense and it increases, it should be debited.
Answer:
(a) Multiple-step income statement.
Sales revenue $388,710
Less Sales returns and allowances ($12,620)
Net Sales $376,090
Less Cost of Goods Sold ($215,090)
Gross Profit $161,000
Less Operating Expenses :
<em>Selling and Distribution Expenses :</em>
Freight-out $6,220
Sales discounts $7,240 ($13,460)
<em>Administration Expenses :</em>
Rent expense $31,270
Salaries and wages expense $56,180 ($87,450)
Operating Income / (Loss) $60,090
Explanation:
A multiple-step income statement, shows separately Income derived from Primary Activities of the Company (Operating Income) and the Income that includes Secondary Activities of the Company (Net Income).
Operating Expenses are further categorized under <em>Selling and Distribution Expenses </em>and<em> Administration Expenses.</em>
Answer:
The correct option is b
amounts to a denial of one of the basic principles regarding interactions among people.
Explanation:
That will greatly affect the economy if Government only organise economic activities, it will denial the basic principles regarding the interaction among the people. Therefore option b is the right option.
The most likely result if Fred sues Harry for the $12,000 payment is D. Fred will win because the right to receive payment could be validly assigned.
It should be noted that every contract creates its own rights and duties. Based on the information given, the obligee is Belinda.
The obligee in this case transfers the right to receive payments to a third-party who is Fred. Also, from the information, Belinda gave Fred the right to receive the payment from Harry.
Therefore, based on the above information, Fred has the right to receive payment. Therefore, if Fred sues Harry for the $12,000<em> payment</em>, he'll win.
Read related link on:
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Answer:
Maximum business interest deduction that George will be eligible to claim this year will be $525,300
Explanation:
Maximum business interest deduction is 30% of Adjusted Taxable income (ATI)
Adjusted Taxable income (ATI) = 1260000+240500+250500= $1,751,000
Maximum business interest deduction = 1751000*30%= $525300
