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
san4es73 [151]
3 years ago
13

On october 1, steve's carpet service borrows $350,000 from first national bank on a 3-month, $350,000, 8% note. what entry must

steve's carpet service make on december 31 before financial statements are prepared?
Business
1 answer:
sergiy2304 [10]3 years ago
6 0

Answer:

Recognise Asset - Cash and Liability - Note Payable at $350,000

Recognise Interest Expense accrued on Note Payable at $ 28,000

Explanation:

J1

Bank $350,000 (debit)

Note Payable $350,000 (credit)

Recognise Asset - Cash and Liability - Note Payable at $350,000

J2

Interest Expense $ 28,000 (debit)

Note Payable $ 28,000 (credit)

Recognise Interest Expense accrued on Note Payable at $ 28,000

You might be interested in
Brown Corporation uses a job-order costing system with a single plant-wide predetermined overhead rate based on machine-hours. T
asambeis [7]

Answer:

See below

Explanation:

With regards to the above, first we need to compute the fixed manufacturing overhead.

Fixed manufacturing overhead

= Total fixed manufacturing overhead ÷ Total machine hours

= $344,000 ÷ 40,000

= $8.6 per machine hour

Calculation of overhead applied to Job M759

Variable manufacturing overhead

= 60 machine hours × $3.9

= $234

Fixed manufacturing overhead

= 60 machine hours × $8.6

= $516

Therefore, total overhead applied to job M759 is $750

8 0
3 years ago
Bruce was driving to work yesterday when he was nearly run off the road by a speeding furniture delivery truck. On the back of t
BabaBlast [244]

Answer: Encourage and track complaints

Explanation:

Encourage and track complaints is a method of customer service some organization implemented to curb some customer service issue or likely monitor how well their product and services are or how well their workers treat their customers. This method of customer service operation helps the firm not to loose potential clients and customers already with them but still likes in the hands the clients or customer's feedback.

4 0
3 years ago
Interest may be capitalized: a. Whether or not there is specific borrowing for the construction. b. On self-constructed assets f
storchak [24]

Answer:

The correct option is A

Explanation:

Capitalization is the term or the process in which there is an addition of the interest which is unpaid to the principal amount of the loan. And the principal  or the original amount of the loan increases or rises when the payments got postponed during the deferment periods and then the interest which is unpaid is capitalized.

So, it will be capitalized whether or not there is particular or the specific amount of borrowing for the construction.

8 0
3 years ago
Suppose that with a budget of $130, Deborah spends $78 on sushi and $52 on bagels when sushi costs $2 per piece and bagels cost
STatiana [176]

Her budget is $130

If she buys the sushi and bagels before the price drops, she will spend

exactly $130.

If she buys the sushi and bagels after the price drops, she will spend $100.

If she buys it together, her price will be $230

Idk if thats what your asking because there is no question

-IronWolfX

4 0
3 years ago
zephyr inc. sells wind based systems for generating electricity. the company pays no dividends, but you estimate the stock will
Sever21 [200]

The price should you be willing to pay for this stock is $24.86

<h3>Zephyr Inc. sells wind based systems for generating electricity. The company pays no dividends, but you estimate the stock will be worth $50 per share 5 years from now and you require a 15% rate of return for stock investments of this type. What price should you be willing to pay for this stock?</h3>

A) $12.50.

B) $24.86.

C) $43.48.

D) $57.50.

Solution:

The price that will be paid for this stock can be calculated as follows:

50= x (15/100^5)

50= x (0.15+1^5)

50= x (1.15^5)

50= 2.0113x

Divide both sides by the coefficient of x

= 50/2.0113

= 24.86

Thus, the price that will be paid for the stock is $24.86

To learn more about the sum, refer

brainly.com/question/24244811

#SPJ4

4 0
2 years ago
Other questions:
  • __________ involves working with and through people to accomplish organization goals.
    14·1 answer
  • The first step of the budgeting process is to:
    12·1 answer
  • Which countries have a mixed economic system?
    10·1 answer
  • Under a perpetual inventory system, the amount of each type of merchandise on hand is available in the
    12·1 answer
  • Suppose that the Federal Reserve decides to increase the money supply with a $300 purchases of Treasury bills. Complete the tabl
    9·1 answer
  • Which of the following types of costs is a product cost for absorption costing but a period cost for variable costing? a.direct
    8·1 answer
  • Who or what determines a country's GDP?
    14·2 answers
  • A major equipment purchase is being considered Metro Atlanta. The initial cost is determined to be $1,000,000. It is estimated t
    9·2 answers
  • Bailey Furniture Company has prepared the following flexible budget for April and is in the process of interpreting the variance
    7·1 answer
  • In post-trade equilibrium with = = $20, the wage of workers in relative to the wage of workers in will be equal to:__________
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!