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pishuonlain [190]
3 years ago
12

On September 15, 2021, Oliver's Mortuary received a $7,200, nine-month note bearing interest at an annual rate of 8% from the es

tate of Jay Hendrix for services rendered. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2021
Business
1 answer:
Sphinxa [80]3 years ago
4 0

Answer: PLease see answer below

Explanation:

Date Account title and explanation Debit Credit

Dec 31   Interest receivable                           $168  

2021             Interest revenue                                                 $168

Calculation

Interest =Principal x time x rate

= 7,200 x 8% x 3.5 /12(15th september to 31st December)

=$168

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Ummm qa buisness you choose
4 0
2 years ago
A restaurant chain hires two new restaurant managers. One manager is a woman, and one is a man. Both candidates are equally qual
slava [35]

Answer:

Equal Employment Opportunity Commission

Explanation:

The entity that would be involved in this case is the the EEOC. That is the equal employment opportunity commission. The violation that has occurred here is that both the man and the woman are equally qualified for this job but the owner wants to pay the woman a smaller salary compared to what he wants to pay the man. The EEOC handles such matters of discrimination to employees and workers based on gender, race, religion etc.

8 0
3 years ago
On July 1, 2020, Crocus obtained a $90 million construction loan with a 6% interest rate. The loan was outstanding through the e
enyata [817]

Answer:

$4.5

Explanation:

Interest to be capitalized=$90*6%*10/12=$4.5

As the loan was outstanding from January  to October 2021, therefore interest is worked out for 10 months.

Please note that interest of only those debt instruments are capitalized which have been obtained to finance any construction project under the specific interest method.

In our example $90 is the construction loan therefore only this loan's interest is capitalized.

3 0
3 years ago
A savings account earns 8% interest. If $1,000 is invested, how many years is it until each of the following amounts is on depos
guapka [62]

Answer:

a. 4 years

b. 19 years

c. 19 years

d. 25 years

Explanation:

The number of years, n is calculated for each future value as follows :

a. $1,360

Pv = -  $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = $1,360

n = ?

Using a Financial Calculator, the number of years, n is 3.9953 or 4 years

b. $2,720

Pv = -  $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = $2,720

n = ?

Using a Financial Calculator, the number of years, n is 13.00 or 13 years

c. $4,316

Pv = -  $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = $4,316

n = ?

Using a Financial Calculator, the number of years, n is 19.00 or 19 years

d. $6,848

Pv = -  $1,000

Pmt = $ 0

P/y = 1

r = 8 %

Fv = $6,848

n = ?

Using a Financial Calculator, the number of years, n is 24.9991 or 25 years

3 0
3 years ago
Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contributed cash of $29,400 to get t
Anna007 [38]

Answer:

$29,400; $29,400 and $18,400

Explanation:

Value of parcel of land = $69,800 with a basis = $58,800

Harry's basis is equal to cash contributed which is $29,400

Hermione's basis is equal to cash contributed which is $29,400

Ron's basis = Basis of parcel of land - Mortgage value

                   = $58,800 - $40,400

                   = $18,400

6 0
2 years ago
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