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Troyanec [42]
3 years ago
6

On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank. Thenote requires annual pa

yments of $23,492, with the first payment occurring on the last day of the fiscal year. The firstpayment consists of interest of $11,550 and principal repayment of $11,942. The journal entry to record the issuance of the installment note for cash on January 1 would include a:_____
Business
1 answer:
julsineya [31]3 years ago
7 0

Answer:

Credit to notes payable for $165000

Explanation:

Journal entries for issuance of Note Payable :

Cash Account ..... Debit $165000

7% Note payable Accounts .... Credit $165000

Note:

Note payable is a liability so it is credited as on date of issuance.

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Terry owns an RV repair shop. Sue works in the office and also orders any parts needed to repair RVs.
Delicious77 [7]

Terry- entrepreneur; Sue- labor

8 0
3 years ago
your experience indicates that offering a discount in your email increases responses by 75% year last email without a discount y
HACTEHA [7]

Answer:

<u>The number of responses if a discount is offered would be 33,250</u>

Explanation:

1. Let's review the information given to us to answer the question correctly:

Number of responses you had without offering discount = 19,000

Percentage of increase if you offer a discount = 75%

2. If you mail the same size list and offer discount how many responses would you expect?​

Number of responses if a discount is offered = Number of responses you had without offering discount * (1 + 0.75)

Replacing with the real values, we have:

Number of responses if a discount is offered = 19,000 * 1.75

Number of responses if a discount is offered = 33,250

<u>The number of responses if a discount is offered would be 33,250</u>

3 0
3 years ago
At their regular monthly meeting, a group of local brokers agrees that the introduction of "discount brokerages" in their area w
steposvetlana [31]

Answer:

would be considered collusion.

Explanation:

Collusion refers to an illegal agreement between two or more businesses that decide to cooperate together by setting prices or production quotas. This businesses should naturally compete against each other, not team up to charge higher fees. Collusion is illegal because it leads to unfair market advantages because they negatively affect competition.

8 0
3 years ago
On April 1, 2021, Austere Corporation issued $330,000 of 11% bonds at 106. Each $1,000 bond was sold with 30 detachable stock wa
blondinia [14]

Answer:

Austere Corporation

The amount of the proceeds from the bond that should be recorded as an increase in liabilities is:

= $320,100.

Explanation:

a) Data and Calculations:

The bonds issued = $330,000 at 106

Number of $1,000 bonds issued = 330 ($330,000/$1,000)

Market value of each warrant = $3

Proceeds from issue of bond = $330,000*106% = $349,800

Fair value of warrant issued = 330*30*$3 = $29,700

The bond issue liability = $349,800 - $29,700 = $320,100

7 0
3 years ago
Janet bought flour and used it to bake bread she ate. ABC Bakery bought flour which it used to bake bread that customers purchas
andrew11 [14]

Answer:

Explanation:

In the first case flour can be counted as final good as it was consumed just after that . Bread for self consumption is not a good . On the other hand bread

is a final good in second case as it had some commercial value . Flour is work- in -process.

8 0
3 years ago
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