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soldi70 [24.7K]
3 years ago
8

Bill Darby started Darby Company on January 1, 2018. The company experienced the following events during its first year of opera

tion: Earned $16,200 of cash revenue. Borrowed $12,000 cash from the bank. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, 2018, had a one-year term and an 8 percent annual interest rate. Required What is the amount of interest expense to record for 2018
Business
1 answer:
asambeis [7]3 years ago
3 0

Answer:

$320

Explanation:

Data provided

Cash from bank = $12,000

Annual interest rate = 8%

The computation of amount of interest expense to record for 2018 is shown below:-

Outstanding month from 1 September to 31 December = 4 months

Interest expense = Cash from bank × Annual interest rate × Outstanding month ÷ total number of months in a year

= $12,000 × 8% × 4 ÷ 12

= $320

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Tju [1.3M]

Answer: 12.47%

Explanation:

First convert the APR to the relevant periodic rate.

The compounding is done daily so the periodic rate is:

= 11.75%/365

Effective Annual rate is calculated by the formula:

= ( 1 + periodic rate)  ^ compounding period per year - 1

= ( 1 + 11.75%/365)³⁶⁵ - 1

= 12.47%

5 0
3 years ago
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icang [17]

<u>Lean production</u> is a guiding philosophy and management approach that emphasizes efficiency through the elimination of waste in company operations.

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4 0
1 year ago
Hector works as an office assistant for a small, five-person software development start-up. Since it is a relatively new company
gladu [14]

Answer:

The correct answer is letter "A": emotion-focused cognitive coping.

Explanation:

Emotion-focused cognitive coping is a practice by which individuals relieve stressful situations by looking at the bright side of the problem. emotion-focused cognitive coping can be positive when the stressors relievers result in beneficial activities for the individuals (<em>journalizing emotions</em>) or negative when they affect the individuals' lifestyle (<em>drug or alcohol abuse</em>).

7 0
3 years ago
Discount Travel has the following current assets: cash, $102 million; receivables, $94 million; inventory, $182 million; and oth
BARSIC [14]

Answer:

The current ratio is 2.98

Explanation:

total current assets = cash + receivables + inventory + other current assets

                                = $102 million + 94 million + 182 million + 18 million

                                = $396 million

total current liabilities = accounts payable + current portion of long term debt

                                     = $98 million + $35 million

                                     = $133 million

current ratio = current assets/current liabilities

                     = [$396 million]/[$133 million]

                     = 2.98

Therefore, The current ratio is 2.98

6 0
3 years ago
Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of net credit sales
mixer [17]

Answer:

b. $3,000

Explanation:

According to the above information, the following data are given

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Uncollectible percentage = 3%

So, after the adjustment by using allowance method, Bad debt expense can be calculated as;

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= $100,000 × 3%

= $3,000

3 0
3 years ago
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