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
ale4655 [162]
3 years ago
6

On July 1, Alaskan Adventures issues a $120,000, eight-month, 6.5% note. Interest is payable at maturity. What is the amount of

interest expense that the company would record in a year-end adjustment on December 31
Business
1 answer:
xz_007 [3.2K]3 years ago
8 0

Answer:

December 31  Interest expense       $3900 Dr

                           Interest Payable            $3900 Cr

Explanation:

The interest and principal is both payable at maturity thus we need to accrue the interest payment and create a liability against the amount of interest due. The adjustment is made 6 months from the issue of the note thus the interest for 6 months is due. The entry would be to record 6 month's interest that relates to this year. The interest expense will be,

120000 * 0.065 * 6/12 = $3900

As the payment is not made until maturity we will credit interest payable by this amount.

You might be interested in
Everyone in the organization has a stake in how information is processed and managed.
Korvikt [17]
This is true. Hope I could help!
7 0
3 years ago
Look at the examples, and then determine which type of advantage each one describes.
lara [203]

Answer:

<span> 1) If a producer can provide cable service more cheaply than another producer, it is an</span> absolute advantage.<span>
2) If a  producer can produce salads while giving up fewer opportunities to make sandwiches than another producer, it is a</span> comparative advantage.

3) If a  producer can create more car parts than another producer does,  using the same number of resources, the price per unit is cheaper and it is an absolute advantage.

Absolute advantage<span> is the ability of a person, a  country, company or region to produce a good or service at a cheaper price per unit than another entity producing the same good or service.</span>

Comparative advantage<span> is the ability of a person, a  country, company or region to produce a specific good or service more efficiently (lower opportunity cost)  than another entity to produce the same good or service.</span>

4 0
2 years ago
Read 2 more answers
Shyla conducted an experiment. she went to the student union and asked people if they would like to be subjects in her study. sh
Assoli18 [71]
No!
It's biased. Grumpy people have a right to have their opinions known just as well as cheerful people. Grumpy looks are momentary. They can be brought about (especially at a University) by math problems that are illusive, by girl friends (or boy friends), that are illusive, by something for lunch that was barely edible, by any number of things. 

She should ask people on some sort of other scale that is more random.
7 0
3 years ago
When you finance a car,the car then becomes __ for th loan.
matrenka [14]
The best answer to the question that is being presented above would be collateral. When you finance a car, the car then becomes the collateral or the pledge of the property for the loan. This is so that the payment system is attained securely and to avoid escaping from due payment.
4 0
2 years ago
Read 2 more answers
Objectives of financial reporting to external investors and creditors include preparing information about all of the following e
sveta [45]

Answer:

Information used to determine which products to produce

Explanation:

Determination of products whose production is not yet decided is a managerial issue, and it is part of internal information that should be not delivered to external parties. Furthermore, this data usually is not accurate, so sharing outside would not be even recommended for this sole reason.

3 0
3 years ago
Other questions:
  • For the past five years, the RS Company has produced and sold electronic magnets to chemistry labs throughout the United States.
    11·1 answer
  • What is rent in personal finance ?
    10·1 answer
  • ompute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following informati
    5·1 answer
  • According to Fiedler's theory, a high-control situation favors a __________ leader.A. task-motivatedB. relationship-motivatedC.
    6·1 answer
  • Assess the benefits and drawbacks of the high-speed rail project. In your opinion, do benefits outweigh drawbacks, or vice versa
    7·1 answer
  • A buyer took out a $6,000 loan for 10 years at 10.5% interest. The buyer made principal payments of $75 a month on the loan in a
    13·1 answer
  • The following lots of Commodity D were available for sale during the year. Use this information to answer the questions that fol
    9·1 answer
  • To qualify for the moving expense deduction, an employee must change job sites, move a required distance, and change employers.
    13·1 answer
  • The__________is based on a set of cause-and-effect linkages between internal and external performance, and in this fashion, defi
    15·1 answer
  • the amount of federal income taxes withheld from an employee's gross pay is recorded as a(n) Opayroll expense Oliability O contr
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!