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3 years ago

Something of value that is used to back up a loan is known as what?

Business

2 answers:

lozanna [386]3 years ago

7 0

B. collateral is the right answer

velikii [3]3 years ago

7 0

Answer: Collateral

Explanation:

Collateral is known to be something of value or a property which a borrower gives to a lender in return for money borrowed. Furthermore, this is usually a form of security for the lender in case the borrower does not pay the loan. Thus, if the borrower fails to pay back the loan, the lender takes the property.

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On January 1, 2021, Calloway Company leased a machine to Zone Corporation. The lease qualifies as a sales-type lease. Calloway p

Vilka [71]

Answer:

Dr Interest receivable 21,780

Cr Interest revenue 21,780

Explanation:

Preparation of the appropriate interest Journal entry on December 31, 2021

Based on the information given we were told that the company paid the amount of $280,000 for the machine in which the company will be leasing the machine to Zone for the amount of $38,000 per year while 9% of the amount will be return to Calloway which means that the interest entry on December 31, 2021 will be recorded as:

Dr Interest receivable 21,780

Cr Interest revenue 21,780

Calculated as :

Cost of machine $280,000

Less lease amount per year $38,000

=$242,000

Hence,

$242,000*9%

=$21,780

8 0

4 years ago

Following is a partial process cost summary for Mitchell Manufacturing's Canning Department.

Liono4ka [1.6K]

Answer:

$206,080

Explanation:

Total conversion costs transferred out of the Canning Department:

= Units Completed and transferred out * Cost per equivalent unit

= 56,000 * $3.68

= $206,080

So, the total conversion costs transferred out of the Canning Department equals $206,080

5 0

3 years ago

Candidates running for a nonjudicial office in the state of texas can raise how much money for their campaign?

Aliun [14]

Candidates running for a nonjudicial office in the state of Texas can raise unlimited money for their campaign. BallotPedia in May 2015 shows contribution limits for political candidates. It says an unlimited amount of money can be received from individuals and parties but no amount shall be received from corporations and unions.

7 0

4 years ago

Google this for me: What is business management?

Yuliya22 [10]

Business management<span> trains people for managerial roles in technology, retail, education, government and other sectors.</span>

4 0

4 years ago

On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden prepares a sche

Kryger [21]

Answer:

Dr Bad debt expense 28,799.40

Cr Allowance for doubtful accounts 28,799.40

Explanation:

allowance for doubtful accounts balance $14,000

$880,000 not due yet 1.2% $10,560

$350,000 1 to 30 days 1.95% $6,825

$70,400 31 to 60 days 6.45% $4,540.80

$35,200 61 to 90 days 32.50% $11,440

$14,080 over 90 days 67% <u>$9,433.60</u>

total $42,799.40

Journal entry

Dr Bad debt expense 28,799.40

Cr Allowance for doubtful accounts 28,799.40

3 0

3 years ago