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
puteri [66]
3 years ago
10

On October 1, Bramble's Carpet Service borrows $362000 from First District Bank on a 3-month, $362000, 6% note. What entry must

Bramble's Carpet Service make on December 31 before financial statements are prepared?
Business
1 answer:
Luba_88 [7]3 years ago
4 0

Answer:

Dr Interest expense -$21,720

Cr interest Payable - $21,720

Explanation:

Interest

Since it is a short-time loan (3-month), the interest rate will be prorated to 3-month.

Interest expense = $362,000 × .06 × 3/12 = $21,720

Hence,  following entries will be recorded :

Dr Interest expense -$21,720

Cr interest Payable - $21,720

For Principal amount  Borrowed:

Cr Loan payable $362000

Dr. Bank Account $362000

Upon Settlement :

Dr. Interest Payable $21,720 and Cr Bank Account $21,720

Dr. Loan payable $362000 and Cr Bank Account $362000

You might be interested in
Under the NASAA Statement of Policy, an agent of a broker-dealer that has discretionary authority would NOT be subject to the pr
denis-greek [22]

Answer:

The correct answer in the given situation is as follow:

A. customer consents in writing to each recommended transaction

Explanation:

NASAA:

It is known as The North American Securities Administrators Association which is such regulatory body that operates in North America, Canada and Mexico regarding small businesses, local communities and public funding.

  • According to the NASAA statement of policy, the agent of a broker-dealer can't use any discretionary authority until unless he has written consent from the client.
  • So, according to above statement, the broker dealer that has discretionary authority would not be subject to the prohibition on excessive trading of a customer account as long as the customer consents in writing to each recommendation transaction.
5 0
3 years ago
Required information
Kaylis [27]

Answer:

Required information

[The following information applies to the questions displayed below.]

Suresh Co. expects its five departments to yield the following income for next year.

Dept. M Dept. N Dept. O Dept. P Dept. T Total

Sales $ 81,000 $ 43,000 $ 77,000 $ 62,000 $ 42,000 $ 305,000

Expenses Avoidable 16,800 44,800 20,600 21,000 50,400 153,600

Unavoidable 57,400 21,000 5,600 50,800 19,600 154,400 .

Explanation:

plz mera answer ko brainliest kar do...

8 0
3 years ago
Producers _____ labor, because they want and are willing to pay for people to work in their businesses.
algol13
Producers DEMAND labor because they want and are willing to pay for people to work in their businesses.

The employees are the ones who supply labor. They are the human resource of any company. 
3 0
3 years ago
Read 2 more answers
In the middle of the fourteenth century, an epidemic known as the Black Death killed a third of Europe’s population, about 34 mi
9966 [12]

Answer:

The black death epidemic resulted to death about 34 million European, left more job vacant. This was becuase many workers died while the jobs the were working on as at that time remained almost unchanged. The remained workers after the black death demanded for rise in wages, although the lords stood against the demand.

Explanation:

Although worker population decreased because of the plague, the amount of land and the tools did not change much. Some farm animals died when the people who took care of them died. Because the remaining workers had more tools and land to work, they became more productive, producing more goods and services. When workers are more productive, employers are willing to pay higher wages. The Statute of Laborers and similar laws in other countries were not very effective. Some lords avoided violating the statute by making “in kind” pay-ments—paying workers with food or other goods rather than wages—or providing other “fringe benefi ts.” Some lords began to pay illegally high wages. Wages increased because there were fewer workers—labor had become more scarce

8 0
3 years ago
Select all the items that describe kinds of externalities
natima [27]

The answer is all of the above.

5 0
3 years ago
Other questions:
  • You are sleepy before your 8
    8·1 answer
  • Bob has the responsibility for product development, pricing, promotion, and distribution of Hi-Vee Vitamins for children. Bob's
    7·1 answer
  • Regina Corp. is a property and casualty insurance company in its third year of operations and has a net loss of $100,000. Regina
    12·1 answer
  • Economists assume that people are rational in the sense that
    6·1 answer
  • What is the difference between wacc and marginal cost of capital?
    14·1 answer
  • Who was the first missionary to arrive in Africa?​
    15·2 answers
  • . What is a great system to manage money and prevent taking too much from one category? Please describe the
    7·1 answer
  • The following information was used in reconciling the bank account for Minerva Company on October 31: Balance per bank, October
    9·1 answer
  • The Clayton Act makes it illegal for competitors to get together and set prices on the products or services they sell.
    15·1 answer
  • The Americans with Disabilities Act of 1990 (40 points and brainliest pls help but you have to be correct)
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!