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andriy [413]
3 years ago
11

On January 1, Year 1, Stratton Company borrowed $100,000 on a 10-year, 7% installment note payable. The terms of the note requir

e Stratton to pay 10 equal payments of $14,238 each December 31 for 10 years. The required general journal entry to record the payment on the note on December 31, Year 2 is:
Business
1 answer:
makvit [3.9K]3 years ago
3 0

Answer:

<em>Computation of the interest expense using the equation as shown below: </em>

Interest expense for year 1 = Notes payable * Interest rate

= $100,000 * 10%

= $7,000

​

Notes payable reduction in Year 1 = $14,238 - $7,000

= $7,238

                    General journal entry

Item                           Debit         Credit

<em>Notes payable          $7,745</em>

Interest expense       $6,493

Cash                                            $14,238

Workings

Interest expense = ($100,000 - $7,238) * 7%

= $92,762 * 7%

=$6,493

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Answer:

The answer is intensive distribution strategy.

Explanation:

Intensive distribution strategy occurs when a company tries to sell their products through as many outlets as possible, thus ensuring that customers will encounter the company’s products in various distributor points. It is generally done to increase sales of products. Companies that would use this type of strategy are typically those that are competing in a perfect competition market, since product unavailability would just make customers of the product use a different brand from a competitor’s company instead.

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3 years ago
Who is one of the first salem residents to be accused of witchcraft in this play?
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N Salem Village in the Massachusetts Bay Colony, Bridget Bishop, the first colonist to be tried in the Salem witch trials, is hanged after being found guilty of the practice of witchcraft.

Trouble in the small Puritan community began in February 1692, when nine-year-old Elizabeth Parris and 11-year-old Abigail Williams, the daughter and niece, respectively, of the Reverend Samuel Parris, began experiencing fits and other mysterious maladies. A doctor concluded that the children were suffering from the effects of witchcraft, and the young girls corroborated the doctor’s diagnosis. Under compulsion from the doctor and their parents, the girls named those allegedly responsible for their suffering.

On March 1, Sarah Goode, Sarah Osborne, and Tituba, an Indian slave from Barbados, became the first Salem residents to be charged with the capital crime of witchcraft. Later that day, Tituba confessed to the crime and subsequently aided the authorities in identifying more Salem witches. With encouragement from adults in the community, the girls, who were soon joined by other “afflicted” Salem residents, accused a widening circle of local residents of witchcraft, mostly middle-aged women but also several men and even one four-year-old child. During the next few months, the afflicted area residents incriminated more than 150 women and men from Salem Village and the surrounding areas of satanic practices.

In June 1692, the special Court of Oyer and Terminer ["to hear and to decide"] convened in Salem under Chief Justice William Stoughton to judge the accused. The first to be tried was Bridget Bishop of Salem, who was accused of witchcraft by more individuals than any other defendant. Bishop, known around town for her dubious moral character, frequented taverns, dressed flamboyantly (by Puritan standards), and was married three times. She professed her innocence but was found guilty and executed by hanging on June 10. Thirteen more women and five men from all stations of life followed her to the gallows, and one man, Giles Corey, was executed by crushing. Most of those tried were condemned on the basis of the witnesses’ behavior during the actual proceedings, characterized by fits and hallucinations that were argued to have been caused by the defendants on trial.

In October 1692, Governor William Phipps of Massachusetts ordered the Court of Oyer and Terminer dissolved and replaced with the Superior Court of Judicature, which forbade the type of sensational testimony allowed in the earlier trials. Executions ceased, and the Superior Court eventually released all those awaiting trial and pardoned those sentenced to death. The Salem witch trials, which resulted in the executions of 19 innocent women and men, had effectively ended.

4 0
4 years ago
For Flynn Company, variable costs are 70% of sales, and fixed costs are $195,000. Management’s net income goal is $75,000. Compu
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Answer:

i would 75,345 is your answer

Explanation:

3 0
3 years ago
On December 31, Strike Company sold one of its batting cages for $20,000. The equipment had an initial cost of $310,000 and had
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Answer:

d.loss of $30,000

Explanation:

The initial cost of the cage: $310,000.00

Selling price: $ 20,000.00

Depreciation recorded: $260,000.00

calculating book value: (initial cost-Depreciation)

=$310,000-$260,000

Book value =$50,000.00

Profit or loss=selling price- book value.

=$20,000.00- $50,000.00

=($30,000.00)

loss of $ 30,000.00

8 0
3 years ago
While developing a new product line, Cook Company spent $3 million two years ago to build a plant for a new product. It then dec
Mariulka [41]

Answer:

C

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This is an example of an externality, because the very existence of the building affects the cash flow for any new project that Rowell might consider.

3 0
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