Answer:
D) $9200 principal plus $4600 interest
Explanation:
the December 1st, 2019 payment on the note will be:
the installment on the principal and the accrued interest for the period.
<em>interest due for the period:</em>
92,000 x 5% = 4,600
<em>amortization on principal</em>
92,000 x 10% = 9,200
Total 13,800
The journal entry will be as follows:
interest expense 4,600 debit
note payable 9,200 debit
cash 13,800 credit
This information makes option D) the only correct answer.
Answer:
Good security is expensive but critical, and it is the responsibility of the business to ensure that the customer's private information is secure. C
Explanation:
Answer:
Having a strong base of savings account deposits is critical for a bank to remain solvent and profitable. Banks use that money to lend to borrowers, who then pay interest on their loans. After paying for various costs, banks pay money on savings deposits to attract new savers and keep the ones they have.
Explanation:
Answer:
Outstanding checks
Explanation:
One of the reasons why a cash book and a bank statement might <em>not show identical entries arise</em> from outstanding checks.
Outstanding checks are payments that have not yet been cleared and debited to the account at the bank.
Answer:
B. gross income - (required deductions + optional deductions)
Explanation:
Take-home refers to the net pay of an individual. Salaried employees are subject to statutory deduction, such as taxes and pensions. An employee may also have voluntary deductions like loans or a mortgage. The net pay that an employee receives after all deductions is the take-home pay.
Take-home is subject to state laws and regulations. Employers are not allowed to deduct employees' pay beyond a certain percentage. The law requires an employee to have a take-home of around 36 percent if his or her net income.
