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Nata [24]
3 years ago
14

Transanomics Corp recently issued at par value 5-year bonds with a par value of $500,000, dated January 1, 2015 and bearing an i

nterest at an annual rate of 10% payable quarterly on March 31, June 30, September 30 and December 31st. The initial journal entry made by Transanomics Corp. was:
Business
1 answer:
Vlad [161]3 years ago
5 0

Answer:

Issued Bond was the liabilities for Transanomics Corp. It receives cash against the issuance of bonds.

Initial Journal Entry by Transanomics Corp.

                                         Dr.                    Cr.

January 1, 2015

Cash                            $500,000

Note Payable                                        $500,000

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Your client has been given a trust fund valued at $1.07 million. He cannot access the money until he turns 65 years old, which i
slega [8]

Answer:

285 Months

Explanation:

n = 30 years  × 12 = 360

percent rate = 5.0 % divided by 12 = 0.417.

Now recalling the statement of time value for money,

We have future value = present value × ( 1 + rate) ∧ n

future value = 1, 070,000  × ( 1 + 0.417 )  ∧ 360

future value = 3.33065667 E 60

At age 65, the value 3.33065667 E 60 will be the  present monthly withdrawal at $28,500.

present value of ordinary annuity, = annuity ( 1 - (1 + r) ∧ -n ÷ r

= 3.33065667 E 60  = 28500 (1 - ( 1 + 0.417) ∧ - n ÷ 0.417

= 3.33065667 E 60 ÷ 28500  = (1 - ( 1 + 0.417) ∧ - n ÷ 0.417

1.168651462 E 56 = (1 - ( 1 + 0.417) ∧ - n ÷ 0.417

we now introduce logs to determine the value of n

Solving further, we discovered that n= 285.

Therefore, the number of months it will last one he start to withdraw the money is 285 month

6 0
3 years ago
On November 30, 2020, a U.S. company purchased merchandise on credit from a Swiss supplier at an invoice price of CHF1,000, when
Ivanshal [37]

Answer:

The merchandise should be reported on the U.S. Company's December 31, 2020 balance sheet at:

b. $1,050

Explanation:

a) Data and Calculations:

November 30, 2020 Inventory purchase = CHF1,000

Exchange rate on this date = $1.05/CHF

Inventory worth = $1.05 * CHF1,000 = $1,050

b) The inventory should be reported on December 31, 2020 at $1,050.  It does not need to be reported at a value above or below this.  Even, the debt owed to the Swiss supplier will be reported at this price.  It is when payment for the invoice is being made on February 1, 2021 that consideration will be given to the exchange rate at which payment is made.

5 0
3 years ago
What is a hold?
Jlenok [28]

Answer:

The hold is that the $100 won't go in.

Explanation:

4 0
3 years ago
Read 2 more answers
Which of the following is a disadvantage to choosing a sole proprietorship business structure?
aliya0001 [1]

Which of the following is a disadvantage to choosing a sole proprietorship business structure? The owner has personal responsibility for the company's liabilities.

A sole proprietorship is the simplest business form that can be operated. A sole proprietorship is owned by one individual and they are responsible for all of the debts the company has. The business is ran by one person and there is no distinction between the person and the business, both fall under the same number (social security number) when filing taxes.

4 0
3 years ago
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Using the midpoints method, calculate the price elasticity of demand of Good X using the following information: When the price o
grin007 [14]

Answer:

Explanation:

In response to the price rise from $50 to $60, the quantity demanded of product X  drops from 400 to 300 units. We know that price elasticity of demand is a measure of the responsiveness of changes in demand as a result of a price change. Thus,

% change in price = \frac{Change in price}{Average of the prices}

          = \frac{60-55}{55} = 0.1818

% Change in Quantity demanded

=\frac{Change in quantity demanded}{Average quantity demanded}

= \frac{300-400}{350}

= -0.2857

Thus,

Price elasticity of demand = \frac{percentage change in quantity demanded}{percentage change in price}

= \frac{-0.2857}{0.1818}

= -1.5715

Therefore, the price elasticity of demand = -1.5715

4 0
3 years ago
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