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oksano4ka [1.4K]
2 years ago
13

On September 1, 2017, Banner Co. borrowed $70,000 from the City Bank for five months at 9%. Interest was properly accrued on Dec

ember 31, 2017. What entry is needed to record the payment of the note and accrued interest on the due date?
Business
1 answer:
trasher [3.6K]2 years ago
7 0

Answer:

Explanation: Journal Entry

Loan Borrowed is $70,000

Interest rate is 9%

Interest accrued = 70,000 * 9% = 6,300

1. Cr: Bank                                 $76,300                    

   Dr: Short Term Loan            $70,000

    Dr: Accrued Int on loan      $6,300

Being loan repayment with accrued interest on loan for 5 months.

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Wildhorse Company accumulates the following data concerning a mixed cost, using miles as the activity level. Miles Driven Total
tangare [24]

Answer:

Variable cost per unit= $1.4 per unit

Explanation:

Giving the following information:

Miles Driven Total Cost Miles Driven Total Cost

January: 8,000 $14,120

March: 8,550 $14,979

February: 7,490 $13,495

April: 8,195 $14,490

To calculate the variable cost under the high-low method, we need to use the following formula:

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (14,979 - 13,495) / (8,550 - 7,490)

Variable cost per unit= $1.4 per unit

7 0
3 years ago
The undergrounds coffee shop has total assets of $85,300 and an equity multiplier of 1.53. what is the debt-equity ratio?
ikadub [295]
Let us go to the basic accounting equation: Assets = Liabilities + Shareholder's Equity. The equity multiplier is computed by dividing the total assets with the total shareholders' equity. We know the total assets as $85,3000. Using the formula for the equity multiplier, we can calculate the amount of the shareholders' equity. The given equity multiplier is 1.53. To calculate the shareholders' equity, we just have to divide the $85,300 (total assets) with 1.53 (equity multiplier). We can get the amount of $55,752. Using the accounting equation, we can compute <span>the amount of liabilities as $29,548. The formula to get the debt-equity ratio is dividing the total shareholder's equity by the liabilities. $55,752 divided by $29,548, we can get 1.89 as the debt-equity ratio.</span>
4 0
3 years ago
Dante is the owner of HomeThings, a shop that sells home goods. He just launched a Local Catalog ad campaign. Where are two plac
aleksandrvk [35]

On roadside signs in high-traffic areas.

In the results of a Google-powered search on a desktop computer.

In the mail.

In any of three-million sites and apps.

On a website during mobile browsing.

In any of three-million sites and apps.

On a website during mobile browsing.

Answer: Options D and E.

<u>Explanation:</u>

Local catalog advertisements (LCA) are an exceptionally visual and simple to-peruse promotion position that utilization feed information from nearby stock advertisements and arrive at watchers of Display advertisements.

LCA can assist you with driving pedestrian activity to your neighborhood stores by featuring store-explicit items, costs, and store data.

3 0
3 years ago
NoGrowth Industries presently pays an annual dividend of $ 1.50 per share and it is expected that these dividend payments will c
enyata [817]

Answer:

$12.5

Explanation:

Given that,

Annual dividend paid = $1.50 per share

Equity cost of capital = 12​%

The value of a share of​ NoGrowth's stock is determined by dividing the annual dividend paid by the equity cost of capital of the firm.

Value of share:

= Annual dividend paid ÷ Equity cost of capital

= $1.50 per share ÷ 0.12

= $12.5

Therefore, the value of a share of​ NoGrowth's stock is closest​ to $12.50.

4 0
3 years ago
A person who earns $50,000 per year donates $2,000 to charity. As a result, the state only taxes $48,000 of that person's income
Nuetrik [128]
Itemised deduction, pays less for tax
7 0
2 years ago
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