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
Stolb23 [73]
3 years ago
12

On February 1, 2021, a company loans one of its employees $29,000 and accepts a ten-month, 8% note receivable. Calculate the amo

unt of interest revenue the company will recognize in 2021
Business
1 answer:
AysviL [449]3 years ago
8 0

Answer:

Calculation of interest revenue:

Interest revenue = $29,000 x 8% x 10/12 = $1,933

Explanation:

a) Data and Calculation:

Feb. 1, 2021 Loan to employees = $29,000

Ten-month, 8% note receivable

Interest revenue = $29,000 x 8% x 10/12 = $1,933

The note is for 10 months, but the rate of interest is 8% per annum.  After the rate is applied on the loan to get an interest of $2,320, this will then be multiplied by 10 and divided by 12 to get the 10 months interest revenue.  These loans to employees are expected to be repaid by the end of November, 2021 with the interest.

You might be interested in
To maximize utility, a consumer should allocate money income so that the Multiple ChoiceA) elasticity of demand on all products
ikadub [295]

Answer:

D) Marginal utility of the last unit of each product consumed is the same.

Explanation:

To maximize utility with a given income constraint, a consumer must chose products to maximize utility. This can be done so that each extra dollar, which is the marginal income, spent on each of these products yields the equal marginal utility. For example if one product yields more marginal utility per marginal dollar spent, the consumer should reallocate their income so they consume more of this product and less of others, so much so that the utility derived from this product equals utility derived from other products.

Utility is maximized when these marginal utilities per marginal dollar spent coincide.

Hope that helps.

6 0
3 years ago
During 20x8, a firm discontinued a component qualifying for separate disclosure within the income statement. The disposal was co
MAVERICK [17]

Answer:

  1. IFCO for 20x7 as it is reported comparatively in the 20x8 statements  = $5,600
  2. IFCO for 20x8 = $6,800

Explanation:

1) IFCO for 20x7 as it is reported comparatively in the 20x8 statements, should not include the $400 operating income from the component = $6,000 - $400, or $5,600.

2) IFCO for 20x8 should not include the gains resulting from the disposal of the component nor the losses generated by it = $7,000 - $300 + $100 = $6,800

4 0
3 years ago
Why is simple interest useful for planning parts of your financial future? a. simple interest can endure unforeseen economic cha
deff fn [24]

A bank with a simple interest savings plan will automatically transfer money from your paycheck to your savings account, letting you save without any extra effort.

Simple interest allows your money to earn money, so you have to save less.

<h3>What Is Simple Interest?</h3>

Simple interest is a quick and easy method of calculating the interest charge on a loan.

Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.

<h3>Where is simple interest used in real life?</h3>

Application of Simple Interest:

In our daily lives, sometimes, we come across a situation where we need to borrow money from a bank, post office or a moneylender for a specified period.

At the end of this period, we must pay back the money we had borrowed plus some additional money for using the lender's money.

Learn more about simple interest here:

<h3>brainly.com/question/1325643</h3><h3 /><h3>#SPJ4</h3>

3 0
1 year ago
Advertising is NOT a good way to find harmful information about a product because a. it is not endorsed by the government. b. th
leonid [27]
C. Only favorable information is likely to appear
6 0
2 years ago
Why do corporations pay attention to what is happening to their stock in the secondary market
bagirrra123 [75]

Answer:

The existence of the secondary market makes their stock more liquid and the price in the secondary market sets the price that the corporation would receive if they choose to sell more stock in the primary market.

Explanation:

3 0
2 years ago
Other questions:
  • Malcolm has several receipts from recent transactions that
    10·2 answers
  • A publicly owned corporation is a company whose shares are held by the investing public, which may include other corporations as
    14·1 answer
  • A computer program is an example of _____.
    7·1 answer
  • The Market Outlet has a beta of 1.38 and a cost of equity of 14.945 percent. The risk-free rate of return is 4.25 percent. What
    14·1 answer
  • After identifying the purpose of your message, you should select the most appropriate communication channel. When determining th
    6·1 answer
  • The interest rate charged on overnight loans of reserves between banks is A) federal funds rate. B) prime rate. C) Treasury bill
    11·1 answer
  • Bo signs a lease with Capri Apartments to lease a studio apartment for the next year for $650 per month.
    10·1 answer
  • Grace is a self-employed artist. She can make 20 pieces of pottery per week. She is considering hiring her sister Kate to work f
    10·1 answer
  • If plant assets of a manufacturing company are sold at a gain of $1,000,000 less related taxes of $350,000, and the gain is not
    8·1 answer
  • The actual interest rate on a loan that is compounded monthly but expressed as an annual rate is referred to as the _____ rate.
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!