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
Eddi Din [679]
3 years ago
13

The edgartown company borrowed $480,000 on december 1, 2014. the note, which is due in 60 days, included interest at 8%. the com

pany's fiscal year ends on december 31. how would the company record the adjusting entry relating to this note at december 31, 2014?
Business
1 answer:
irina [24]3 years ago
6 0
The total interest due at the end of two months is computed by $480,000 * 0.08 * 2/12 = $6400

As the notes payable charge interest each month interest of $6400/2 = $3200 needs to be accrued. So the adjusting entry to be recorded is:

debit to interest expense 3200
credit to interest payable 3200
You might be interested in
Bob, after going on a week-long alcohol binge, has not had anything to drink in the last 24 hours. he states there are rats runn
Lady bird [3.3K]

Delirium and hallucinations caused by alcohol withdrawal.

3 0
3 years ago
Colil Computer Systems, Inc., manufactures printer circuit cards. All direct materials are added at the inception of the product
bonufazy [111]
他們會不會覺得不得不承認是自己的問題,他們會不會覺得
7 0
2 years ago
At a point when Robin Corporation has been in existence for six years, shareholder Ted transfers real estate (with an adjusted b
stiks02 [169]

Answer:

<em>In compliance with IRS 351, gain / loss must be acknowledged when the property is sold to the cooperative in order to gain control after the sale. </em>

Solution (A)

In order to be eligible as a non-taxable trade UIS 351, Ted is attempting to meet the control criteria of section 351, Peggy must join Ted in the transaction. When the specifications are not met, Ted will be recognized as a gain by $80000 on the transfer.

Solution (B)

The legislation provides that stock granted for property whose value is comparatively small is not treated as issued in return for property compared with the value of stock already owned.

6 0
4 years ago
In which two market models would advertising be used most often
Brilliant_brown [7]
Just look it up. lol.
3 0
3 years ago
The invention of maize (a type of corn) plastics, which are more environmentally friendly than their petroleum counterparts, can
Firlakuza [10]

Answer:

5) Natural

Explanation:

The two main natural environment trends in marketing are:

  1. natural resources used as inputs that substitute other traditional raw materials (e.g. corn replacing plastic)
  2. consumer aversion to increased pollution or an increase in environmental negative effects (e.g. cutting down rainforests)
6 0
3 years ago
Other questions:
  • What is the range for the relative price of cloth such that the economy produces both cloth and food? From _______ to _______ .
    7·1 answer
  • Which of the following is the definition of point of operation?
    11·1 answer
  • If there was a flood that caused damage to your car, what kind of coverage must you have in order for the insurance company to h
    9·1 answer
  • Numerous customers of a bridal store lost their ordered and prepaid wedding gowns when the store locked its doors and declared b
    15·1 answer
  • Keating Co. is considering disposing of equipment with a cost of $61,000 and accumulated depreciation of $42,700. Keating Co. ca
    7·1 answer
  • According to the National Association of Colleges and Employers, the average starting salary for new college graduates in health
    7·1 answer
  • What is profession?<br>​
    11·2 answers
  • To be successful, strategic planning requires a company to have a ______ orientation.
    15·1 answer
  • Today's companies compete in a:________
    15·1 answer
  • true or false: in a localization strategy, decision-making is centralized at headquarters because firms are not pressured for lo
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!