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kow [346]
2 years ago
11

On January 1, 2021, Corvallis Carnivals borrows $10,000 to purchase a delivery truck by agreeing to a 6%, three-year loan with t

he bank. Payments of $304.22 are due at the end of each month, with the first installment due on January 31, 2021. Record the issuance of the note payable and the first monthly payment.
Business
1 answer:
asambeis [7]2 years ago
3 0

Answer:

The journal entries are as follows:

(i) On January 1, 2021

Delivery Truck A/c Dr. $10,000

      To 6% loan note payable    $10,000

(To record the issuance of note payable)

(ii) On January 31, 2021

6% loan note payable A/c Dr. $254.22

Interest expense A/c Dr. $50

       To cash                                      $304.22

(To record the first month payment)

Workings:

Interest expense = $10,000 × 6% × (1/12)

                            = $50        

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Jack is a self-employed contractor. He uses his Ford F250 in his business. He does not have another vehicle for personal use. He
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C business mileage during the year to claim the standard mileage rate for the business
5 0
2 years ago
Which of the following is a correct description of the crowding-out effect of deficit spending?
borishaifa [10]

Answer:

the options are missing, so I looked for them:

a. The buying of government bonds leads to lower interest rates, thereby reducing private investment.

b. The selling of government bonds leads to higher interest rates, thereby reducing private investment.

c. The selling of government bonds leads to lower interest rates, thereby reducing private investment.

d. The buying of government bonds leads to higher interest rates, thereby reducing private investment.

the answer is:

b. The selling of government bonds leads to higher interest rates, thereby reducing private investment.

Explanation:

The crowding out effect happens when the government increases its spending level in order to engage in an expansionary fiscal policy but someone needs to pay for this extra spending. In order for the government to finance their spending, they have to choose to either increase taxes or issue more debt. When they issue more debt, they end up decreasing private investment since money that could be used by private companies is used by the government instead.  

5 0
3 years ago
At its current output level, Pretty Flowers Florist has average fixed costs equal to $5.40 and average variable costs equal to $
lapo4ka [179]

Answer:

The correct option is D: $8.60

Explanation:

Average fixed cost of Pretty Flowers = $5.40

Average variable costs of Pretty Flowers = $3.20

We are asked to calculate the Average total cost of Pretty Flowers at this current level

Hence:

Average total cost Pretty Flowers = Average fixed cost of Pretty Flowers + Average variable costs of Pretty Flowers

If we substitute the value of these variables in the equation, we get:

Average total cost Pretty Flowers = $5.40 + $3.20 = $8.60

3 0
3 years ago
Read 2 more answers
Several factors can contribute to long-term organizational success. one is the establishment of a core ideology that collins and
andrew11 [14]

Original Source Material

Student Version

Merck, in fact, epitomizes the ideological nature--the pragmatic idealism--of highly visionary companies. Our research showed that a fundamental element in the "ticking clock" of a visionary company is a core ideology--core values and a sense of purpose beyond just making money--that guides and inspires people throughout the organization and remains relatively fixed for long periods of time.

References:

Collins, J. C., & Porras, J. I. (2002). Built to last: Successful habits of visionary companies. New York, NY: Harper Paperbacks.

Several factors can contribute to long-term organizational success. One is the establishment of a core ideology that Collins and Porras (2002) describe as "core values and sense of purpose beyond just making money" (p. 48). Also, the importance of a visionary leader that guides and inspires people throughout the organization and remains relatively fixed for long periods of time is hard to over emphasize.

References:

Collins, J. C., & Porras, J. I. (2002). Built to last: Successful habits of visionary companies. New York, NY: Harper Paperbacks.

Which of the following is true for the Student Version above?

Word-for-Word plagiarism

Paraphrasing plagiarism

This is not plagiarism

This is not plagiarism.

Answer: Option 3.

<u>Explanation:</u>

Plagiarism in very simple words is the copying of the content of the document that has been written by some one else in to your own document. During this copying the due acknowledgement is also not given to the document from which it has been taken.

The document that has been talked about in the question above is not an example of plagiarism. The proof for this is the due acknowledgement given to the references from whose document the content has been taken into the document.

8 0
2 years ago
Cirrus Aircraft, a leading manufacturer of small airplanes, sees a market opportunity and has decided to double its plant capaci
Westkost [7]

Answer:

B. A strategic action because such a large plant expansion will require a major commitment of resources.

Explanation:

There are two major forms of action in business decision making: strategic and tactical. Strategic action deals with decision that require major planning and investment of resource. Strategic actions have long term implementation and effect and are difficult to reverse.

Tactical actions, on the other hand, are flexible and involves actions taken on short term basis. Tactical actions are majorly bye-product of strategic decision.

On this note, Circus Aircraft`s  decision to double its plant capacity over the next two years is a strategic action because such a large plant expansion will require a major commitment of resources. And the action will not easily reversible.

Other options in the question are not totally right.

7 0
3 years ago
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