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
likoan [24]
3 years ago
12

On November 1, Mason Corp. issued $800,000 of its 10-year, 8% term bonds dated October 1. The bonds were sold to yield 10%, with

total proceeds of $700,000 plus accrued interest. Interest is paid every April 1 and October 1. What amount should Mason report for interest payable in its December 31 balance sheet?
Business
1 answer:
allsm [11]3 years ago
7 0

Answer:

$16,000

Explanation:

On November 1, Mason Corp. issued $800,000 of its 10-year, 8% term bonds dated October 1. The bonds were sold to yield 10%, with total proceeds of $700,000 plus accrued interest. Interest is paid every April 1 and October 1. What amount should Mason report for interest payable in its December 31 balance sheet?

Since interest is deemed to have been paid on October 1 and is being accrued against April 1 of the following year;

In Dec 31, Interest has accrued for 3 months from October to December

Interest payable = 8% x 800,000 x (3 months / 12 months) = $16,000

You might be interested in
Suppose that you are a member of the Board of Governors of the Federal Reserve System. The economy is experiencing a sharp rise
monitta

As a member of the Federal Reserve Board, in an inflationary situation I would suggest a change in the federal funds rate that would be accomplished by raising the base interest rate of the US economy. This would make bonds more attractive and people would stop consuming to invest in public debt securities. In addition, raising interest rates would discourage credit, causing banks to lend less. Since inflation is a monetary phenomenon caused by the excess of currency in circulation, these measures would have a downward effect on inflation, as they reduce the amount of money in circulation in the economy.

6 0
3 years ago
Alex, a senior professional golfer living in Florida, en¬tered into a sponsorship agreement with Golf Pro Associates, a Michigan
Fed [463]

Answer:

Firstly in a long arm resolution, it requires the damage to be occurred inside the state, in the event of individual damage activities.  

In the event that the defendant’s executes any business inside the state or agreements anyplace to supply products and enterprises inside the state than the cases emerging from this are amiable to jurisdiction and test for exchange is subjective. Along these lines an agreement of guaranteeing any individual, property inside the state has the option to present locale.  

So here, Florida had individual locale over the defendant where the defendant had marked the long haul contract with the offended party. So the Florida law would apply right now, the court discovered there was sufficient to build up close to home locale in Florida as observed by the defendant’s educated and deliberate contacts with Florida partnership.

5 0
3 years ago
A Fraternal Benefit Society has each of the following characteristics EXCEPT
Doss [256]

Answer:

Answer is option C, i.e. Exists for profit.

Explanation:

A fraternity benefit society or benefit society are incorporated body that exist to provide benefits and insurance during any sundry difficulties to its various registered member. These societies do not have any beforehand capital stock with them. And also these societies do not operate for profit motive as their ultimate help is to provide financial support to its members in times of need.

3 0
3 years ago
You recently sold 100 shares of your new company, XYZ Corporation, to your brother at a family reunion. At the reunion your brot
3241004551 [841]

Answer:

Corporate shareholders escape liability for the firm's debts, but this factor may be offset by the tax disadvantages of the corporate form of organization

Explanation:

5 0
3 years ago
Recessions are associated with lower incomes, rising unemployment, and falling profits.
kozerog [31]
<span>Recession is a period of temporary economic decline. At this time, trade and industrial activity are reduced, causing unemployment, low incoms and falling profits. Social crises, especially affecting healthcare and pension insurance schemes are common, with special negatie effect to vulnerable social populations as disabled or elderly.</span>
3 0
3 years ago
Other questions:
  • True/False
    8·1 answer
  • What are the most common types of credit available to individuals and businesses?
    13·1 answer
  • s there any way for a monopoly to operate more efficiently than a competitive market? Why or how? Yes: the government can regula
    10·1 answer
  • In implementing a lean production system you should work with suppliers to do which of the following? open facilities near your
    9·1 answer
  • When david exaggerated his experience on his resume do you think he believed he would be caught? What effect did this belief hav
    9·1 answer
  • Hochberg Corporation uses an activity-based costing system with the following three activity cost pools: Activity Cost Pool Tota
    14·1 answer
  • Fun fact: The average person walks past a murderer 36 times in their life It's a fun fact because they didn't kill you.
    8·2 answers
  • Required information
    12·1 answer
  • You are in the middle of an interview, and you feel like things are going horribly. The interviewer is asking questions that you
    8·2 answers
  • Windsor, Inc. uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows:
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!