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vivado [14]
3 years ago
11

On September 1, 2020, Vaughn Manufacturing issued a note payable to National Bank in the amount of $1440000, bearing interest at

9%, and payable in three equal annual principal payments of $550000. On this date, the bank's prime rate was 8%. The first payment for interest and principal was made on September 1, 2021. At December 31, 2021, Vaughn should record accrued interest payable of___________.
Business
1 answer:
Vilka [71]3 years ago
3 0

Answer:

$28,800

Explanation:

I will just assume that there are three equal annual principal payments of $480,000. If we use $550,000, the total principal would = $1,650,000.

accrued interests from September to December = principal x (9%/12) x 4 months

principal = $480,000 x 2 = $960,000

accrued interest payable  = $960,000 x 0.75% x 4 = $28,800

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olya-2409 [2.1K]

Answer: to historical performance or budget

Explanation:

A profit center in a business is a division that is able to make revenues independently and contribute to the revenue of the entire business. In evaluating the performance of a profit center manager, it is best to compare the performance to a budget or their historical performance.

This is because profit centers engage in different businesses and so their revenue making style will be unique. Some profit centers will make more than others because of the goods they produce or the way they produce it. It is therefore best to compare a profit center to an internal measure such as the budget and historical performance.

If the profit center exceeds either of these then they are performing well.

6 0
3 years ago
A strong internal control system will reduce the amount of substantive testing that must be performed.A ) True B ) False
Doss [256]

Answer:

A) True

Explanation:

The internal control structure deals with the rules, laws, procedures, practices that vary from company to company that are necessary to attain an organization's goals and objectives.

The substantive testing is an audit process aimed at checking the accuracy and reliability of the financial statements. To check if the financial statements are free from any errors, mistakes, fraud, etc. that can change users' decisions.

The financial statements should be relevant, reliable and finalize in all respects.

Therefore, a strong internal system will reduce the quantity of substantive testing required.

4 0
3 years ago
Once the production is in performance mode, who is the most important person in the show? the protagonist the director the stage
Darya [45]
<span>Once the production is in performance mode, the most important person in the show is the stage manager.
</span>The stage manager organizes and coordinates the theatrical production. He/she <span> schedules and runs rehearsals and </span>organizes the production and coordinates the communications between various personnel.
5 0
3 years ago
Today, a firm has a stock price of $14.26 and an EPS of $1.15. Its close competitor has an EPS of $0.48. What would be the expec
serg [7]

Answer:

$5.952

Explanation:

For the computation of expected price of the competitor's stock first we need to find out the P/E ratio of a firm which is shown below:-

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= $14.26 ÷ $1.15

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= $12.4 × $0.48

= $5.952

Therefore for computing the expected price of the competitor's stock we simply applied the above formula.

7 0
3 years ago
​ Chandra sues Martin for breach of contract. Both parties have completed discovery. Chandra now wants her attorney to file a mo
Vlada [557]

Answer:

Chandra should request her attorney to file a motion for summary judgement because both parties have past the pleading stage of litigation and they both have also completed discovery. Since enough evidence was gathered during discovery, then Chandra is entitled to judgement.

8 0
3 years ago
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