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
NemiM [27]
3 years ago
15

Federal Bank of America has loaned $9,000 to Southgate Animal Hospital, using a 90-day non-interest-bearing note. The bank disco

unted the note at 8%. The debit to Discount on Notes Payable in the general journal will be in the amount of
Business
1 answer:
eduard3 years ago
7 0

Answer: $180

Explanation:

From the question, Federal Bank of America has loaned $9,000 to Southgate Animal Hospital, using a 90-day non-interest-bearing note. The bank discounted the note at 8%.

Therefore, the debit to Discount on Notes Payable in the general journal will be:

= $9,000 × 8% × 90/360

= $9,000 × 8/100 × 1/4

= $9,000 × 0.08 × 0.25

= $180

The correct answer is $180

It should be noted that we used 360 days for a year.

You might be interested in
Journalize the following transactions for Combs Company.
lions [1.4K]

Answer:

No      Account Titles and Explanation             Debit       Credit

A.        Raw material inventory                          $13,800

                Direct material price variance                            $740                        

                 ($13,800 - $13,060)

                 Account payable                                                 $13,060

           (To record purchase of materials)

B.      Work in process inventory                          $13,780

         6,890 * ($13,800/6,900)

               Direct material quantity variance                           $220                

               ($13,780 - $13,560)

               Raw materials inventory                                          $13,560

               6,780 * ($13,800/6900)

      (To record materials issued to production)

8 0
3 years ago
Abel Corporation uses activity-based costing. The company makes two products: Product A and Product B. The annual production and
Snezhnost [94]

Answer:

depreciable amor 10.95 dollars per Activity 2 base cost object.

Explanation:

\frac{Activity\: Pool}{Activity \: base}= Activity\:Rate

totoal expected cst: 35,040

activity 2 expected cost dirver Total  3,200

Activity rate: $35,040 cost pool / 3,200 driver expected amount = $10.95

7 0
3 years ago
1. Over the past year, a customer has surrendered, in whole or in part, three life insurance policies. If part of a money launde
Thepotemich [5.8K]

Answer:

It represents the Integration stage

Explanation:

Money laundering is an illegal chain of activities done by individuals or corporate bodies to change the status of money gotten through a criminal activity into legitimate money. This chain of activities starts with the Placement stage then transforms into the Layering stage, then ends when it is already integrated into the legitimate financial system through the Integration stage.

After the money launderer conceals the illegal money through bank deposits or purchasing a life insurance policy at the Placement stage, the launderer then proceeds to further break the money into smaller amounts to evade suspicion by numerous transactions and bank deposits at the Layering stage, which is then ended by partial or whole surrenders of life insurance policies to make it now legitimate money.

3 0
2 years ago
Wanna join a pad let with me, ill send li nk,
ValentinkaMS [17]
No thanks im good thanks for asking tho
5 0
3 years ago
Bramble Corp. incurs the following costs to produce 13000 units of a subcomponent: Direct materials $10920 Direct labor 14690 Va
Mumz [18]

Answer:

$4,850

Explanation:

The computation is shown below:

Total cost when the production is 13,000 units

Direct materials $10,920

Direct labor $14,690

Variable overhead $16,380

Total $41,900

And, the other case

Their new cost on supplier offer is

= $2.85 × 13,000 units

= $37,050

In the case when the order is accepted So the net income would increased by

= $41,900 - $37,050

= $4,850

7 0
3 years ago
Other questions:
  • Positively Rivet Inc. is a small machine shop that produces sheet metal products. It had one line dedicated to the manufacture o
    8·1 answer
  • In an informationally efficient capital market: Group of answer choices security prices quickly reflect new information. investo
    9·2 answers
  • g You own a stock that is expected to earn 21 percent in an improving economy, 16 percent in a normal economy, and lose 5 percen
    8·1 answer
  • The action of using a mouse to drag a selection from its original location and drop it in a new location
    7·1 answer
  • Changing prices to attract customers is most difficult in a ________.
    13·1 answer
  • On January 2, 2016, Alpha Company purchased a patent for $38,500 plus $2,000 in legal fees. On that date, the patent had a remai
    7·1 answer
  • Windsor Company leased equipment from Costner Company, beginning on December 31, 2019. The lease term is 4 years and requires eq
    8·1 answer
  • State whether each of the following statements is true or false.
    14·1 answer
  • 1) The defect rate for your product has historically been about 2.00%. For a sample size of 300, the upper and lower 3-sigma con
    9·1 answer
  • Sorry, I withdraw my question.
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!