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Ahat [919]
3 years ago
9

On September 1, Sky Mountain Co. borrowed $54,000 on a 6%, 9-month note payable to Coast National Bank. Given no previous adjust

ing entries have been recorded, Sky Mountain's adjusting entry four months later at December 31 would include a: _____.
Business
1 answer:
REY [17]3 years ago
6 0

Answer:

Sky Mountain's adjusting entry four months later at December 31 would include:

Debit Interest expense $1,080

Credit  Interest Payable $1,080

Explanation:

Sky Mountain Co. borrowed $54,000 on a 6% note payable to Coast National Bank.

The amount of interest for 1 year = $54,000 x 6% = $3,240

The amount of interest for 1 month = $3,240/12 = $270

From September 1 to December 31, in Sky Mountain Co.

The amount of interest expense =  $270 x 4 = $1,080

Sky Mountain's adjusting entry at December 31:

Debit Interest expense $1,080

Credit  Interest Payable $1,080

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Here are the list of all that qualities:
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6 0
3 years ago
Calliope Corp. has outstanding 400 shares of common stock of which Yak, So, Day, and Ren each own 100 shares or 25 percent. No s
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Answer:

Day

Explanation:

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Dya qualifies as decrease below 80% of their previous percentage of owership

8 0
3 years ago
Company A will merge with Company B. The pricing structure for this transaction is arranged so that each party will know with ce
cestrela7 [59]

Answer:

Fixed Exchange Ratio

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Suppose a manufacturing plant purchased a new heating system in December, 2015 and, after installing and testing the equipment,
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Answer:

Depreciation for 6 months ending June 30, 2016 is $ 5,000 and the accounting entry to record the transaction is:

Depreciation Expense  - Debit                    $ 5,000

Allowance for Depreciation  - Credit           $ 5,000  

Explanation:

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2 years ago
A country reports the total expenditures on the fixed CPI basket for the past three years. The cost of the CPI basket in 2010 wa
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Answer:

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