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3 years ago

On September 1, Taci Company lent $ 88,000 to L. Kahil on a 90-day, 4% note.

Business

1 answer:

Genrish500 [490]3 years ago

5 0

Answer:

(a) Taci Company lent the money on September 1:

Debit Notes receivable $88,000

Credit Cash $88,000

(To recognize notes receivable)

(b) On December 1:

Debit Cash $88,880

Credit Notes receivable $88,000

Credit Interest receivable $880

(Collection of notes principal and interest at maturity)

Explanation:

Note receivable is a promissory note with a written promise made by the borrower to the lender (payee) to pay a certain, definite sum at a specified date.

Interest revenue on the notes is calculated as: Principal x Interest Rate x Time

In this case, the total interest revenue is $88,000 x 4%/12 x 3 months = $880.

Monthly interest revenue is therefore $880 / 3 months = $293.33.

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3 years ago

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Answer:

a) true

Explanation:

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3 years ago

Suppose that in an economy the structural unemployment rate is 2.2 percent, the natural unemployment rate is 5.3 percent, and th

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Answer:

The frictional unemployment rate is 3.1 percent and the actual unemployment rate (in this economy) is 7.3 percent.

Explanation:

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3 years ago

A company making tires for bikes is concerned about the exact width of its cyclocross tires. The company has a lower specificati

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Answer:

Capability index = 0.4444

Explanation:

Given:

lower specification limit = 22.8 mm

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4 years ago

Which of the following statements is NOT true regarding location decisions?

mariarad [96]

Answer:

B. Once management is committed to a specific location, many costs become relatively easy to reduce.

Explanation:

As a location decision is essential and a specific decision taken by the company it has to be focused on its decision and does not need to draw any conclusion as a location decision made in the past cannot be easily overcome or reduced depending on the choices of the firm or the location availability of the resources.

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4 years ago

On September ​1, Taci Company lent $ 88,000 to L. Kahil on a​ 90-day, 4​% note.

On September 1, Taci Company lent $ 88,000 to L. Kahil on a 90-day, 4% note.