Answer:
1. November 01,2021
Dr Cash 51000
Cr Notes Payable 51000
2. December 31,2021
Dr Interest expense 510
Cr Interest Payable 510
3. February 01,2022
Dr Interest expense 510
Dr Interest Payable 255
Dr Notes Payable 51000
Cr Cash 51,765
Explanation:
Preparation of to record the necessary entries
1. November 01,2021
Dr Cash 51000
Cr Notes Payable 51000
(Being to Record the issuance of note)
2. December 31,2021
Dr Interest expense 510
(51,000*6%*2/12)
Cr Interest Payable 510
(Being to record the adjustment for interest)
3. February 01,2022
Dr Interest expense 510
Dr Interest Payable 255
(51,000*6%*1/12)
Dr Notes Payable 51000
Cr Cash 51,765
(510+255+51000)
(Being to Record the repayment of the note at maturity)
The answer is a loan agreement because you agreed to by the car
Answer:
Explanation:
c. Determine the amount of prepaid insurance the company will report on its pro forma balance sheet at the end of the fourth quarter.
The answer is 5400 because "at the end of the 4th quarter is only consists of 3 months (oct-dec). By taking the total amount you paid for all 6 months minus what you have to pay for 3 months.
Answer:
1, 2, 3 & 4
Explanation:
All of the given options could be used as a basis to allocate the profit among partners. Allocation of salaries is also a basis for profit allocation. Salaries of partner is deducted from the net profit on the basis of predetermined ratio or amounts.
The numbers of years can also be a base for the profit allocation. The partner from the long time could have more share than a new partner but it depends on the agreement of all the partners.
The profit can also be based on the the amount of work work done or time spent by each partner. Some associations and firms use this method to allocate the profit.
The most common method of profit allocation is the capital invested in the business. partners are paid on the basis of what they invested in the business.
Helping their employees develop their own decision-making approach.
The two trees are time-driven decisions and development-driven decisions. Sometimes managers just have to take the lead and make a decision quickly and effectively, but in other situations they can take more time and focus on training and developing their employees into effective decision makers.
