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Alja [10]
3 years ago
12

Mike deposited $100,000 in a bank and procured a certificate of deposit on it, payable to himself, for repayment in five years w

ith a five percent interest rate. A year after that, Mike borrowed $25,000 from Jill, and gave her a promissory note to repay it in one year. As collateral, Mike gave Jill the certificate of deposit and asked to put in a prepayment clause, to which Jill agreed. They agreed that Mike could repay in monthly payments, as mentioned in the note.What kind of promissory note have Jill and Mike decided on?
A) a time note
B) a bearer's note
C) a mortgage note
D) an installment note
Business
1 answer:
horsena [70]3 years ago
7 0

Answer:

The correct answer is letter "D": an installment note.

Explanation:

An installment note is a promissory commitment for payment of the principal and interest of a debt. The payments are distributed in equal periods of time -usually monthly, and represent the amortization of the total amount owed. According to the agreement, a minimum amount can be established to be paid to avoid more debt.

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Sheffield Company is working on two job orders. The job cost sheets show the following.
IRISSAK [1]

Answer:

See below

Explanation:

A.

Work in process inventory Dr $16,450

------------- Raw material inventory

$7,150 + $9,300 Cr $16,450

B.

Work in process inventory Dr $11,650

Factory labor

-----------------$3,850 + $7,800 Cr $11,650

C.

Work in process inventory Dr $15,000

Manufacturing overhead

$5,200 + $9,800 Cr $15,000

4 0
3 years ago
On May 1, 2020, Course Co. borrowed $16,000 and signed a three-year note bearing interest at 6% per annum. Interest is payable q
butalik [34]

The amount that Course Co. should report as a liability for accrued interest on its December 31, 2021 balance sheet is $240.

<h3>What is accrued interest?</h3>

Accrued interest is an accounting expression that shows a liability for interest payment has been incurred for a loan but the payment has not yet been made.

For Course Co., it incurs accrued interest of $240 every quarter for the three-year note payable. Usually, the accrued interest is paid at the beginning of the next quarter.

<h3>Data and Calculations:</h3>

3-year note payable = $16,000

Rate of interest = 6% per year

Date of loan = May 1, 2020

Interest payment = quarterly or 4 times annually

Interest per quarter = $240 ($16,000 x 6% x 1/4).

Thus, the accrued interest on Course Co.'s December 31, 2021 balance sheet is $240.

Learn more about accrued interest at brainly.com/question/1542335

5 0
2 years ago
If Congress increased the tax rate on interest income, investment a. and saving would increase. b. would increase and saving wou
vagabundo [1.1K]

Answer:

The correct answer is letter "D": and saving would decrease.

Explanation:

Increases in interest rates are not beneficial for economic growth. <em>By paying more taxes companies' revenues are reduced discouraging entrepreneurs to go on new ventures</em>. Besides, entities would be pushed to take measures such as lay-offs to compensate part of the losses due to paying more taxes. <em>If unemployment increases the household savings tend to decrease.</em>

6 0
2 years ago
Individual visits to college campuses usually provide opportunities for all the following except
Mnenie [13.5K]
Is this multiple choice...if so can you edit your question and put the answer options
5 0
3 years ago
Read 2 more answers
Econ please helppp :(((((
Lelechka [254]

Answer:

Pure competition

Explanation:

Pure competition refers to an ideal market with very many suppliers selling an identical product. Because the sellers are many, none of them can influence the price. Pure competition is also the perfect competition.  Other characteristics of perfect competition include.

  1. easy to enter and exit the market since there are no trade barriers
  2. All sellers sell a homogeneous product
  3. all sellers are price takers
  4. There are many buyers.
  5. Buyers have sufficient knowledge of prices and suppliers.
5 0
3 years ago
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