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Alja [10]
2 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]2 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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Milano Gallery purchases the copyright on a painting for $420,000 on January 1. The copyright is good for 10 more years. The com
alex41 [277]

Answer:

Explanation:

The journal entries are shown below:

On January 1

Copyright A/c Dr $420,000

        To Cash A/c $420,000

(Being copyright is purchased)

On December 31

Amortization A/c Dr $42,000

          To Accumulated amortization A/c $42,000

(Being annual amortization is recorded)

The computation is shown below:

= Purchase value of copyright ÷  number of goods years

= $420,000 ÷ 10 years

= $42,000

6 0
2 years ago
Following are some of Friendly Village’s transactions during the calendar year 2019. For each transaction, state (a) the amount
Lunna [17]

Answer:

1. Governmental type fund $605,000

Enterprise fund $605,000

2. Governmental type fund $100,000

Enterprise fund $5,000

3.Governmental type fund $13,000

Enterprise Fund $3,000

Explanation:

1a) Calculation to determine the amount the Village would report as expenditures for the year 2019

Governmental type fund=$600,000+$5,000

Governmental type fund=$605,000

1b) Calculation to determine the amount it would report as expenses for the year

Enterprise fund=$600,000+$5,000

Enterprise fund=$605,000

Therefore the amount the Village would report as expenditures for the year 2019 and the amount it would report as expenses for the year will be :

Governmental type fund $605,000

Enterprise fund $605,000

2a) Calculation to determine the amount the Village would report as expenditures for the year 2019

Based on the information the Governmental type fund will be the amount of $100,000 reason been that The truck cost the amount of $100,000

Governmental type fund=$100,000

2b) Calculation to determine the amount it would report as expenses for the year

Enterprise fund=[($100,000/10 years)*6/12]

Enterprise fund=$100,000*6/12

Enterprise fund=$5,000

Note that July 1 to December 31 will give us 6 months

Therefore the amount the Village would report as expenditures for the year 2019 and the amount it would report as expenses for the year will be :

Governmental type fund $100,000

Enterprise fund $5,000

3a. Calculation to determine the amount the Village would report as expenditures for the year 2019

Governmental type fund= $10,000+$3,000

Governmental type fund= $13,000

3b. Calculation to determine Calculation to determine the amount it would report as expenses for the year

Based on the information given we were told that he paid the interest amount of $3,000 as the first installment on the debt which means that the amount it would report as expenses for the year is $3,000

Enterprise fund $3,000

Therefore the amount the Village would report as expenditures for the year 2019 and the amount it would report as expenses for the year will be :

Governmental type fund $13,000

Enterprise Fund $3,000

8 0
2 years ago
A communication style is ____________________
kiruha [24]

Answer:

Communication styles are the broad ways in which people tend to communicate with others.

Explanation:

7 0
2 years ago
Read 2 more answers
Blossom, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The follo
Crazy boy [7]

Answer:

The Journal entry with their narrations shown below:-

Explanation:

The Journal Entry is shown below:-

1. Petty cash Dr, $271

       To Cash $271

(Being establishment of petty cash fund is recorded)

2. Freight-in Expenses(delivery charges) Dr, $76

Supplies expenses Dr, $41

Postage expenses Dr, $49

Loan to employees (Accounts receivable) Dr, $33

Miscellaneous expenses Dr, $52

Cash short and over Dr, $8

         To Cash                              $259

($271 - $12)

(Being disbursement of cash is recorded)

3. Petty cash Dr,  $116

       To cash  $116

(Being increase in petty cash is recorded)

6 0
3 years ago
The ________ allows a company to capture the highest economies of scale.
Klio2033 [76]
It is the Continuous Flow Production Process. It is a stream creation strategy used to fabricate, deliver, or process materials without intrusion. Consistent generation is known as a persistent procedure or a nonstop stream process in light of the fact that the materials, either dry mass or liquids that are being prepared are constantly in movement, experiencing synthetic responses or subject to mechanical or warm treatment. Persistent handling is diverged from group generation.
3 0
2 years ago
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