Answer:
the answer would be the second one :)
The entry is required in the company's accounts debit cash ;Credit notes receivable and interest revenue.
If a business frequently trades in goods or services for notes, it would likely add a debit column for notes receivable to the sales book so that the general journal would not need to be used to record these transactions. It is also possible to build a separate subsidiary ledger for notes payable. A corporation should create a separate provision for bad debts account specifically for notes receivable if the quantity of notes receivable is substantial.
A note is considered to be honored when the maker pays it in accordance with the terms written down on it.
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Answer:
the selling price of the property is $183,333
Explanation:
The computation of the selling price of the property is as follows:
= (Price ÷ commission percentage) ÷ ( commission percentage)
= ($3,575 ÷ 30%) ÷ (6.5%)
= $183,333.
Hence, the selling price of the property is $183,333
We simply applied the above formula so that the correct value could come
Answer:
$650,752
Explanation:
The computation of the avoidable interest is shown below;
But before that following calculations must be done
Interest payable on short term loan
= $2,240,000 × 10%
= $224,000
Interest payable on long term loan
= $1,600,000 × 11%
= $176,000
Therefore,
Weighted average interest rate is
= ($224,000 + $176,000) ÷ ($2,240,000 + $1,600,000) × 100
= 10.42%
Now
Avoidable interest is
= [$3,200,000 × 12%] + [($5,760,000 - $3,200,000) × 10.42%]
= $650,752
If you'd like to calculate the overall percentage of tax deducted from your paycheck, first add up the dollar amounts of each tax withheld. Divide the total of your tax deductions by your total, or gross, pay. Multiply the result by 100 to convert it to a percentage.
