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emmainna [20.7K]
3 years ago
7

Given no monthly adjustments were made during the year, the December 31 year-end adjusting entry to record the interest on a $10

0,000, 12% bond that pays interest annually on November 1 and was sold at par value will include ______.
Business
1 answer:
beks73 [17]3 years ago
5 0

Answer:

Dr Interest Expense account 10,000

Cr Cash account 10,000

Explanation:

We have to calculate how much interest did the company paid = $100,000 x 10/12 x 12% = $10,000

Then we must record the journal entries

  • Dr Interest Expense account 10,000
  • Cr Cash account 10,000

Since cash is an asset and it decreases, then it should be credited.

Since interest is an expense and it increases, it should be debited.

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1 year ago
The Silver Corporation uses a predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined overhead ra
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Answer: Option (C) is correct.

Explanation:

Given that,

In Dept. A,

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In Dept. B,

Direct labor cost = $40,000

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Direct labor-hours = 9,000

Machine-hours = 15,000

Predetermined overhead rates in Dept. A = \frac{Manufacturing\ Overhead}{Direct\ labor\ cost} \times 100

                                                                       = \frac{90,000}{60,000} \times 100

                                                                       = 150%

In dept. B = \frac{Manufacturing\ Overhead}{Machine\ Hour}

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8 0
3 years ago
1. An engineer in 1950 was earning $6,000 a year. Today she earns $60,000 a year. However, on average goods today cost 6.6 times
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The engineer's real income today in terms of constant 1950 dollars is $14,400.

<h3>What is the real income?</h3>

Real income ls nominal income less inflation rate. Inflation rate is when there is a persistent rise in the general price levels of a country.

Real income = nominal income - inflation

Inflation = (1 + 6.6) x $6000 = $45,600

Real income = $60,000 - $45,600 = $14,400

To learn more about real income, please check: brainly.com/question/6616964

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2 years ago
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