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Angelina_Jolie [31]
3 years ago
12

On January 1, 20Y2, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual p

ayments of $43,830, beginning on December 31, 20Y2.Journalize the entries to record the following:
Business
1 answer:
Olegator [25]3 years ago
4 0

Answer and Explanation:

The journal entries are shown below:

1. Cash Dr $175,000

     To note payable $175,000

(being note payable is issued)

2. Interest expense Dr (8% of $175,000) $14,000

        To interest payable $14,000

(being interest expense is recorded)

3. Interest payable $14,000

Note payable $29,830

       To cash $43,830

(being cash paid is recorded)

4. Interest expense $6,253

          To interest payable $6,253

(being interest expense is recorded)

5.  Interest payable $6,253

Note payable $37,577

       To cash $43,830

(being cash paid is recorded)

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Answer:

conglomerate                

Explanation:

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The conglomerates are always global and massive. The predominant conglomerates consolidate financial risk through investing in a variety of different industries, although other conglomerates opt to engage in a single sector, like those in mines.        

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What are the four different types of trade barriers
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Tariffs, non-tariffs, import quotas and voluntary export restraints
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the ending balance of the retained earnings account appears in group of answer choices only the statement of stockholders’ equit
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The ending balance of the retained earnings account appears both in the statement of stockholders’ equity and the balance sheet.

<h3>Where does retained earnings appear?</h3>

Retained earnings is the profit left after dividends have been paid. It is the profit that is not paid out to shareholders as dividends.

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a point in time. The retained earnings appears in the equity section of the balance sheet.

The statement of stockholders’ equity records the owners equity and changes to the owners equity during a financial year.

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Elkland Heating &amp; Cooling installs and services commercial heating and cooling systems. Elkland uses job costing to calculat
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Answer:

Estimated manufacturing overhead rate= $15 per direct labor hour

Explanation:

Giving the following information:

Overhead is allocated to each job based on the number of direct labor hours spent on that job.

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Estimated direct labor hours= 4,100

To calculate the estimated manufacturing overhead rate we need to use the following formula:

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The statement in situations where an annual budget deficit exists, cutting expenses from the budget is optimal is True.

<h3>What is budget deficit?</h3>

Budget deficit tend to occur when the expenses or expenditure is higher then the revenue.

Cutting down expenses from the budget is most desirable if we want to  have budget surplus. Budget surplus is when revenue is higher than expenditure.

Therefore the statement in situations where an annual budget deficit exists, cutting expenses from the budget is optimal is True.

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