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Andre45 [30]
3 years ago
15

Straight Industries purchased a large piece of equipment from Curvy Company on January 1, 2019. Straight Industries signed a not

e, agreeing to pay Curvy Company $480,000 for the equipment on December 31, 2021. The market rate of interest for similar notes was 9%. The present value of $480,000 discounted at 9% for five years was $311,967. On January 1, 2019, Straight Industries recorded the purchase with a debit to equipment for $311,967 and a credit to notes payable for $311,967. How much is the 2020 interest expense, assuming that the December 31, 2019 adjusting entry was made
Business
1 answer:
Damm [24]3 years ago
3 0

Answer:

$30,604

Explanation:

The computation of the interest expense for the year 2020 is as follows:

2019 interest expense is

= Equipment amount × rate of interest

= $311,967 × 9%

= $28,077

The Dec 31 2019 liability of book value is

= $311,967 + $28,077

= $340,044

Now the interest expense for the year 2020 is

= $340,044 × 0.09

= $30,604

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Which methods can be used to run a query? Check all that apply.
Yuri [45]

Answer:

Option B and C

Explanation:

A query can be run by selecting query option visible through deign view option. After selecting the appropriate option, the query must be run. This shall execute the function for the selected option.  

Like wise in data sheet view, one can see the action query  before running it.  

Hence, option B and C are correct

5 0
3 years ago
Read 2 more answers
Marla Opper currently earns $50,000 a year and is offered a job in another city for $56,000. The city she would move to has 8 pe
Liono4ka [1.6K]

Answer:

a) What amount must Marla earn in the new city to maintain her current buying power?

$54000

If Marla accepts the new job, will her buying power increase?

Yes increase in $2000

Explanation:

Earn Offer

50000 56000

8%  

4000  

54000 56000

           2000

7 0
3 years ago
Select the items that can determine a buyer’s preference for a certain car.
nydimaria [60]
First priority is to check what the price of the car is so.
-price of the car.
second you have to check what year the car was made in.
-year the car was made.
last is the color


the question asked for a certain car.

so u would look at the price, color, and what year it was made in.
7 0
3 years ago
Read 2 more answers
2016 2015 Accounts Receivable $1,560,200 $1,210,920 Allowance for Doubtful Accounts (79,000) (64,600) Accounts Receivable, Net $
postnew [5]

Answer:

$14,400

Explanation:

The computation of the amount of bad debt expense is shown below:

= Ending balance of Allowance for Doubtful Accounts - the Beginning balance of Allowance for Doubtful Accounts

= $79,000 - $64,600

= $14,400

Since there is no write-off balance, so we consider the opening and ending balance of Allowance for Doubtful Accounts

All other information which is given is not relevant. Hence, ignored it

4 0
3 years ago
Country A would have an absolute advantage compared to Country B in the production of corn if
viva [34]

Answer:

B) Country A uses fewer resources to produce corn than Country B does.

Explanation:

An absolute advantage is a situation where a country or a company can produce some goods and services using fewer inputs compared to competitors. The company can produce more quantity of using the same amount of inputs than others.  A country with an absolute advantage will manufacture a product at a lower cost than other countries or companies.  

Absolute advantage enables companies and countries to gain from trade. Through specialization, a company will focus on what it can produce at a lower cost than others, and sell it. Country A has an absolute advantage if it can produce corn at a lower cost than country B.

6 0
4 years ago
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