Check on concentration of economic Power

On January 1, Year 1, Barnes Company issued a $100,000 installment note. The note had a 10-year term and an 8 percent interest r

Over [174]

Answer:

e) $93,097

Explanation:

Interest for 1st year = $100,000*8%

Interest for 1st year =$8,000

Principal repayment for 1st year = $14,903 - $8,000

Principal repayment for 1st year = $6,903

Principal balance on January 1,Year 2 = $100,000 - $6,903

Principal balance on January 1,Year 2 = $93,097

3 0

3 years ago

On July 1, 2020, Dobbs Co. pays $14,400 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal year

Anarel [89]

Answer:

July 1,2020

Dr Cash $ 14,400

Cr Unearned Service Revenue $ 14,400

December 31,2020

Dr Unearned Service Revenue $ 2,400

Cr Service Revenue $ 2,400

Explanation:

Preparation of the journal entry for July 1 and the adjusting entry on December 31 for Kalter Insurance Co

Based on the information given the journal entry for July 1 will be :

July 1,2020

Dr Cash $ 14,400

Cr Unearned Service Revenue $ 14,400

(Being to record Unearned Service Revenue )

Based on the information given the Journal entry for December 31,2020 will be :

December 31,2020

Dr Unearned Service Revenue $ 2,400

Cr Service Revenue $ 2,400

[ ( $14,400 / 36 Months) * 6 ]

(Being to record Service revenue earned)

Note that 3 years will give us 36 months (12month*3) and July 1,2020 to December 31 will give us 6 months.

3 0

3 years ago

Select all that apply select the policies that are intended to encourage economic growth.

Travka [436]

If a government is trying to encourage economic growth, they would do all of these things except raise taxes. Raising taxes has the opposite effect and will slow growth because it takes more money out of the economy that could be used for growth and expansion.

5 0

4 years ago

Read 2 more answers

Antonio owns property on which a gasoline station once stood. Josh agrees to buy the land so that he can build an office on it.

vagabundo [1.1K]

Answer:

The answer is: B) a condition precedent

Explanation:

Condition precedents are things that must exist before something else occurs. In contract law, condition precedents must exist before any contractual obligations exists.

In this case, the condition precedent for Josh purchasing the property is that no environmental problems exist.

7 0

3 years ago

Gannon Company acquired 10,000 shares of its own common stock at $20 per share on February 5, 2014, and sold 5,000 of these shar

DiKsa [7]

Answer:

The credit entry for the issue of 5000 shares is:

Cr Treasury stock $100,000

Cr Paid-in capital from treasury stock $35,000

Explanation:

The par value of the common stock issue($20 per share) is credited to treasury stock account, while the excess of issue price of $27 over the par value of $20, $7 per share is credited to paid-in capital from treasury stock

The full double entries for the issue of 5000 shares is as follows:

Dr Cash ($27*5000) $135,000.00

Cr Treasury stock($20*5000) $100,000

Cr Paid-in capital from treasury stock($7*5000) $35,000

Under International Financial Reporting Standards, the credit entries would be that par value is credited to equity share capital and the excess credited to share premium account.

3 0

3 years ago

Check on concentration of economic Power​

Check on concentration of economic Power