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amid [387]
3 years ago
11

A question that can be answered by observing and analyzing the world as it is known:

Business
1 answer:
gizmo_the_mogwai [7]3 years ago
5 0
Empirical Question is a question that can be answered by observing and analyzing the world as it is known:
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Help help help help help help help help
Margarita [4]

Answer:

Taxes

Explanation:

3 0
2 years ago
Read 2 more answers
Ehler Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During th
DaniilM [7]

Answer:

Ehler Corporation

a) Journal Entries:

Sept. 1  Debit Inventory $12,000

Credit 6%, 3-month Notes Payable (Pippen) $12,000)

To record issuance of note to purchase inventory.

Sept.  30 Debit Interest expense $60

Credit Interest Payable $60

To accrue interest expense ($12,000 * 6% * 1/12).

Oct.  1 Debit Climbing Wall $16,500

Credit 8%, 4-month Note Payable (Prime Bank) $16,500

To record issuance of note payable to purchase climbing wall.

Oct.  31 Debit Interest expense $170

Credit Interest payable $170

To accrue interest expense ($60 + $16,500 * 8% * 1/12).

Nov.  1 Debit Vehicle $26,000

Credit Cash $8,000

Credit 6%, 12-month Note Payable $18,000

To record the purchase of a new vehicle for climbers.

Nov.  30 Debit Interest expense $260

Credit Interest payable $260

To accrue interest expense ($170 + $18,000 * 6% * 1/12).

Dec.  1 Debit 6% Notes Payable (Pippen) $12,000)

Debit Interest payable $180

Credit Cash $12,180

To record the payment of principal and interests.

Dec.  31 Debit Interest expense $200

Credit Interest payable $200

To accrue interest expense ($110 + $90)

b) T-accounts:

Notes Payable

Date      Account Titles            Debit      Credit

Sept. 1    Inventory                                 $12,000

Oct.  1    Climbing Wall                             16,500

Nov.  1    Vehicle                                      18,000

Dec.  1    Cash                       $12,000

Dec. 31  Balance                   34,500

Interest Payable

Date       Account Titles            Debit      Credit

Sept.  30 Interest expense                          $60

Oct.  31    Interest expense                           170

Nov.  30  Interest expense                          260

Dec.  1     Cash                            $180

Dec.  31   Interest expense                         200

Dec. 31   Balance                       $510

Interest Expense

Date       Account Titles            Debit      Credit

Sept.  30 Interest payable           $60

Oct.  31    Interest payable            170

Nov.  30  Interest payable           260

Dec.  31   Interest payable           200

Dec. 31   Income summary                     $690

c) Balance Sheet:

Current liabilities:

Interest payable          $510

Notes payable       $34,500

d) Total interest expense = $690

Explanation:

a) Data and Analysis:

Sept. 1  Inventory $12,000 6% Notes Payable (Pippen) $12,000) to purchase inventory. The 3-month note payable

Sept.  30 Interest expense $60 Interest payable $60 ($12,000 * 6% * 1/12)

Oct.  1 Climbing Wall $16,500 8%, 4-month Note Payable (Prime Bank) $16,500

Oct.  31 Interest expense $170 Interest payable $170 ($60 + $16,500 * 8% * 1/12)

Nov.  1 Vehicle $26,000 Cash $8,000 6%, 12-month Note Payable $18,000

Nov.  30 Interest expense $260 Interest payable $260 ($170 + $18,000 * 6% * 1/12)

Dec.  1 6% Notes Payable (Pippen) $12,000) Interest payable $180 Cash $12,180

Dec.  31 Interest expense $200 Interest payable $200

3 0
3 years ago
4. Another term for a pre-inspection agreement is A. pre-sale inspection. B. partial inspection. C. scope of work. D. standard o
kolbaska11 [484]

Answer:

Another term for a pre-inspection agreement is Standard of practice.

Explanation:

Standard of practice entails agreement signed before any business is done at all, it forms the basis of the agreement documented and signed

7 0
3 years ago
Firm ABC sells 1000 units of widgets for $10 per unit per-week. Per-week it pays its employees $1500, rent $2000, materials $100
andrew-mc [135]

Answer:

C

Explanation:

7 0
2 years ago
approach is when an organization accepts the environmental forces as uncontrollable, and a(n) _______ approach is when an organi
igor_vitrenko [27]

Answer: Reactive

Explanation:

3 0
2 years ago
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