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Aloiza [94]
3 years ago
6

Watunga County Bank agrees to lend Vaughn Granite Company $599000 on January 1. Vaughn Granite Company signs a $599000, 8%, 9-mo

nth note. The entry made by Vaughn Granite on January 1 to record the proceeds and issuance of the note is
Cash 599000
Interest Expense 35940
Notes Payable 599000
Interest Payable 35940
Interest Expense 35940
Cash 563060
Notes Payable 599000
Cash 599000
Notes Payable 599000
Cash 599000
Interest Expense 35940
Notes Payable 634940
What is the adjusting entry requited if Hoffman Granite Company prepares financial statements on June 30th?
Business
1 answer:
tangare [24]3 years ago
5 0

Answer:

DR Cash                             $599,000

CR Notes Payable                                $599,000

Explanation:

As this is the entry for the issuance of the note, interest will not be recorded as it is incurred as during the loan period.

Entry will be;

Date                  Details                                                 Debit                   Credit

Jan 1                  Cash                                                  599,000

                          Notes Payable                                                               599,000

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Suppose that Italy and Sweden both produce beer and olives. Italy's opportunity cost of producing a crate of olives is 5 barrels
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B and C because blahblahblahblah
4 0
2 years ago
This question explores the calculation of the unemployment rate. You will be provided some imperfect employment data for four di
Alik [6]

Answer:

Unemployment rate= 0.13= 13%

Explanation:

Giving the following information:

Of these 95 individuals, 75 are in the labor force and 65 are employed.

<u>To calculate the unemployment rate, we need to use the following formula:</u>

<u></u>

Unemployment rate= unmeployed population / labor force

Unemployment rate= 10/75

Unemployment rate= 0.13

7 0
3 years ago
Presented below are two independent situations.
rewona [7]

Answer: a)Interest expense for Year 2020=$46, 977.50 b) see explanation column

Explanation:

a) Amount of Note payable =  $550,000

Present Value  factor for 3 years at 12%

= PV = 1/(1+r) ^n  

1/ (1+ 12%)^3 =(0.892857143)^ 3 =  0.71178

Present value of Note for land at 2020 = $550,000  x  0.71176 = $391, 479

.136

Interest expense for Year 2020= $391, 479.136  x  12%= $46, 977.50

b) Face value of note = $5,000,000

Present value factor for 4 years at 10 % =

= PV = 1/(1+r) ^n  

1/ (1+ 10%)^4 =(0.909090909)^ 4 =  0.68301345

Present value of the note = $5,000,000 x 0.68301345= $3,415,067.28

Discount on note payable =$5,000,000 -$3,415,067.28 =$1,584,932.72

Journal to record amount of interest to report for 2020

Date   Account                        Debit                      Credit

Jan 2020   Cash                  $5,000,000

Discount on notes payable                             $1,584,932.72  

Notes payable                         $5,000,000

interest revenue                                              $1,584,932.72

5 0
3 years ago
When the demand curve shifts to the left and all else is held constant, the equilibrium price ________ and the equilibrium quant
rewona [7]

When the demand curve shifts to the left and all else is held constant, the equilibrium price <u>falls</u> and the equilibrium quantity <u>falls</u>.

<h3>The types of chart.</h3>

In Economics, there are two main types of chart that can be used to illustrate the relationship between the total quantity of goods or services that are demanded by consumers and the total quantity of goods or services that were supplied by a manufacturer (producer) at a particular price and these include the following:

  • Supply schedule
  • Demand schedule

<h3>What is an equilibrium?</h3>

An equilibrium can be defined as the point on a supply and demand chart where the demand curve and the supply curve intersect.

In conclusion, the equilibrium price and the equilibrium quantity would <u>fall</u> when the demand curve shifts to the left and all else is held constant.

Read more on equilibrium here: brainly.com/question/2000166

#SPJ1

6 0
2 years ago
If the money supply is MS2 and the value of money is 5, then the quantity of money an. demanded is greater than the quantity sup
nlexa [21]

Answer:

If the money supply is MS2 and the value of money is 5, then the quantity of money

a. demanded is greater than the quantity supplied; the price level will rise.

Explanation:

If the money supplied is greater than the quantity demanded; the price level will fall.  The quantity theory of money, popularized by Irving Fisher but developed by John Maynard Keynes, states that the value of money is influenced by the forces of demand and supply.  This theory implies that money supply and price level proportionally influence each other.

3 0
3 years ago
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