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kykrilka [37]
3 years ago
13

On July 1, 2019, Stacy Company signed a $140,000, one-year, 6 percent note payable. The principal and interest will be paid on J

une 30, 2020. How much interest expense should be reported on the income statement for the year ended December 31, 2019
Business
1 answer:
Ahat [919]3 years ago
8 0

Answer:

Stacy Company

The amount of interest expense that should be reported on the income statement for the year ended December 31, 2019 is:

= $4,200.

Explanation:

a) Data and Calculations:

6% Notes Payable = $140,000

Date of issuance = July 1, 2019

Interest rate per annum = 6%

Total interest expense for the one year = $8,400 ($140,000 * 6%)

Interest expense for the half-year = $4,200 ($140,000 * 6% * 1/2)

b) Therefore, the cash payment on June 30, 2020 will amount to $148,400 ($140,000 + $8,400)

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Rios Corporation reports costs for the year as​ follows: Direct Materials Used $ 795 comma 000 Wages to Line Workers 270 comma 0
Pavlova-9 [17]

Answer:

$1,490,000

Explanation:

Given that,

Direct Material used = $795,000

Wages to Line workers = $270,000

Indirect Materials used  = $425,000

Total product cost for the year:

Direct Material used + Wages to Line workers + Indirect Materials used

= $795,000 + $270,000 + $425,000

= $1,490,000

Therefore, the total product costs for the​ year is $1,490,000.

5 0
3 years ago
One negative consequence of using automation to improve manufacturing production is that:
melamori03 [73]

Answer:

The correct answer is letter "A": factories often need fewer workers.

Explanation:

Automation is the introduction of machinery in manufacturing companies with the intention of mass-producing standardized goods in an attempt to reduce costs by using large lines of equipment instead of more human labor hand. While this represents an advantage for companies, it is a drawback for employees who see their job duties being handled to machines.

Automation is used in different industries such as <em>utilities, defense, </em>and <em>information technology.</em>

5 0
3 years ago
A monopoly is considering selling several units of a homogeneous product as a single package. a typical consumer's demand for th
just olya [345]

Answer:

A. 15 units

B. $130

Explanation:

In order to solve this, we need to use the profit maximization condition for monopoly.

MR = MC will give us the optimal quantity and price for the monopolist.

The consumer's demand for the product is:

Qd = 80 - 0.5P

Therefore, we have:

P = (80 / 0.5) - (Qd / 0.5)

P = 160 - 2Qd

Recall that, Total Revenue:

TR = P * Q

So, in this case TR = 160Q - 2Q^2

MR = d(TR) / dQ = 160 - 4Q

Now, MR = MC

160 - 4Q = 100

4Q = 160 - 100

4Q = 60

Q = 60 / 4

Q = 15 units.

Now, P =160 - 2Q

P = 160 - 2(15)

P = 160 - 30 = 130

The optimal number of units to be placed in a package will therefore be 15 units while the firm should charge $130 for this package.

7 0
3 years ago
If your company does not have a manual that describes all the major product warranties, you should:
bagirrra123 [75]

Answer:

C. Decide on a general, neutral comment you can make if customers ask you about a warranty

Explanation:

The comment might be that each product contain the warranty within the box.

3 0
3 years ago
g Marlboro Construction enters into a contract with a customer to build a warehouse for $725,000 on April 15, 2021 with a comple
Nookie1986 [14]

Answer:

B. $725,000

Explanation:

The expected value for the contract will be :

10% ($725,000 + 12,000 + 12,000 ) + 30% ($725,000 + 12,000 ) + 25% ($725,000 ) + 20% ($725,000 - 12,000 ) + 15% ($725,000 - 12,000 - 12,000 )

= $ 74,900 + $221,100 +$181,250 + $142,600 + $105,150 = $725,000

Marlboro constructions expected value of the contract is 725,000 based on the given probability estimates of contract completion.

8 0
2 years ago
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