Answer:
Dr interest expense $2448
Dr interest payable $3060
Dr Notes payable $61,200
Cr cash($2448
+$3060
+$61,200) $ 66,708.00
Explanation:
The interest accrued at 31st December 2022 is interest for 5 months which is calculated thus:
interest as at 31st December=5/12*12%*61,200=$3060
On that interest expense would have been debited while interest payable is credited with $3060
On the due date, interest for another months need to computed as follows:
interest for four months=4/12*12%*61,200=$2448
Answer:
$5,800
Explanation:
Calculation to prepare a December income statement for Hawkin.
INCOME STATEMENT
Revenues:
Services revenue $16,000
Expenses:
Rent expense $1500
Wages expense $8000
Utilities expense $700
Total expenses $10200
Net income $5800
($16,000-$10,200)
Therefore December income statement for Hawkin is $5,800
Answer:
John will lose the lawsuit
Explanation:
Businesses have a right to set the price of their products, and when the customers considers the price and agrees with it the deal is sealed.
In the given scenario John made the purchase at $60 per tie and he was satisfied with the sale at point of purchase.
He only became enraged when Bill told him he bought his identical ties at $10.
John will lose a lawsuit of he fails to pay the charge-account bill because he willingly agreed to the $60 per tie price.
Answer:
(C) Pass-through grant
Explanation:
A pass-through grant occurs when a recipient of a grant is allowed by the government to provide funding to other recipients. Funds are received and passed along to other recipients.
The party that receives funding from the pass-through entity is called the subrecipient.
This usually occurs when government lacks the structure to effectively push grant initiatives.
In this instance when states provide funds to the city for onward delivery to not for profit organisations, the city is acting as a pass-through entity.
Answer:
A
Explanation:
The EPA legislates and enforces more regulations that reap greater benefits than the other agencies.
