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Alexus [3.1K]
4 years ago
8

Jupiter Company signed a onedashyear ​$36,000 note payable at​ 8% interest on March​ 1, 2019. How much interest expense must be

accrued on May​ 31, 2019?​ (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest whole​ number.)
Business
1 answer:
Anna71 [15]4 years ago
8 0

Answer:

The answer is: $720

Explanation:

We can use the following formula to calculate Jupiter Company's interest expenses:

  • interest expenses = principal x (annual interest / 12) x number of months

interest expenses = $36,000 x (8%/12) x 3 months (March, April and May)

interest expenses = $36,000 x 0.0067 x 3 = $720

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What is accounting receivable?<br>​
tankabanditka [31]

Answer:

Is the balance of money due to a firm for goods or service delivered or not yet paid

Explanation:

Account are recorded on balance sheet on current account

5 0
3 years ago
A cement manufacturer has supplied the following data: Tons of cement produced and sold 225,000 Sales revenue $1,035,000 Variabl
sergij07 [2.7K]

Answer: $2.6 per unit.

Explanation:

Given that,

Tons of cement produced and sold = 225,000

Sales revenue = $1,035,000

Variable manufacturing expense = $421,000

Fixed manufacturing expense = $280,000

Variable selling and administrative expense = $29,000

Fixed selling and administrative expense = $220,000

Net operating income = $85,000

Sales price per unit:

= \frac{Sales\ revenue}{total\ cement\ produced\ and\ sold}

= \frac{1,035,000}{225,000}

= $4.6 per unit

Variable cost per unit:

= \frac{Variable\ manufacturing\ expense\ + Variable\ selling\ and\ administrative\ expense}{total\ cement\ produced\ and\ sold}

= \frac{421,000 + 29,000}{225,000}

= $2 per unit

Contribution margin = Sales price per unit - Variable cost per unit

                                  = $4.6 - $2

                                  = $2.6 per unit

4 0
3 years ago
The major purpose of the federal reserve buying government securities in open market operations is to
noname [10]
The major purpose of the Federal Reserve buying government securities in open market operations is to allow banks to increase their lending. The Federal Reserve system is the central bank of the United States. It performs different functions to keep the effectiveness of the U.S. economy and the public interest operational. 
4 0
4 years ago
The Lunch Counter is expanding and expects operating cash flows of $32,500 a year for seven years as a result. This expansion re
storchak [24]

Answer:

$109,688.89

Explanation:

According to the scenario, computation of given data are as follows,

Formula for Net present value are as follows,

NPV = -Investment in fixed asset - Net working Capital + Operating cashflow × ( 1 - (1+r)^{-n}) ÷ r + Net working capital ×(1+r)^{-n}

Where, r = rate of return

n = number of years

By putting the value, we get

NPV = -28,000 - 2,800 + 32,500 × ( 1 - (1+0.14)^{-7}) ÷ 0.14 + 2,800 × (1+0.14)^{-7}

By solving the above equation, we get

NPV = $109,688.89

8 0
3 years ago
A company reports merchandise inventory on December 31 at $250,000 but LCM applied to items is $200,000.Record the journal entry
ahrayia [7]

<u>Solution:</u>

In order to record the merchandise inventory on LCM with the correct amount, the following Journal entry will be passed in the books of account:

Date account and explanation                               debit      credit

Dec 31 The cost of goods sold (250000-200000)     50000  

Merchandise inventory                                                      50000

(To record inventory on LCM)  

Therefore, the cost of goods sold will be debited with an amount of $50000 and the Merchandise inventory will be credited with the same amount of $50000.

4 0
3 years ago
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