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Xelga [282]
3 years ago
5

Jane's Donut Co. borrowed $200,000 on January 1, 2021, and signed a two-year note bearing interest at 12%. Interest is payable i

n full at maturity on January 1, 2023. In connection with this note, Jane's should report interest expense at December 31, 2021, in the amount of: Group of answer choices $50,880. $0. $24,000. $48,000.
Business
1 answer:
Katen [24]3 years ago
7 0

Answer:

$24,000

Explanation:

The computation of the interest expense is shown below:

= Borrowed amount × rate of interest

= $200,000 × 12%

= $24,000

We simply multiplied the borrowed amount with the rate of interest so that the interest expense could come

hence, the third option is correct

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In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the f
wariber [46]

Answer:

a. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2016?

Proceeds from sale of land $10.8

Purchase of Microsoft common stock -$162.0

net outflow = -$151.2 million

b. In Rapid Pac's statement of cash flows. what were net cash inflows (or outflows) from financing activities for 2016?

Payment for the early extinguishment of long-term bonds (book value: $91.0 million) -$91.0

Proceeds from the sale of treasury stock (cost: $27.0 million) $32.0

Distribution of cash dividends declared in 2020 -$58.0

net outflow = -$117 million

8 0
2 years ago
Merone Company allocates materials handling cost to the company's two products using the below data:Modular Homes Prefab Barns T
Amiraneli [1.4K]

Answer:

$167,098

Explanation:

The computation of the total materials handling cost allocated to the modular homes is shown below:

= Total material handling cost × expected modular homes ÷ total expected material moves

= $210,420 × 540 ÷ (540 + 140)

= $167,098

6 0
2 years ago
Chester has negotiated a new labor contract for the next round that will affect the cost for their product Cozy. Labor costs wil
liubo4ka [24]

Answer:

See below

Explanation:

The above is an incomplete question. The concluding parts are assuming the following;

Selling price per unit = $54

Current total variable cost = $24.50

Total fixed cost = $69,000

New variable cost will increase by ($2.26 - $1.76)/2 = $0.25

New variable cost will be = ($24.50 + $0.25) = $24.75

Contribution margin = ($54 - $24.75) = $29.25

New fixed cost = ($0.25 × 2,339) + $69,000 = $69,585

Note:

Old break even units = $69,000/$29.5 = 2,335 units

Therefore,

New break even units

= Fixed cost/Contribution margin per unit

= $69,585/$29.5

= 2,397 units

Cozy would have to sell 2,397 units as opposed to 2,335 units in order to break even.

5 0
3 years ago
Organic Laboratories allocates research and development costs to its three research facilities based on each facility's total an
spayn [35]

Answer:

$21,000,000

Explanation:

Ratio is used in allocating the research and development cost

This is the expression of relationship between two or more data showing the number of times one data contains or is contained in another data

Total research and development cost = $60,000,000

Revenue

Kentucky = $56,000,000

Arizona -= $ 100,000,000

Illinois =    $84,000,000

Total =     $240,000,000

Illinois allocation of research and development cost=

84,000,000/240,000,000*60,000,000 =$21,000,000

3 0
3 years ago
Pronghorn Mining Company purchased land on February 1, 2020, at a cost of $856,800. It estimated that a total of 53,100 tons of
vitfil [10]

Answer:

A.20per ton

B.141,600

C.389,400

Explanation:

A.

($856,800+$97,200-$108,000+$216,000)/53,100 tons

=$1,062,000/53,100

= 20per ton

(b)

Resources removed totaled 26,550 tons

Less company sold 19,470 tons.

Balance 7,080 tons

Hence

Inventory 20*7,080

=141,600

(c)

20* 19,470 tons

=389,400

4 0
3 years ago
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