1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
hjlf
3 years ago
15

Universal Travel Inc. borrowed $509,000 on November 1, 2018, and signed a 12-month note bearing interest at 6%. Interest is paya

ble in full at maturity on October 31, 2019. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2018, in the amount of:
Business
1 answer:
matrenka [14]3 years ago
5 0

Answer:

$5,090

Explanation:

The matching principle in accounting requires use to record incomes and expenses in the period in which they occur or incur.

Therefor, Universal Travel Inc. should report interest that expired between November 1, 2018 and December 31, 2018 as at December 31, 2018 report

Interest payable calculation :

Period = November 1, 2018 to December 31, 2018,

           = 2 months expired

Annual interest = $509,000 x 6% x 12/12

                          = $30,540

Interest payable = $30,540 x 2/12

                            = $5,090

Conclusion :

Interest payable at December 31, 2018 should be reported as $5,090

You might be interested in
How does increasing the size of your down payment impact your auto loan?
Gnom [1K]

Answer:

The correct answer is letter "C": It decreases the size of your principal and decreases the total cost of the loan .

Explanation:

Down payments are the initial sums debtors pay when requesting a credit. Down payments are usually mandatory but the debtor can offer the sum voluntarily.

<em />

<em>If the sum provided in the down payment is higher than what is requested, the amount of the principal will be lower. If the amount of the principal is lower, the total of the interest paid in the course to the loan will be lower as well, thus, the cost of the loan will be reduced.</em>

5 0
3 years ago
It is likely that airplane tickets will be increased by 5% each year for the next four years. The cost of the plane ticket to De
Luba_88 [7]

Answer:

The amount to save now is = $862.03 (to 2 decimal places)

Explanation:

In order to solve this, we will compute the end-of-year amounts using the 5% increase each year. This is done as follows:

Year 1 ending = $200

Year 2:

Year 2 beginning price = $200

Note that 5% increase = 5/100 = 0.05

increase in year 2 = 5% of 200 = 0.05 × 200 = 10

Year 2 new price = 200 + 10 = $210

Year 3:

beginning price = $210

increase in year 3 = 0.05 × 210 = $10.5

Year 3 new price = 210 + 10.5 = $220.5

Year 4

beginning price = $220.5

interest in year 4 = 0.05 × 220.5 = 11.025

new price in year 4 = 220.5 + 11.025 = $231.525

Next to calculate the amount needed to pay for one travel ticket per year for the next four years, we will add the prices of the tickets each year as follows:

Total amounts needed = 200 +210 + 220.50 + 231.53 = $862.03

5 0
3 years ago
Someone plz help me tell me what kind of dogs are they and how much are they gonna grow up!
const2013 [10]

•.¸¸♪✺ Hello. ✺•.¸¸♪

☆━━━━━━━━━━━━━━━━━━━━━━━━━━☆

TanakaBro is here to hel^{p}:

♡━━━━━━━━━━━━━━━━━━━━━━━━━━♡

I think you are holding both of these puppies, is a Toy fox terrier.

Plus, if you want to know how much they will grow up?

<h2>★ <u>EXPLANATION:</u></h2><h2 />

The toy fox terrier, will grow up of they height is: like 8.5, or 11.5 inches. And they weight will be 3.7 or to 7 pounds. And they life expectancy is: 13 to 15 years.

Sorry, I couldn't do a long Explanation...

Hope It Helped!

#LearnWithBrainly

Answer:

- TanakaBro

4 0
3 years ago
Match each type of business insurance with its description.
ser-zykov [4K]

Answer:

insurance against leakage or pilferage of critical and confidential data - data theft insurance

insurance against commercial property damage due to events such as fire, floods, storms, or earthquakes - property insurance

insurance against damage to company vehicles and injury or loss of life due to company vehicles - commercial auto insurance

insurance against severe loss of life or money due to one’s professional negligence or malpractice - professional liability insurance

Explanation:

8 0
3 years ago
Rachel Robinson owns a small retail store in Cairo, Georgia. The following summary information regarding expectations for the mo
Andrei [34K]

Answer:

Check the explanation

Explanation:

   January  

Beginning Cash Balance                                   $1,000  

Add: Collection:    

December Sale ($5,000*10%)                           $500  

January Cash Sale                                             $6,000  

January Credit Sale ($4,000*90%)                   $3,600  

Total Cash Available a                                      $11,100  

Cash payment to suppliers b                          $24,000  

Cash deficit before financing a-b                   $-12,900  

Add: Borrowing  (Using permutation-comb.) $14,040  

                                                                                   

Less: Interest Payment                                      $-140  

$14,040*12%*1/12    

Ending Cash Balance                                        $1,000

3 0
3 years ago
Other questions:
  • Nathan has been unable to trust banks since the failure of his savings and loan bank. He claims that storing his hard-earned mon
    9·1 answer
  • Chie runs a business and is committed to the triple bottom line. this means that she is concerned with:
    15·1 answer
  • If the equilibrium interest rate in the money market is 5%, then at an interest rate of 2% sellers of interest-bearing financial
    9·1 answer
  • You borrow $2,500. you are to pay back the loan in 36 monthly payments of $79.50. what true annual interest are you paying to th
    14·2 answers
  • If the money supply increases 12 percent, velocity decreases 4 percent, and the price level increases 5 percent, then the change
    7·1 answer
  • How many courses do you need to finish a major?
    14·1 answer
  • One question you can expect to be asked during an interview is _____.
    11·2 answers
  • When creditors, managers, and investors look at expenses as a percentage of revenue, they are __________.
    7·1 answer
  • ComChip is a computer chip manufacturer. Its stock is selling at​ $50 per share and earnings are​ $2 per share. What is theâ
    14·1 answer
  • A customer has just notified the brokerage firm of a change of address. How long does the broker-dealer have to provide the cust
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!