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lara31 [8.8K]
3 years ago
14

Kohl Company lent $49,587 to Hemingway, Inc, accepting Hemingway's 2-year, $60,000, zero-interest-bearing note. The implied inte

rest rate is 10%. Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $60,000 at maturity.
Business
1 answer:
Nostrana [21]3 years ago
3 0

Answer:

Date     Account Titles                            Debit         Credit

            Notes Receivable                      $60,000

                   Discount on Notes Receivable             $10,413  

                   Cash                                                        $49,587  

             Discount on Notes Receivable  $4,959

                    Interest Revenue                                    $4,959  

             Discount on Notes Receivable $5,454

             ($49587+$4959)*10%  

                     Interest Revenue                                    $5,454

              Cash                                           $60,000

                     Notes Receivable                                   $60,000

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iogann1982 [59]

Answer:

The correct answers are letters "A", "D", and "E": Use a business letter format; Send a separate letter to each interviewer; Mention something you liked about the interview.

Explanation:

A <em>job interview </em>does not end after leaving the prospective company where you could work. Most organizations decide to choose one applicant over another if they contact their interviewers after the interview. For that purpose, that last contact must be a <em>formal letter stating what your impressions are of the company and why you are still interested in obtaining the job position</em>. Besides, if there was more than one interviewer, <em>a unique letter should be addressed to each of interviewer</em>.

3 0
3 years ago
Tri Fecta, a partnership, had revenues of $362,000 in its first year of operations. The partnership has not collected on $46,400
OverLord2011 [107]

Answer:  $185,500

Explanation:

Total cash received = Sales revenue - Accounts receivable + owner's investment + amount borrowed

                                 = $362,000 - $46,400 + $42,000 + $30,000

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Total cash disbursement = Merchandise purchased - Accounts payable + Salaries + Interest + Insurance

                                          = $200,000 - $38,600 + $28,100 + $2,700 + $9,900

                                          = $202,100

Ending cash balance = Total cash received - Total cash disbursement

                                   = $387,600 - $202,100

                                   = $185,500

8 0
3 years ago
As a result of monetary policy of the Fed, the dollar appreciated and the amount of exports decreased. Which of the following Fe
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Answer:

D. A Fed sale of bonds to brokers and banks.

Explanation:

The sale of bonds to banks and brokers is a contractionary open market policy. Its objective is to check inflation by slowing down the rate of economic growth. When the Fed offer bonds to the markets at a higher interests rate, banks will prefer to buy the bonds than lending out money to household and firms.

Producers rely on banks to fund their operations. If they cannot obtains loans for production and growth, their output decreases. A decrease in output results in reduced exports.  Low production of US goods means a reduced supply to the international market. It means international buyers will be competing for fewer US products. As the markets compete for the few available products, they push the demand for the dollar up, causing it to appreciate in value.

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First Financial Auto Loan Department wishes to know the payment required at the first of each month on a $10,500, 48-month, 11%
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Answer:

First Financial would divide the $10,500 loan by the present value of annuity due of 1.

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3 years ago
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4 years ago
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