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
Orlov [11]
3 years ago
10

On September 1, 2015, Select Company borrowed $600,000 from a bank and signed a 12%, six-month note payable, with interest on th

e note due at maturity. Refer to the information above. The total amount of the current liability (including interest payable) for this loan that appears in Select Company's balance sheet at December 31, 2015, is: Group of answer choices
Business
1 answer:
notsponge [240]3 years ago
7 0

Answer:

B. $624,000

Explanation:

Calculation to determine The total amount of the current liability (including interest payable) for this loan that appears in Select Company's balance sheet at December 31, 2015

Current liability=$600,000 + ($600,000 *12% *4/12)

Current liability=$600,000 + $24,000

Current liability = $624,000

(September 1 2015 to December 31 2015=4 months)

Therefore The total amount of the current liability (including interest payable) for this loan that appears in Select Company's balance sheet at December 31, 2015 is $624,000

You might be interested in
Stephanie Roe utilizes the direct write-off method of accounting for uncollectible receivables. On September 15, she is notified
Iteru [2.4K]

Answer:

Dr Bad Debts $4,970

Cr Accounts Receivables $4,970

Explanation:

The bad debts are confirmed and once it is confirmed it is written off by decreasing the accounts receivables by the amount as the amount is not now receivable and increase the bad debt expense because this is cost to the company. The bad debts confirmed are accounted for as under:

Dr Bad Debts $4,970

Cr Accounts Receivables $4,970

5 0
3 years ago
Two ways for a company to guarantee quality of a product are quality control and quality ___________.
natima [27]
Quality assurance is the other way
5 0
3 years ago
The franchisor generally does NOT provide the franchisee with:
Nonamiya [84]

Answer:

c. wholesale prices on supplies

Explanation:

  • The franchises provide the financial assistance and are limited to only some of the franchises and provide the location services as they have experiences of choosing a successful location.  
  • <u>Also the training of the people for the manual operations and to carry out the operational services and also serves as the advertising and the efforts on a national regional and the local basis and the needed administrative support in terms of the human resource in the accounting etc.</u>
7 0
3 years ago
The cost of traveling on a bus,plane,or subway
Ivahew [28]
The cost of traveling on a bus, plane or subway is very cheap.
6 0
3 years ago
Jennifer is leasing a car from a local auto retailer. The terms of the lease include a 9% interest rate for 36 months with a res
uysha [10]

Answer: $312.06

Explanation:

We are given that :

MSRP = $17500 , time = 36 months , interest rate = 9% , residual value = 57%

Exact residual value = 57% of 17,500 = $9975

Also, we know Money factor = rate ÷ 2400

money factor = 0.00375

Step 1 : To calculate monthly depreciation by using the formula :

Monthly Depreciation: MSRP-RESIDUAL VALUE / No. of MONTHS

17500-9975 / 36 = $209.03

Step 2 : To calculate monthly financial charge by using the formula :-

Monthly financial charge=( MSRP + RESIDUAL VALUE) . MONEY FACTOR.

Monthly financial charge = (17500+ 9975) . 0.00375= $103.031 25

Step 3 : To calculate lease amount by using the formula :

Lease payment = Depreciation + Financial charge

Lease payment = 209.03 + 103.031 25= 312.06

So, the approximate lease payment is $312.06

5 0
3 years ago
Other questions:
  • Kelsey Gunn is the only employee of Arsenault Company. His pay rate is $23.00 per hour with an overtime rate of 1½ times for hou
    8·1 answer
  • An HR manager for PepsiCo, a company known for its commitment to diversity, is seeking to hire employees who are very comfortabl
    12·1 answer
  • Great Cruiseline offers nightly dinner cruises departing from several cities on the eastern coast of the United States including
    13·1 answer
  • Explain how investing in training reflects two of the principles of Locke's goal setting theory...
    9·1 answer
  • Differing ____ levels and _______ requirements affect the choice of market entry
    6·1 answer
  • What is the process of determining the present value called?
    7·1 answer
  • Which of these represent the correct order of steps of the flow of accounting information? Prepare a trial balance. Analyze what
    5·1 answer
  • An investment is expected to generate annual cash flows forever. The first annual cash flow is expected in 1 year and all subseq
    15·1 answer
  • Gulf Coast Tours currently has a weighted average cost of capital of 12.4 percent based on a combination of debt and equity fina
    7·1 answer
  • Sunland Company uses the periodic inventory system. For the current month, the beginning inventory consisted of 477 units that c
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!