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ryzh [129]
3 years ago
5

On January 1, 2021, Tropical Paradise borrows $50,000 by agreeing to a 6%, six-year note with the bank. The funds will be used t

o purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $828.64 are due at the end of each month with the first installment due on January 31, 2021.
Required:

Record the issuance of the installment note payable and the first two monthly payments.
Business
1 answer:
mrs_skeptik [129]3 years ago
4 0

Answer:

January 1, 2021, vehicle purchased on credit

Dr Vehicles 50,000

    Cr Notes payable 50,000

January 31, 2021, first installment

Dr Notes payable 578.64

Dr Interest expense 250

    Cr Cash 828.64

Interest expense = $50,000 x 6% x 1/12 = $250

February 28, 2021, second installment

Dr Notes payable 579.89

Dr Interest expense 248.75

    Cr Cash 828.64

Interest expense = $49,750 x 6% x 1/12 = $248.75

Generally loans are made on a 360 day year basis, that means that the monthly interest expense is always calculated as 1/12 of the annual interest charge.

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What is land as a factor of production?
marta [7]
Could be cause of trade , if you have land it is also good for crops which is production 
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3 years ago
The production manager of Rordan Corporation has submitted the following quarterly production forecast for the upcoming fiscal y
Nikitich [7]

Answer:

Explanation:

Rordan Corporation

Direct Labor Budget

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Year

Required production in units:

1st Quarter = 8, 000

2nd Quarter = 6, 500

3rd Quarter = 7, 000

4th Quarter = 7, 500

Year = 29, 000

Direct labor time per unit (hours):

1st Quarter = 0.35

2nd Quarter = 0.35

3rd Quarter = 0.35

4th Quarter = 0.35

Total direct labor hours needed:

1st Quarter = 2, 800

2nd Quarter = 2, 275

3rd Quarter = 2, 450

4th Quarter = 2, 625

Year = 10, 150

Direct labor cost per unit:

1st Quarter = $12

2nd Quarter = $12

3rd Quarter = $12

4th Quarter = $12

Total direct labor cost:

1st Quarter = $12 x 2, 800 = $33, 600

2nd Quarter = $12 x 2, 275 = $27, 300

3rd Quarter = $12 x 2, 450 = $29, 400

4th Quarter = $12 x 2, 625 = $31, 500

Year = Q1 + Q2 + Q3 + Q4 = $121, 800

8 0
4 years ago
Read 2 more answers
The daily interest multiplier for a savings account paying 2% annual interest for 180 days
kolezko [41]

Answer:

$5,050.25  

Explanation:

The daily interest multiplier has already been stated to reflect interest earned over a 180-day investment timing horizon, hence , in order to determine the compound of $5,000 saved for 180 days, we simply multiply the daily interest multiplier for 180 days by the actual amount saved as shown below:

FV=PV*interest multiplier

FV=future value=amount in the savings account after 180 days=the unknow

PV=the amount placed in savings account= $5,000

interest multiplier= 1.010050

FV=$5,000* 1.010050

FV=$5,050.25  

5 0
3 years ago
Wimpy Inc. produces and sells a single product. The selling price of the product is $185.00 per unit and its variable cost is $5
Aleonysh [2.5K]

The formula for the calculation is

<u>CM ratio = Unit contribution margin ÷ Unit selling price </u>

The break-even in monthly dollar sales is closest to $578,100

Explanation:

The formula for the calculation is

<u>CM ratio = Unit contribution margin ÷ Unit selling price </u>

<u></u>

<u>Given that </u>

<u>Selling price of the product=</u>$185.00 per unit

variable cost=$55.50 per unit

fixed expense=$404,670 per month

<u></u>

= ($185.00 per unit − $55.50 per unit) ÷ $185.00 per unit

= $129.50 per unit ÷ $185.00 per unit = 0.70

<u>Dollar sales to break even = Fixed expenses ÷ CM ratio </u>

= $404,670 ÷ 0.70

= $578,100

The break-even in monthly dollar sales is closest to $578,100

7 0
3 years ago
Governor of central bank of Nigeria​
Oduvanchick [21]

Answer:

Godwin Emefiele

Explanation:

Governor - Since 6/3/2014. Godwin Emefiele is the Governor of the Central Bank of Nigeria (CBN).

5 0
3 years ago
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