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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 a fiscal year?
Darina [25.2K]

A fiscal year, is a 12-month financial planning period that may or may not coincide with the calendar year.

Explanation:

A fiscal year to the government is just like a financial year for a company/corporation.

A government can have a fiscal year from the middle of a year (July) to the next year (June) which in total is 12 months.

Sometimes a fiscal year coincide with the calendar year but that does not acknowledge the fact that is must be a calendar year.

This fiscal period are a planned period to take up projects or meet budgets.

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3 years ago
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You are the primary system administrator for a large Active Directory domain. Recently, you have hired another system administra
KengaRu [80]

Answer:

D) Use the Delegation of Control Wizard to assign the necessary permissions on the OU that the new employee is to administer.

Explanation:

As for the information provided, we know that when some work is to be delegated then, care has to be taken, that the work when delegated, will require delegation of responsibilities and the right to have access to some authorities to do such work.

Here the new administrator needs to have the authority to access the specific OU.  And now, the administrator needs to delegate such rights for new password. Also, the administrator shall not access to passwords of other OU.

Accordingly for this, the company shall delegate with control wizard.

5 0
3 years ago
. How does analyzing fixed and variable costs help you to set a sale price that will generate profit? 2. How is profit affected
ELEN [110]

Answer:

1. Apart from helping to know the average cost of a product, analyzing fixed and variable cost will help to derive the break even point.

2. Profit will go down

Explanation:

1. The size of the selling price and the variable cost determine contribution per unit of a product. Contribution per unit is Price minus variable cost. This shows the  contribution of sales revenue towards covering the fixed cost of a product.

2. Relevant range is the estimated or budgeted activity level which defines a business volume of production or operation, it is both maximum and minimum threshold within which the entity must operate to expect certain level of cost and revenue.

Sometimes fixed costs are fixed within a relevant range of activities and outside such range, fixed cost may become variable, which will all things being equal impact negatively on the price.

Also, within relevant range volume discount may be achieved and outside such range, this may be forfeited which, will also reduce profit all things being equal.

4 0
3 years ago
Texas annexation was not at the forefront of american politics until president john tyler used it as a rallying cry for his bid
spayn [35]

Answer:

A letter by Secretary of State John C. Calhoun to President Tyler linked the idea of absorbing Texas directly to the goal of strengthening slavery in the United States.

Prospective presidential candidates, Henry Clay and Martin Van Buren, met and agreed to reject the immediate annexation of Texas on the grounds it might lead to war with Mexico.

Explanation:

6 0
2 years ago
Annette, an energetic college junior, had been involved in the selling of goods for a number of years online. Annette supported
bagirrra123 [75]

Answer:.c. Yes, deceptively passing one's goods off as designed by someone else is wrong

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People will think these copies are original Gorgo Ormani and because it is likely that Annette will make them cheaper they will buy more of these fake items instead of buying the original hence she will also be negatively affecting the market for this brand.

You can't copy something that isn't yours because you don't have that right hence this is deceptive action and legally wrong.

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