A young worker is starting her first job at a research lab. She spent four years

Tate Company purchased equipment on November 1, 2020 and gave a 3-month, 9% note with a face value of $120,000. Tate’s year-end

goldfiish [28.3K]

Answer: Debit Interest Expense and credit Interest Payable, $1,800

Explanation:

The amount of time that has elapsed between the 1st of November and the 31st of December is 2 months.

This means that the interest over the last 2 months has to be calculated and recorded on the 31st of December.

Bear in mind that the 9% is an annual interest rate figure and so when calculating the interest, you must adjust for the amount of months in the year.

Interest owed for 2 months is,

= 9% * 2/12 (2 months have elapses out of 12 months in the year) * $120,000

= $1,800

Interest owed is $1,800.

The correct entry will therefore be,

Dec 31

DR Interest Expense $1,800

CR Interest Payable $1,800

( To record interest payable on note)

5 0

3 years ago

If a contract term is ambiguous a court can consider extrinsic evidence a. True b. False

Gnoma [55]

The correct answer is true. It is because if the contract term is likely ambiguous, the court will likely consider this as an extrinsic evidence or that the ambiguity is likely to be interpreted against the party who is responsible for drafting the term.

3 0

3 years ago

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Your Competitive Intelligence team is predicting that the Chester Company will invest in adding capacity to their Cent product t

____ [38]

Question Completion:

Product Segment Capacity Next Round

Attic Core 1,130

Axe Core 1,200

City Core 1,300

Cent Core 1,550

Dome Core 1,145

Dug Core 1,023

Answer:

Competitive Intelligence Team

The industry can produce 8,083 units in the Core segment next year.

Explanation:

a)Data and Calculations:

Product Segment Capacity Increasing New Capacity

Next Round by 10% next year

Attic Core 1,130 113 1,243

Axe Core 1,200 120 1,320

City Core 1,300 130 1,430

Cent Core 1,550 155 1,705

Dome Core 1,145 115 1,260

Dug Core 1,023 102 1,125

Total industry capacity 7,348 735 8,083

b) A Competitive Intelligence is an analysis for decision-makers that uncovers competitive gaps, products, and services. It uses information about a firm's industry, business environment, and competitors' strategies to develop strategic initiatives and identify opportunities and threats facing the firm in the marketplace.

8 0

3 years ago

Basic Break-Even Calculations Suppose that Larimer Company sells a product for $24. Unit costs are as follows: Direct materials

kati45 [8]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Selling price= $24.

Unit costs are as follows:

Direct materials $4.98

Direct labor 2.10

Variable factory overhead 1.00

Variable selling and administrative expense 2.00

Total unitary variable cost= $10.08

Total fixed factory overhead= $26,500

Total fixed selling and administrative expense= $15,260.

a. Variable cost per unit= 4.98 + 2.1 + 1 + 2= $10.08

Unitary contribution margin= 24 - 10.08= $13.92

b.

Contribution margin ratio= contribution margin / selling price

Contribution margin ratio= 13.92 / 24= 0.58

Variable cost ratio= unitary variable cost / selling price

Variable cost ratio= 10.08 / 24= 0.42

c. To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= (26,500 + 15,260) / 13.92

Break-even point in units= 3,000

d. Finally, the contribution margin income statement:

Sales= 3,000*24= 72,000

Total variable cost= 3,000*10.08= (30,240)

Contribution margin= 41,760

Total fixed factory overhead= (26,500)

Total fixed selling and administrative expense= (15,260)

Net operating income= 0

8 0

3 years ago

What actions can you take to minimize the chances of an accident when operating a personal watercraft (pwc)?

Finger [1]

To minimize chances of accident when operating a personal watercraft, it is best to always monitor and check the pwc's engine to prevent any leakage or damage in a way that would be dangerous if had not check and had bee operated on. It is best to be mindful and cautious when operating the pwc, especially when you are around with other people with boats to prevent crashing.

8 0

3 years ago

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