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Lesechka [4]
2 years ago
6

Sandhill Corporation loaned $590000 to another corporation on December 1, 2020 and received a 3-month, 6% interest-bearing note

with a face value of $590000. What adjusting entry should Sandhill make on December 31, 2020?
Business
1 answer:
Oksi-84 [34.3K]2 years ago
6 0

Answer: Debit Interest Receivable and credit Interest Revenue, $2950

Explanation:

Based on the information given in the question, we have to calculate the interest accrued and this will be:

= $590,000 × 6% × 1/12

= $590,000 × 0.06 × 0.08333

= $2949.882

= $2950 approximately

Therefore, the adjusting entry that Sandhill should make on December 31, 2020 will be to:

Debit Interest Receivable and credit Interest Revenue, $2950

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BigorU [14]

Answer:

B

Explanation:

Any auction is either “with reserve” or “without reserve.” And the answer how an auctioneer handles higher bids rests with the type of auction being conducted.

In a with reserve auction, the auctioneer may refuse a higher bid (reserve the right to refuse …) where in a without reserve auction, any higher bid must be accepted.

Said another way, in a with reserve auction, the auctioneer is not bound to sell to the highest bidder. In essence, the next higher increment represents the minimum bid.

4 0
2 years ago
Segmenting customers on the basis of things like products purchased, sales history, demographic information, and desired product
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4 0
1 year ago
QUESTION 3/14
Ilya [14]

Answer:

Wednesday

Explanation:

Jack has 3 days avaialable

Monday Coletter can't

Wednesdat Colette can and you can because you can meet any day

Friday Colette also can.

and you too as well. But it is not an option

So, unless there is something missing the only viable option would be wednesday

5 0
3 years ago
You invested in a $5,000 bond in 2012 with a coupon rate of 6%. What will be its value in 2018 if the required rate of return is
ELEN [110]

Answer:

$4540.19

Explanation:

Step 1: Get the formula for the value of the bond  in 2018

Formula= P * (1+r)n

P= Investment = $5000

r= Coupon rate=6%

n= Period or number of years = 6 years

Step 2: Calculate the value of the bond in 2018

Value of the bond in 2018= 5000 * (1+ 0.06)6

= 7092.60

Step 3: Calculate the Present value of the bond

Formula= (P x Present Value Factor) + (Interest x The present value interest factor of an annuity (PVIFA))

(P x Present Value Factor) = (5000 x 1\(1+r)^n)

where r= rate of return= 8%

n= years = 6

(Interest x The present value interest factor of an annuity (PVIFA) =

Interest = (Coupon rate x Investment)

PVIFA= 1\(1+r)^n}

where r= rate of return= 8%

n= years = 6

= (5000 x  0.6307) + (300 x 4.6223 )

=4540.19

5 0
2 years ago
You are planning to open a new Italian restaurant in your hometown where there are three other Italian restaurants. You plan to
gtnhenbr [62]

Answer:

C) The demand curve facing each restaurant owner becomes more elastic.

Explanation:

Evidently, the competition increases when a new player enters the market. By entering the market with a new, specialized restaurant, the demand curve of each restaurant becomes more elastic. That is because consumers have more restaurants to compare the price, so they can go for the most convenient. When that happens, the demand is more sensitive to price change.

4 0
3 years ago
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