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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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During March, the production department of a process operations system completed and transferred to finished goods 21,000 units
djverab [1.8K]

Answer:

231,000

Explanation:

Computation for the number of physical units transferred to finished goods.

Using this formula

Transferred Unit = Beginning WIP Units + Units Started

Let plug in the formula

Transferred Unit = 21,000 + 210,000

Transferred Unit = 231,000

Therefore the number of physical units transferred to finished goods will be 231,000

4 0
2 years ago
Isaac is a franchise owner of a fast food restaurant. when another franchisee is accused of using artificial meat in its hamburg
Bezzdna [24]

Answer:

This is an example of sharing common problems.

Explanation:

One location can have problems and bring down other locations meaning they share common problems.

6 0
3 years ago
Read 2 more answers
In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the
VikaD [51]

Answer:

Completed question is

In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Determine the amount of American Opportunity Tax credit (AOTC) and/or lifetime learning credit that should be taken in each instance.

a)Single individual with modified AGI of $32,900 and expenses of $3,300 for a child who is a full-time college freshman.

b)Single individual with modified AGI of $44,500 and expenses of $3,800 for a child who is a full-time college junior.

c)Couple married filing jointly with modified AGI of $79,300 and expenses of $8,000 fora child who is a full-time graduate student.

Answer is

The $2,325 AOTC

The $2,450 AOTC

Explanation:

a. The AOTC is $2,325 (100% of the first $2,000 and 25% of the remaining $1,300). Lifetime learning credit is

=$3,300 x 20%

=$660

The AGI limitations do not apply. There, the $2,325 AOTC should be carried.

b. The AOTC is $2,450 (100% of the first $2,000 and 25% of the remaining $1,800). Lifetime learning credit is =$3,800 x 20%

=$760

The AGI limitations do not apply. Therefore, the $2,450 AOTC should be carried.

6 0
3 years ago
HELP I WILL GIVE BRAINLIEST AND DO ANYTHING ITS VERY EASY!!
kramer

Answer: Andrew Carnegie, Henry Ford, and Oprah Winfrey

Explanation: Andrew Carnegie: Carnegie was an angel investor who was really active. He invested in different automobile firms, messenger facilities, and land that held oil deposits using the money earned from his steel business. Carnegie had an estimated net worth of $350 million following his death in 1919, which would be worth about $5.5 billion in 2021 dollars.

Henry Ford: Ford soon founded the Detroit Car Company using the designs. The business was short-lived, though, as Ford's expectations were not met by the goods. Before founding the Ford Motor Company that he is renowned for, he went on to found the Cadillac Motor Car Company, which also collapsed. His third effort at an automotive manufacturer made him very successful, and with annual revenue of over $155.9 billion, the company remains a continuing concern.

And for Oprah Winfrey: Winfrey became a millionaire at the age of 32 when her talk show received national syndication. Winfrey negotiated ownership rights to the television program and started her own production company.

4 0
3 years ago
A project has a cost of $150,000 and is expected to provide after-tax annual cash flows of $100,000 for two years. The firm's ma
monitta

Answer:

6.15%

Explanation:

cash flow 0 = -150,000

cash flow 1 = 100,000

cash flow 2 = 100,000

r = 12%

MIRR = ⁿ√(FVCF / PVCF)   - 1

  • FVCF = future value of positive cash flows discounted at r. FVCF = (100,000 / 1.12) + (100,000 / 1.12²) = 89,285.71 + 79,719.39 = 169,005.1
  • PVCF = the present value of negative cash flows = -150,000
  • n = number of periods = 2

MIRR = √(169,005.1 / -150,000) - 1 = √-1.1267 - 1 = 1.0615 - 1 = 0.0615 or 6.15%

8 0
3 years ago
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