1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Minchanka [31]
3 years ago
13

On August 1, 2020, Ascent Corp. borrowed $80,000 cash on an 8-month note payable with a 7% annual rate that requires Ascent to p

ay all the interest and principal on April 1, 2021. Assuming the necessary adjusting entry to accrue interest expense was properly recorded on December 31, 2020, the journal entries to record the payment of interest on April 1, 2021 will include a (Round to the nearest whole dollar, if necessary):
Business
1 answer:
Ipatiy [6.2K]3 years ago
6 0

Answer and Explanation:

The computation is shown below:

Interest payable:

= Borrowed amount × rate of interest × given months ÷ total months

= $80,000 × 7% × 5 ÷ 12

= $2,333.33

And,

Interest expense:

= Borrowed amount × rate of interest × given months ÷ total months

= $80,000 × 7% × 3 ÷ 12

= $1,400

So here for recording the payment of interest the interest payable is debited for $2,333.33

The same is to be considered

You might be interested in
Spalkyn, a footwear company, allows its customers to shop online on its website or mobile app or at its physical stores. At the
Svetach [21]

Answer:

Ownership utility

Explanation:

Based on the information provided within the question it can be said that in this scenario Spalkyn most likely provides Ownership utility. This term refers to when a company allows for the orderly transfer of their goods or services to the buyer. Which is what Spalkyn does by giving their customers various different options when purchasing their goods, so that they can choose whichever option is easiest for them.

6 0
3 years ago
Suppose your firm has a​ u-shaped average variable cost curve and operates in a perfectly competitive market. if you produce whe
Mariulka [41]
Go app so so so so so do
3 0
3 years ago
Three categories of economic activities included in the business services sector of the economy include
ch4aika [34]
<span>information, research, and management This an approach to portray a learning based part of the economy, which normally incorporates administrations, for example, data innovation, data age and - sharing, media, and innovative work, and also information based administrations like discussion, training, money related arranging, blogging, and planning. The quaternary segment depends on learning and ability. It comprises of scholarly ventures giving data administrations, for example, figuring and ICT , consultancy and R&D . As per a few definitions, the quaternary area incorporates other unadulterated administrations, for example, media outlets, and the term has been used to depict media, culture, and government.</span>
7 0
3 years ago
Read 2 more answers
Adams Industries holds 42,000 shares of FedEx common stock, which is not a large enough ownership interest to allow Adams to exe
olga2289 [7]

Answer:

investment in FedEx = 4410000

Unrealized holding gain = 420000

Explanation:

given data

FedEx common stock = 42,000 shares

market value = $95

market value = $105

to find out

what amount will it be reported in the 2019 balance sheet

solution

we know that It is coming under available for sale security since the shares hold is less than majority of outstanding shares

and here

investment in FedEx =42,000  × 105

investment in FedEx = 4410000

and

Unrealized holding gain is = ( 105 - 95 ) × 42000

Unrealized holding gain = 420000

5 0
4 years ago
Beckenworth had cost of goods sold of $11,221 million, ending inventory of $3,889 million, and average inventory of $2,145 milli
inysia [295]

Answer:

69.77 days

Explanation:

days' sales in inventory = number of days in a period/ inventory turnover

inventory turnover = Cost of goods sold / average inventory

Inventory turnover = $11,221 / $2,145 = 5.231235

days' sales in inventory = = 365 / 5.231235 million = 69.77 days

3 0
3 years ago
Other questions:
  • A cover letter accompanies a résumé to showcase a job-seeker's personal life.<br> True<br> False
    14·1 answer
  • Erp is software designed for _____ and ______ business processes.
    7·1 answer
  • Assume the total cost of a college education will be $345,000 when your child enters college in 18 years. You presently have $73
    15·2 answers
  • Which type of account typically has low liquidity?
    13·1 answer
  • Price discrimination occurs when people are charged _____ prices for _____ products.
    14·2 answers
  • A good investment should do one or both of which two things
    10·2 answers
  • The minimum efficient scale is:Group of answer choicesthe minimum output level where the firm’s average total costs are lowest
    11·1 answer
  • Hilton Company manufactures two products: Product A100 and Product X500. The company currently uses a plantwide overhead rate ba
    8·1 answer
  • A client profile is not complete without a family income statement. A typical one would include:_________.
    6·1 answer
  • Morgan needs to hire someone to help implement a business intelligence system for her company. what type of professional would b
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!