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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

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Velma contracts with Gordon, who agrees to build a stone retaining wall and French drain on her property. The wall and drain are
dlinn [17]

Answer:

Mitigate her damages.

Explanation:

In this scenario, Velma contracts with Gordon, who agrees to build a stone retaining wall and French drain on her property. The wall and drain are necessary to prevent erosion of her land, which is falling into the creek on her property at a rapid rate. If Gordon breaches the contract by failing to get to work, Velma is under a legal obligation to mitigate her damages.

Velma has the legal rights and responsibilities to make sure she does anything humanly possible to reduce or lessen the damages to her property.

She could sue Gordon for not getting to work or failing to start work thereby causing more damage.

7 0
3 years ago
Which of the discrimination protected by EEOC
Gre4nikov [31]
Answer :
A. Stereotype (i think this is right)
4 0
3 years ago
Manley Co. manufactures office furniture. During the most productive month of the year, 4,500 desks were manufactured at a total
kogti [31]

Answer:

c. $24,750

Explanation:

For computing the fixed cost first we have to determine the variable cost per hour by using high low method which is shown below:

Variable cost per hour = (High total cost - low total cost) ÷ (High desk manufactured - lower desk manufactured)

= ($86,625 - $49,500) ÷ (4,500 desk - 1,800 desk)

= $37,125 ÷ 2,700 desk

= $13.75

Now the fixed cost equal to

= High total cost - (High desk manufactured × Variable cost per hour)

= $ 86,625 - (4,500 desk × $13.75)

= $86,625 - $61,875

= $24,750

5 0
3 years ago
Training is a skill learning process.​
Trava [24]

Explanation:

Training is an activity leading to skilled behavior, the process of teaching employees the basic skills they need to perform their jobs. ... So, Training is a social and continuous process of increasing skills, knowledge, attitudes and efficiency of employees for getting better performance in the organization.

7 0
3 years ago
A major reason why it is difficult to lower the barriers to free trade is A. the loss of jobs without any gain of jobs from free
Thepotemich [5.8K]

Answer:

B) the uneven distribution of gains and losses from free trade.

Explanation:

One of the most important reasons why governments impose trade barriers is to protect domestic jobs (and domestic industries). We are part of a society (country), and society's most important component is people, not money. Generally the economic gains of free trade are larger than the economic losses, but the economic losses hurt the most.

Imagine if no trade barriers actually existed, how many millions of jobs would be lost in the US. Trade barriers are nothing new, the current president didn't invent them. He just incinerated them.

How does a leader tell the people that 10 or 20 million must lose their jobs and probably will not be able to find any similar jobs in the future just because the rest of society will benefit from cheaper products. The lives of 20 million households (50-80 million people) would be destroyed, while 280 million people would benefit.

The amount of harm done to the people that lose their jobs is much greater than any individual benefit.

6 0
4 years ago
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