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Arte-miy333 [17]
3 years ago
11

Nittany Company borrowed $60,000 from Lion Corporation on September 1, 2018 signing a 9-month payable with an interest rate of 3

%. Nittany Co operates on a calendar year basis and is preparing its year-end financial statements In preparing its Income Statement for 2018, what amount of Interest Expense should Nittany Co. report from this note payable
Business
1 answer:
Julli [10]3 years ago
3 0

Answer:

the interest expense that should be recorded in the income statement is $600

Explanation:

The computation of the interest expense is shown below:

= Borrowed amount × rate of interest × given months

= $60,000 × 0.03 ÷ 12 × 4 months

= $600

Hence, the interest expense that should be recorded in the income statement is $600

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Answer:

higher unemployment rate

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The economic region, A, where there is the presence of strict union protection laws, is most likely to experience increase unemployment rate compared to region B where there is the absence of strict union protection laws.

Unions most times favor those who are currently employed as opposed to those who are searching for jobs. They try to reduce wage inequality between low and middle wage workers and high- wage workers, this most times leads to increase in wages above the equilibrium level. This further result to the decline of amount of labor required hence leading to unemployment.

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3 years ago
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One reason to use a predetermined overhead rate is to eliminate the effect of seasonal factors. True or false?.
MrMuchimi

True. One reason to use a predetermined overhead rate is to eliminate the effect of seasonal factors.

<h3>What is a predetermined overhead rate?</h3>

This is the term that is used to refer to the allocation rate that is used in the determination of the estimated cost of the manufacturing overhead. It is used to show in either the order of the product or that of the job.

Hence based on this question we can say that it is true because the reason to use a predetermined overhead rate is to eliminate the effect of seasonal factors.

Read more on overhead rate here: brainly.com/question/13312583

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2 years ago
In double-entry accounting, where should you record money that is leaving your company to pay bills? A. In the debits column B.
Andre45 [30]
B. In the credits column
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Which form do businesses use to determine the number of deductions for an
riadik2000 [5.3K]

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C. W-4

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The W-4 form acts as the Employee’s Withholding Allowance Certificate. The employee completes the form and hands it over to the employer, who uses it to calculate how much income tax to withhold.

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