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Step2247 [10]
3 years ago
14

On January 2, 20X1, Schneider Company issues $100,000 of 6% bonds. Interest of $3,000 is payable semi-annually on June 30 and De

cember 31. The bonds mature in 5 years. The bonds issued for $95,842 with an effective interest rate of 7%. Effective interest recognized on June 30, 20X1, will be equal to _____. (round to the nearest full dollar)
Business
1 answer:
____ [38]3 years ago
3 0

Answer:

Effective interest recognized on June 30, 20X1, will be equal to $3,354

Explanation:

Data provided from the question,

Amount of bond issued on January 2, 20X1 = $100,000 of 6% bonds

Interest = $3000

Payable semi-annually on June 30 and December 31

Number of years to mature = 5 years

The bond issued for $95,842 with an effective interest rate of 7%

Therefore, the Effective interest recognized on June 30, 20X1 =

bond issued × effective interest rate × semiannually(1/2)

= $95,842 x 0.07 x 0.5

= $3,354

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Scrooge, Inc. prepares adjusting entries only at the end of its fiscal year, August 31. Scrooge has the following unadjusted acc
o-na [289]

Answer:

$6,100

Explanation:

The computation of the net income is shown below:

= Service revenue in trial balance + ( unearned revenue × given percentage) - (rent expense in trial balance) + ( Prepaid rent × 2 months ÷ 12 months) - (wages expense in trial balance + adjusted trial balance)

= $5,000 + ($4,000 × 80%) - ($800 + $3,600 × 2 months ÷ 12 months - ($600 + $100)

= $5,000 + $3,200 - $1,400 - $700

= $6,100

4 0
3 years ago
When a business is more successful than its rivals at attracting customers and handling competition, it is said to have a(n) ___
densk [106]

Answer:

d. Marketing

Explanation:

Marketing advantage is the edge a company has at attracting customers by having superior products, lower prices, innovative distribution, and effective promotion.

When businesses improve their marketing process it results in a strong brand, more loyalty, and resultant competitive advantage in the market.

4 0
3 years ago
A movie production studio incurred the following costs related to its current movie: Purchased office supplies on account: $36,0
PilotLPTM [1.2K]

Answer:

S/n   General Journal                   Debit        Credit

a.      Office supplies                  $36,000

              Account payable                              $36,000

b.      Work in process                $22,509  

              Office supplies                                 $22,509

c.      Manufacturing overhead   $7,550  

              Office supplies                                  $7,550

d.     Work in process                  $32,503,220

               Wages payable                                $32,503,220

e.     Manufacturing overhead    $574,327

               Wages payable                                $574,327

f.      Manufacturing overhead     $957,320

                Utilities payable                               $957,320

g.      Work in process                  $3,250,322

                 Manufacturing overhead                $3,250,322

4 0
2 years ago
How would you characterize Semler's early leadership Style according to the article Leadership That GetsResults? Explain?
horrorfan [7]

Answer:

Semler's early leadership Style was the coercive one. He expected a lot from his employees believe in micromanaging his team. He always do overtime and expects the same from his employees/team as well.

Explanation:

Semler's early leadership Style showed that he wanted immediate success and be bossy in terms of selecting and firing the employees.

3 0
3 years ago
predetermined overhead rate on the estimated machine-hours for the upcoming year. At the beginning of the most recently complete
Papessa [141]

Answer:

Total overhead rate =  $34.17  per machine hour

Explanation:

The total overhead rate would  the sum of the variable overhead rate and the fixed overhead rate

<em>The pre-determined fixed overhead absorption rate = Estimated fixed overhead /Estimated machine hours </em>

<em>DATA:</em>

<em>Estimated overhead       - $256,500.</em>

<em>Estimated machine hours -  10,000 machine hours</em>

The pre-determined fixed overhead absorption rate =

$256,500/ 10,000 machine hours = 25.65  per hour

<em>The pre-determined overhead absorption rate = $25.65  per hour</em>

Total overhead rate = Variable rate + Fixed rate

                                 = $8.52 +  $25.65 = $34.17

Total overhead rate =  $34.17  per machine hour

3 0
2 years ago
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