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
Juli2301 [7.4K]
2 years ago
14

On October 1, 2018, Mills Company borrowed $131,000 cash on a one-year note that required Mills to pay 5 percent interest and $1

31,000 principal, both on September 30, 2019. Assuming the note is paid when due in 2019, what is the debit to interest expense when recording the payment of the note?
Business
1 answer:
valina [46]2 years ago
6 0

Answer:

the amount that debited to interest expense is $4,912.50

Explanation:

The computation of the amount that debited to interest expense is as follows:

Here we calculate it from Jan to Sep 30, the number of months would be 9 months

So, the amount of interest expense is

= $131,000 × 5% × 9 months ÷ 12 months

= $4,912.50

Hence, the amount that debited to interest expense is $4,912.50

You might be interested in
Western Wholesale Foods incurs the following expenditures during the current fiscal year. How should Wesernaunt for each of thes
levacccp [35]

Answer and Explanation:

The classification is as follows

1.  Since it is a salary for the repair technicians so it would be an expense that is incurred

2. The remodeling should be capitalized and depreciated over their useful life of an asset

3, Since there is an annual maintenance cost, so it would be an expense that is incurred

4. The improvement of the line of production should be capitalized and depreciated over their useful life of an asset

5. Addition of a sprinkler system  should be capitalized and depreciated over their useful life of an asset

8 0
3 years ago
Ford conducted research that gave them insights into characteristics of Gen Z. Although Ford finds the information important, th
babunello [35]

Answer:

The correct answer is c. basic research.

Explanation:

Basic research or fundamental research, is the science or research that is carried out without immediate practical purposes, but in order to increase knowledge of the fundamental principles of nature or of reality itself.

By not throwing immediate benefits (economic or social), it could be seen as a simple exercise of curiosity (which is actually a basic human quality and one of the essential reasons for the scientific activity of all time). However, in a longer or shorter period the results of basic research find practical applications, in the form of commercial developments, new techniques or procedures in production or communications, or other forms of social benefit and knowledge.

The relationship between basic science and applied science (which is its opposite concept) is crucial for the interrelationship called "research and development" (R&D) or "research, development and innovation" (R&D), object of the studies of science, technology and society (STS).

6 0
3 years ago
Read 2 more answers
​Kentucky, Inc. purchases and sells widgets. The following information summarizes the​company's operating activities for the​yea
igomit [66]

Answer:

$16.9 per widget

Explanation:

Given that,

Beginning inventory = $2,500

Purchases  = $156,000

Ending inventory = $38,200

Sales Revenue = $783,000

Selling and Administrative Expenses = $5,400

Total cost of the 7,100 widgets:

= Beginning inventory + Purchases - Ending inventory

= $2,500 + $156,000 - $38,200

= $120,300

Therefore,

Cost of one widget = Total cost of the 7,100 widgets ÷ Number of widgets

                                = $120,300 ÷ 7,100

                                = $16.9 per widget

5 0
3 years ago
A________is a form of organisation in which the owner maintains complete control over the business and is personally liable for
Ainat [17]

Answer:

Sole Proprietorship

Explanation:

Sole proprietorships own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts.

6 0
2 years ago
Read 2 more answers
Harry forms the Nectarine Corporation during the 2019 tax year. To form the corporation, Harry transfers assets having a fair ma
Maksim231197 [3]

Answer:

150000

Explanation:

The question says that Harry received a fair market value = 450000 dollars

Meanwhile he transferred 650000 dollars of assets

Fair value of assets = 650000 - 200000 = 450000

Harry's adjusted basis = 350000

Therefore the share received will be:

350,000 - 200,000

= 150,000 dollars.

Harry's basis in the stock received from the corporation is $150,000.

Thank you!

5 0
3 years ago
Other questions:
  • These are selected 2022 transactions for Flounder Corporation: Jan. 1 Purchased a copyright for $96,000. The copyright has a use
    13·1 answer
  • On July 1, 2014, Livingston Corporation, a wholesaler of manufacturing equipment, issued $46,000,000 of 20-year, 10% bonds at a
    13·1 answer
  • 1. What is the term used to describe a check that has been outstanding for more than six months? (1 point)
    5·1 answer
  • Robins typically lay four eggs. Four eggs allow the offspring to be well fed, whereas larger clutches may result in malnourished
    5·1 answer
  • Myers Corporation's stock currently trades at $40 a share. Investors estimate that the year-end dividend will be $2.00 a share a
    6·1 answer
  • Nora owns a sock business. She has been selling mostly online to U.S. buyers, but now she wants to expand her sock business to o
    6·1 answer
  • The Up and Coming Corporation's common stock has a beta of 0.9. If the risk-free rate is 4 percent and the expected return on th
    9·1 answer
  • What is a tax bracket? in your own words. ​
    5·1 answer
  • XYZ Co. manufactures bicycles. Demand for this year’s model is expected to occur at a constant annual rate of 9200 items. One bi
    6·2 answers
  • Last month CyberGames, a computer game retailer, had total sales of 1,450,000 , selling expenses of 210,000 , and administrative
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!