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
lilavasa [31]
3 years ago
13

On November 1, 2021, Aviation Training Corp. borrows $51,000 cash from Community Savings and Loan. Aviation Training signs a thr

ee-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31.
Required:
1. Record the necessary entries .
2. Record the issuance of note.Record the adjustment for interest.
3. Record the repayment of the note at maturity.
Business
1 answer:
nekit [7.7K]3 years ago
6 0

Answer:

1. November 01,2021

Dr Cash 51000

Cr Notes Payable 51000

2. December 31,2021

Dr Interest expense 510

Cr Interest Payable 510

3. February 01,2022

Dr Interest expense 510

Dr Interest Payable 255

Dr Notes Payable 51000

Cr Cash 51,765

Explanation:

Preparation of to record the necessary entries

1. November 01,2021

Dr Cash 51000

Cr Notes Payable 51000

(Being to Record the issuance of note)

2. December 31,2021

Dr Interest expense 510

(51,000*6%*2/12)

Cr Interest Payable 510

(Being to record the adjustment for interest)

3. February 01,2022

Dr Interest expense 510

Dr Interest Payable 255

(51,000*6%*1/12)

Dr Notes Payable 51000

Cr Cash 51,765

(510+255+51000)

(Being to Record the repayment of the note at maturity)

You might be interested in
Heidi, the founder of Camp Bow Wow, proves herself to be a leader as she asks her employees for suggestions and inputs before ma
andreyandreev [35.5K]

Answer: the correct answer is Consideration

Explanation:

Heidi, the founder of Camp Bow Wow, proves herself to be a leader as she asks her employees for suggestions and inputs before making decisions. In the given context, Heidi demonstrates <u>consideration</u>.

5 0
3 years ago
Louis Petit, a manager of Doggone Gorgeous, Inc., was reviewing the water bills of a dog daycare and spa. He determined that its
Sergeeva-Olga [200]

Answer:

Fixed cost = $1100

Explanation:

given data

Highest bill = $3,800

lowest bills = $2,000

dog washed in May = 600

dog washed in November = 200

to find out

fixed cost associated with the company's water bill

solution

first we get here variable cost that is express as

variable cost = (Highest bill - Lowest bill) ÷  ( Dogs washed may - Dogs washed November )  ...........1

put here value we get

variable cost = \frac{3800-2000}{600-200}

variable cost = $4.5 per dog

so fixed cost will be here as

Fixed cost = Total cost to wash 600 dogs - Variable cost to wash 600 dogs

Fixed cost = $3800 - $4.5 × 600 dogs

Fixed cost = $3800 - $2700

Fixed cost = $1100

7 0
3 years ago
Present and future value tables of $1 at 3% are presented below
Molodets [167]

Answer:

B. $228,122.

Explanation:

Number of quarters = 3 * 4 = 12

Quarterly interest rate = 12%/4 = 3%

From the table, the correct discounting factor for the future value (FV) = 1.42576

We then have:

FV = $160,000 * 1.42576 = $228,122

Therefore, the maturity value of the CD is $228,122.

5 0
4 years ago
Arkansas Corp. is preparing its statement of cash flows using the indirect method. It provides the following information about t
givi [52]

Answer:

C. ​$(44 comma 000​)

Explanation:

The computation of cash flow from investing activity is shown below:

Purchase of equipment for cash ($63,000)

Sale of equipment ($19,000)

Net cash flow from investing activity = - $63,000 + $19,000 = - $44,000

In this activity, the purchase of fixed assets should be negative as it is an outflow of cash whereas the sale of fixed assets should be positive as it is an inflow of cash.

7 0
3 years ago
The two cofounders of Impact Technology, a data-storage firm in Research Triangle Park, North Carolina, were feuding with each o
Hitman42 [59]

Answer:

Organisation behaviour specialist.

Explanation:

Organisational behaviour specialists are people who study the behaviour of variety of individuals or employees in a work environment.

Organisational behaviour specialists make use of the following methods to study the behaviour of employees:

1) Anticident behaviour consequence analysis:

This involves studying the work environment of the employed, the behaviour that is generated as a result of the different conditions of the work environment and finding solutions that will lead to the elimination of such behaviours.

2) Pinpointing:

This method involves putting down certain punishments or consequences that will arise if a particular behaviour is carried out.

3) Observation and feedback:

Organisational behaviour specialist carry out different observations inorder to get a clear insight to certain behaviours, they also create feedback strategies to put an end to these negative behaviours.

8 0
3 years ago
Read 2 more answers
Other questions:
  • _____ are outcomes of changes in the skills and equipment managers use to design, produce, or distribute goods and services.
    7·1 answer
  • A small gaming software company did not wish to run general business condition forecasting for the enhanced features added to it
    10·1 answer
  • Jones runs a television ad that shows her opponent smith in black and white looking tired toward the end of the ad jones appears
    14·1 answer
  • Use this formula to help solve the problem. gross income = total of all incomes added together Given the following information w
    9·1 answer
  • What does Target Market mean​
    8·1 answer
  • Foresters work for private companies as well as government agencies. Please select the best answer from the choices provided T F
    13·2 answers
  • ​while setting up his new office, an attorney ordered thick, frieze carpets for the floor. however, the building inspector had h
    9·1 answer
  • Linder Corporation invested $70,000 cash in marketable securities on September 1. On September 7 the company sold $10,000 of the
    10·1 answer
  • Which of the following should you NOT research when investing in mutual funds?
    10·1 answer
  • What are the 3 important reasons to reconcile bank and credit card as a set date ​
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!