Answer:
$347,697
Explanation:
The interest revenue which shall be recorded by the Savor Corporation for the year ended 2018 in respect of equipment leased to Spree Company shall be calculated using the following mentioned formula:
Interest revenue=(Present value of lease equipment as at January 1, 2018-payment made on January 1, 2018)*interest rate
In the given question:
Present value of lease equipment as at January 1, 2018= $4,561,300
Payment made on January 1, 2018=$698,000
Interest rate=9%
Interest revenue=($4,561,300-$698,000)*9%=$347,697
Answer:
Big Tommy Corporation
Profit and Loss for the year ended December 31
Sales 404,000
Cost of Goods Sold 279,000
Gross Profit 125,000
<em>Operating Expenses:</em>
Salaries and Wages Expense 58,000
Office Expenses 16,000
Travel Expenses 1,000 75,000
Operating Income: 50,000
Non-Operating Expenses
Income Tax Expense 15,000 15,000
Net Income 35,000
Explanation:
Multistep income statement makes a clear distinction on Operating Incomes and Expenses and Non-Operating Incomes and Expenses
Operating income is Profit generated from Primary activities of the company
Non-Operating Incomes and Expenses do not relate to the Primary activities of the firm.They occur as a result of secondary activities.
Answer:
specialty store
Explanation:
Based on the scenario being described within the question it can be said that for this you would most likely choose a specialty store. This refers to a retail business that focuses on very unique and specific product categories, in which everything revolves around that category. This category may be unique but offer a wide variety of product offering within it.
Answer: a corporations short term notes
Explanation: Commercial paper can be defined as the money market security having maturity of less than 270 days. These are not backed by any collateral thus these could be issued by large companies having high credit worth in the market.
These are issued by corporations for coping with its short term obligations.
These are guaranteed by the issuing company.