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KATRIN_1 [288]
3 years ago
6

On January 1, 2019, Moira, Inc. borrowed $100,000 on a 10-year 9% installment note payable to buy the Rosebud Motel. The terms o

f the note require 10 equal annual payments each December 31 for 10 years. The required journal entry to record the first payment on the note on December 31, 2019 would include a debit to Notes Payable in the amount of
Business
1 answer:
finlep [7]3 years ago
3 0

Answer:

$15,582

Explanation:

On this question, use the Time Value of Money Techniques to find the the Annual Instalment (PMT).The amount of annual installment can be calculated using a Financial Calculator as :

PV = $100,000

N = 10

I = 9 %

FV = 0

P/YR = 1

PMT = ?

Entering the data as shown in a financial calculator gives an annual instalment (PMT) of $15,582.

The payment journal would be :

Note Payable $15,582 (debit)

Cash $15,582 (credit)

Thus, this would be a debit to Notes Payable in the amount of $15,582.

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Read 2 more answers
At the beginning of June, Rhone Company had two jobs in process, Job 44 and Job 45, with the following accumulated cost informat
SVETLANKA909090 [29]

Answer:

1. Overhead rate based on direct labor cost = 65%

2. Brief job-order cost sheet for the four jobs is attached with this question please find it.

3.

Work in process = $13,356

Finished Goods = $3,434

4.

Cost of Goods Sold = $24,127

Explanation:

                               Job 44    Job 45

Direct materials      $5,100    $1,500

Direct labor             1,200      3,000

Applied overhead   780         1,950

Balance, June 1      $7,080    $6,450

                             Job 44   Job 45   Job 46   Job 47

Direct materials   $2,200   $7,150   $1,850    $1,700

Direct labor          $900      $6,380  $960      $540

1. Over head Rate = Applied overhead / direct labor = (780/1200) x 100= 65%

3. Work in process (Job 44 & 47) = $10,765 + $2,591 = $13,356

Finished Goods (Job 46) = $3,434

4. Cost of Goods Sold (Job 45) = $24,127

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Do you feel it is easier or harder to deliver a presentation online versus face to face? Why?
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