Answer:
A. a debit to Interest Expense for $ 36, 000
Explanation:
Based on the information given we were told that Flipco has note payable on January 1, 2018, of the amount of $800,000 and on December 31 we were told that the loan requires annual principal payments of the amount of $80,000 in addition with 5% interest. This means that the Journal entry to record the transaction on December 31, 2019 will includes a Debit to interest expense for $36,000 calculated as :
Interest expense= $800,000-$80,000
Interest expense=( $720,000* 5%* 12/12)
Interest expense =$36,000
Therefore the Journal entry to record the annual payment on December 31, 2019 will includes :
A Debit to interest expense for $36,000
Answer:
b. $301.10
Explanation:
Current Sales = P = $225,000,000
Growth rate = g = 6%
Number of year = 5 years
Using simple growth formula we will find the Sales value after 5 years.
Future Sales = Current Sale ( 1 + growth rate )^Number of years
A = P ( 1 + g )^n
A = 225,000,000 x ( 1 + 0.06 )^5
A = 225,000,000 x 1.33823
A = 301,101,750 = 301.10175 Million
So, the correct option is b. $301.10.
Answer:
<h2>The specific identification method</h2>
a) matches each unit of inventory with its actual cost
d) would be beneficial to a company that makes fine jewelry
Explanation:
The specific identification inventory valuation method is one of the inventory valuation method allowed by U.S. GAAP. The other allowed methods are weighted average; and first in, first out (FIFO). The specific identification method identifies every item kept in inventory and its price and tracks it from purchase to resale. Some types of businesses that use the specific identification method are jewelry companies and stores, car dealerships, art galleries, and furniture stores, who can easily identify each item and track the cost and price respectively.
Answer:
a per se violation of antitrust law.
Explanation:
The antitrust laws can be defined as those laws that are created by the US government to protect consumers from unfair means of competition in market. The aim of creating such laws is to ensure the protection of customers from corruptive business practices and also to ensure safe healthy competitive environment among same business companies.
<u>In the given scenario, the Association of Organic Food Growers is violating the antitrust law by boycotting farmers, ranchers, etc. The antitrust laws are violated by companies in several ways among them is by boycotting</u>.
Boycotting can be defined as an agreement between several companies that excludes a group of customers or market to avert them from buying aanyy goods or products.
This boycotting agreement is a per se violation of antitrust law.
