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2 years ago

Financial accountants:_________

Business

1 answer:

mixas84 [53]2 years ago

7 0

Answer:

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Slack Inc. borrowed $400,000 on July 1, 2020. The note requires interest at 12% and principal to be paid in one year. Which acco

ale4655 [162]

Answer:

The account is debited on December 31, 2020: Interest expense by the entry:

Debit Interest expense $24,000

Credit Interest Payable $24,000

Explanation:

Slack Inc. borrowed $400,000 on July 1, 2020. The note requires interest at 12%.

The amount of interest Slack Inc. pays per year = $400,000 x 12% = $48,000

On December 31, 2020, the company has borrowed $400,000 for 6 months. Following the Accrual basis, Slack Inc. would report on December 31, 2020 the interest expense for 6 months:

$48,000/12 x 6 = $24,000

The adjustment entry:

Debit Interest expense $24,000

Credit Interest Payable $24,000

7 0

3 years ago

The following information relates to the manufacturing operations of the JNR Printing Company for the year: Beginning Ending Raw

grin007 [14]

Answer: $117,000

Explanation:

So we are to calculate the Raw Materials purchased during the year.

Logically speaking the following should hold,

Raw materials purchased during the year + beginning raw materials = ending Raw materials + Raw materials used

Agreeing on that and rearranging the formula we will have,

Raw Material purchased during the year = Raw Material used during the year + Ending Raw Material Inventory - Opening Raw Material Inventory

Slotting in the figures we will then have,

Raw Material purchased during the year = 114,000 + 56,000 - 53,000

= $117,000

Raw materials purchased during the year amount to $117,000.

8 0

3 years ago

Murphy company produces flash drives for computers, which it sells for $20 each. each flash drive costs $8 of variable costs to

Maurinko [17]

We can find the increase in operating income for each $ 1,000 increase in revenue per month by finding the contribution margin ratio and the multiplying it with the increase operating income of $ 1,000 each.

The formula to find the contribution margin ratio is :-

Contribution margin ratio = Contribution margin per unit / Selling price per unit

= 12 / 20 = 60%

The increase in operating income = Contribution margin ratio * Revenue

= 60 % * 1,000

= $ 600

The calculations are shown below :-

Selling price per unit = $ 20

Variable cost per unit = $ 8

Contribution margin per unit = Selling price per unit - Variable cost per unit

= $ 20 - $ 8 = $ 12

6 0

3 years ago

A market penetration strategy attempts to increase sales of present products among ______.

S_A_V [24]

A market penetration strategy attempts to increase sales of present products among<u> existing customers.</u>

<h3>What is penetration price strategy?</h3>

Penetration pricing is known to be a method that do tries to scatter an already set up market by bringing in a new product or service that is said to be viewed at a lower price to be able to influence as well as entice new customers to by or subscribe to a product or service.

Note that this kind of strategy helps a firm to be able to get the attention of buyers in regards to a target space and a such, A market penetration strategy attempts to increase sales of present products among<u> existing customers.</u>

Learn more about market penetration strategy from

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#SPJ1

8 0

1 year ago

Money demand refers to a how much income people want to make per year. b how much wealth people want to hold in liquid form. c t

scoray [572]

Answer:

b. how much wealth people want to hold in liquid form.

Explanation:

Money demand refers to the amount of liquid assets or wealth, which can be quickly converted to cash, an individual desires hold at a particular point in time, which enables the individual to easily carry out transactions such as exchange of goods and services. It is simply referred to as the desire of people to hold cash. It does include illiquid physical assets that cannot be quickly converted to cash. It includes cash or bank deposits.

5 0

3 years ago