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
Lena [83]
2 years ago
5

Pay the first monthly installment of $2,011 related to the $104,000 long-term note payable borrowed in january 1. Round your int

erest calculation to the nearest dollar
Business
1 answer:
Alexus [3.1K]2 years ago
8 0

The journal entry for the first monthly installment of $2,011 for a $104,000 debt is:

Date             Account title                                       Debit                Credit

                    Note payable                                   $1,491

                    Interest                                              $520

                    Cash                                                                           $2,011

<h3>What is the interest on the payment?</h3>

The interest is:

= 104,000 x 6%/12 months in year

= $504

The note payable principal repayment will be:

= 2,011 - 520

= $1,491

Find out more on note payable repayment at brainly.com/question/25898631.

You might be interested in
David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1,700. They have made prepayments
Snowcat [4.5K]

Answer:

-$1,800

Explanation:

Given that

Tax liability = $1,700

Prepayment made = $1,500

Child tax credit = $2,000

The computation of tax refund is given below:-

= Tax liability - (Prepayment made + Child tax credit)

= $1,700 - ($1,500 + $2,000)

= $1700 - $3500

= -$1,800

Therefore, from the above calculation simply we subtract tax liability from prepayment and child tax credit.

3 0
3 years ago
A perfectly competitive industry consists of many identical firms, each with a long-run average total cost of LATC = 800 – 10Q
Karolina [17]

Answer:

50

Explanation:

According to the question, The computation of the quantity produce is shown below:

Here we use the differentiation LRAC to zero

\frac{\partial LRATC}{\partial Q}=-10+0.2Q=0\\\\ 0.2Q=10\\\\ Q=50

From above calculation it can be concluded that the each firm would be produced the quantity of long run equilibrium for 50

Hence, the first option is correct

5 0
2 years ago
An entrepreneur risks _______ in return for financial gain.
satela [25.4K]
I think what would fill that blank space would be failure due to the fact that something with his business may have gone wrong or a wrong transaction was made. But sometimes these things can actually be a major plus for them without them even realizing before they made the choice.
5 0
3 years ago
Entertainment Tonight, Inc. manufactures and sells stereo systems that include an assurance-type warranty for the first 90 days.
Solnce55 [7]

The estimated cost of the assurance-warranty is $350. The accounting for warranty will include a credit to Unearned Warranty Revenue, $900

Explanation:

  • Entertainment Tonight, Inc. manufactures and sells stereo systems that include an assurance-type warranty for the first 90 days. Entertainment Tonight also offers an optional extended coverage plan under which it will repair or replace any defective part for 2 years beyond the expiration of the assurance-type warranty. The total transaction price for the sale of the stereo system and the extended warranty is $3,000. The standalone price of each is $2,300 and $900, respectively. The estimated cost of the assurance-warranty is $350. The accounting for warranty will include a credit to Unearned Warranty Revenue, $900.
  • Unearned extended warranty revenue is given to be as an unearned revenues in accrued liabilities in the balance sheets.
  • Revenue which comes from separately priced, self-insured service contracts is reffered at the point of sale.
  • Unearned revenue is a money which is received from a customer for work that has not been performed still.

7 0
3 years ago
An insurance company forwards fixed annuity premiums to their general account, where the money is invested. The guaranteed minim
tatyana61 [14]

Answer: c. 3%

Explanation:

The Insurance company guaranteed that the minimum rate that they will pay their policyholders as 3%. Just because the investments are now drawing only 2.5% due to the economic downtown does not absolve them of this agreement.

They must therefore still pay their policy holders the minimum return guaranteed which is 3%.

3 0
3 years ago
Other questions:
  • The Francis Company is expected to pay a dividend of D1 = $1.25 per share at the end of the year, and that dividend is expected
    6·1 answer
  • Which type of financial institution typically has membership requirements? AOnline Commercial Bank BCommercial Bank CFederal Res
    11·2 answers
  • Cartech Inc. is a manufacturer of automobile parts, which it sells to retail auto supply stores. Its core competencies include s
    14·2 answers
  • Stock R has a beta of 1.8, Stock S has a beta of 0.75, the expected rate of return on an average stock is 9%, and the risk-free
    14·1 answer
  • In this assignment, you will develop a more personalized understanding of the Balanced Scorecard concept and see how your vision
    8·1 answer
  • Each of the following is an advantage of using cash EXCEPT:
    13·2 answers
  • Calculate Payroll An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume th
    9·1 answer
  • JankMag is a fashion magazine that recently hired creative writers and journalists for its new humor section. The team members k
    6·1 answer
  • Darius Rucker is leaving Theta Tech after several years. During his time at Theta he accumulated a deferred payroll benefit. He
    10·1 answer
  • Write about the main occupation of nepal​
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!