A gift shop signs a three-month note payable. The note is signed on November 30 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date? *
Answers
Answer:
the gift shop must recognize 31 days of accrued interest payable, total interest = principal x interest rate x time passed
= $50,000 x 12% x 31/365 days = $509.59
the adjusting entry should be:
December 31, accrued interest on note payable
Dr Interest expense 509.59
Cr Interest payable 509.59
Answer:
The adjusting entry to be made on December 31 for the interest expense accrued to that date is:
Debit Credit
Interest expense 1,000
Interest payable 1,000
Explanation:
According to the given data we have the following:
Amount of Note = $ 50,000
Annual Interest = 12 % per annum
Period = 3 Months
Period Expired = 2 Months (i.e. November and December)
Therefore, The amount of outstanding interest is computed as $ 50,000 x 12/12 x 2 x 1/100 = $ 1,000
The adjusting entry to be made on December 31 for the interest expense accrued to that date is:
Debit Credit
Interest expense 1,000
Interest payable 1,000
Related Questions
business was defined as the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs. In what ways is Warby Parker satisfying the needs of its customers
Answers
Answer:
The explanation according to the given circumstance is described below throughout the explanation section.
Explanation:
Warby Parker announces a brand new approach for purchasing glasses: the opportunity to get elevated accessories shipped to the door at quite a cheap price.Individuals post five major social media framework choices to inspire clients and receive supportive input from their loved ones.A new sales moment in time structure was perhaps the most critical aspect of developing consumer engagement.True or False: Savings accounts generally offer a higher yield than money market accounts
Answers
John has a rental application for a unit in his four-plex from a man in a wheel chair. The man wants to install a ramp by the back door and change a cabinet in the bathroom to allow the wheel chair to slide under. What are John’s choices as the unit owner?
Answers
Answer:
The modifications cannot be refused; the tenant can pay and should restore to original condition upon move out.
Explanation:
As it is mentioned that John has a rental application for a unit that means he is paying rent for that unit also he is unable to refuse it also if the renovation is done by the owner so the charges should be paid by tenant. For any modification, the tenant permission is important but the cost that are incurred is to be born by the tenant
What are withdrawals and how do they affect the basic accounting equation?
Answers
Funds that are taken from the business to pay for personal expenses. They decrease the owner's equity in the business.
How does specialization affect voluntary exchange between countries?
Answers
Answer:
It increases voluntary exchange by encouraging other countries to be less self-sufficient
Explanation:
Joe Chin bought a house for $180,000. He made a 20% down payment. Joe secured a loan for the balance of the purchase price at 6.5% interest for 30 years. What will be the monthly payments on the loan? (do not use commas or dollar signs in your answer)
Answers
Answer:
910.18
Explanation:
After Chin's down payment the amount borrowed is ...
(1 - 20%)($180,000) = 0.80·$180,000 = $144,000
The amount of the payment is given by the amortization formula ...
A = P(r/n)/(1 -(1 +r/n)^(-nt))
for P borrowed at rate r for t years, compounded n times per year.
A = 144000(0.065/12)/(1 -(1 +.065/12)^(-12·30)) = 910.18
The monthly loan payments will be 910.18.
What does the term withholding mean in reference to your paycheck?.
Answers
Eduardo is currently involved in FBLA (Future Business Leaders of America). He has dreams to work on Wall Street. Assuming he will continue down the same career path, which professional organization would Eduardo most likely be a part of in the future?
SAG
AFP
AASA
DECA
Answers
Eduardo will most likely be involved with the DECA.
The Distributive Education Clubs of America (DECA) or more commonly referred to simply as DECA, is a student empowerment organization that aims to help emerging leaders such as Eduardo in the areas of:
Finance Business Marketing Hospitality and othersThey are available in both colleges and high schools and have helped hundreds of thousands of students.
In conclusion, if Eduardo keeps going down the finance path, he might end up with DECA.
Find out more at https://brainly.com/question/13093910.
Answer: the answer is DECA!
explanation: im taking the test in edunuity right now.
HOPE IT HELPS
In order for a business to survive, they need a risk taker/ entrepreneur and profit
True or False
Answers
Answer:
Explanation:
True
What is the expected value of each option?
Answers
With insurance is 1,780
Provide a place (could be a town or a city or a section of the city) where the economy was growing in the last decade. However, based on the United Nations definition, it can be considered as uneconomic growth. Provide specifically which type of uneconomic growth you observe (jobless growth, ruthless growth, voiceless growth, rootless growth, or futureless growth).
(Town or city preferably in the U.S.)
Answers
In the last decade, one place in the U.S. where the economy has been growing, but can be considered as uneconomic growth based on the United Nations definition, is Silicon Valley.
Specifically, the type of uneconomic growth observed in this region is jobless growth. Silicon Valley, located in Northern California, is known as a hub for technology and innovation. It has experienced significant economic expansion in recent years, with numerous tech companies flourishing and attracting investments.
However, this growth has been largely driven by automation and technological advancements, resulting in limited job creation. The rise of artificial intelligence, robotics, and automation has led to the displacement of many traditional jobs, making it a prime example of jobless growth. While the economy has been booming, the benefits have not been evenly distributed, contributing to income inequality and socioeconomic disparities in the region.
To know more about Silicon Valley visit:
https://brainly.com/question/31863778
#SPJ11
RPA implementation teams should take one or more of the following actions to avoid the introduction of a potentially systemic risk. Choose of these and provide a short description in your own words of the topic and an example of how an RPA solution might present that risk. 1. Create and preserve artifacts 2. Anticipate production disruptions 3. Consider synergies of the risk and control work stream
Answers
1. Creating and preserving artefacts refers to documenting and maintaining a record of the RPA implementation process, including design decisions, configuration settings, and test results. This helps in ensuring transparency, accountability, and traceability throughout the implementation lifecycle.
2. Anticipating production disruptions involves identifying potential risks and challenges that can arise during the deployment and operation of the RPA solution and developing mitigation strategies to minimize their impact. It involves proactive planning, testing, and monitoring to ensure smooth and uninterrupted production processes.
3. Considering synergies of the risk and control work stream involves integrating risk management and control activities into the RPA implementation process. It entails aligning risk identification, assessment, and mitigation practices with the control mechanisms implemented within the RPA solution to ensure effective risk management.
1. Example of Risk:
An RPA solution might present a risk if there is a lack of documentation or proper artefact preservation. For instance, if the RPA implementation team fails to document the configuration settings or changes made during the development phase, it can lead to difficulties in troubleshooting issues, maintaining the solution, or ensuring compliance with regulatory requirements. Without proper artefacts, it becomes challenging to track the history of the RPA solution, which can introduce potential risks in terms of audibility, transparency, and control.
2. Example of Risk:
An RPA solution might present a risk if there is inadequate consideration of potential production disruptions. For example, if the implementation team fails to thoroughly test the solution in a production-like environment, it can lead to unexpected errors or failures when the RPA bots are deployed. These disruptions can cause delays, data inconsistencies, or even complete process failures, resulting in financial losses, customer dissatisfaction, or regulatory non-compliance.
3. Example of Risk:
An RPA solution might present a risk if there is a lack of coordination between the risk and control work stream. For instance, if the RPA implementation team overlooks or fails to address identified risks during the development and testing phase, it can result in vulnerabilities or weaknesses in the RPA solution's control mechanisms. These vulnerabilities can expose sensitive data, compromise system integrity, or enable unauthorized access, leading to security breaches, data breaches, or regulatory violations.
Learn more about artifacts here:
https://brainly.com/question/30644477
#SPJ4
You started a new job working 4 days a week. During a work day you can complete 3 tasks per hour. You also take a half hour for lunch and two 15 minute breaks. How many tasks are you able to complete during a week if you’re at work 8 hours a day?
Answers
In a week (working 4 days per week), you can complete 84 tasks (21 tasks per day x 4 days per week).
If the person can complete 3 tasks per hour and works 8 hours a day, they can complete 24 tasks in a day. However, they also take a half hour for lunch and two 15-minute breaks, which means they have 7 hours available for work. Therefore, they can complete 21 tasks in a day.
If they work 4 days a week, they can complete 84 tasks in a week (21 tasks per day x 4 days per week). It's important to note that this calculation assumes the person is able to complete tasks at a consistent rate throughout the day and does not account for any interruptions or distractions that may occur during their workday.
To learn more about week follow the link:
https://brainly.com/question/31596416
#SPJ4
On September 3, 2018, Able, a single individual, purchased § 1244 stock in Red Corporation from his friend Al for $60,000. On December 31, 2018, the stock was worth $85,000. On August 15, 2019, Able was notified that the stock was worthless. How should Able report this item on his 2019 tax return?
Answers
He should ask them why it was worthless then after a while of thinking maybe have and idea on how to use it again
According to the law of supply what's the result of an increase in the supply of workers for a job if all other factors remain equal?
Answers
Answer:
According to the law of supply, an increase in the supply of workers for a job if all other factors remain equal means the company wants to be efficient and it is also proof that the company is making more profit which signals the demand for the commodities they produced as increased drastically.
Explanation:
The law of supply work in the dimension of price, the number of goods available in the market, and it is hugely affected by demand. Now, when the price of goods decreases, it makes production by producers decrease as well and staffs are also laid off to avoid profit loss by the producers. This changes when the price of commodity increases as it makes producers of the commodity have the capacity to employ more staff to maximize time and this also causes the producers to increase sales. However, the higher demand for a commodity would also increase the supply of that commodity.
Answer:
The wage rate for that job will be pushed down.
Explanation: I just took the test and got it right
what are some advantages of using a Credit card the right way?
Answers
it builds your credit score
Opportunity to build credit.
Earn rewards such as cash back or miles points.
Protection against credit card fraud.
Free credit score information.
No foreign transaction fees.
Increased purchasing power.
Not linked to checking or savings account.
Which statement is TRUE about insurance coverage on customer brokerage accounts maintained at banks registered solely as municipal securities dealers
Answers
Answer: D. No insurance protection is offered on customer municipal accounts maintained at bank broker-dealers
Explanation:
Broker-Dealer are required to register their customers for insurance under the Securities Investor Protection Corporation (SIPC).
Broker-Dealers who however handle only tax-exempt securities such as municipal bonds are not required to be registered under the SIPC.
As this bank handles only municipal securities, they is not required to be registered under the SIPC which means that no insurance protection is offered on customer municipal accounts maintained by them.
What is the major difference between a nonprofit organization and a for-profit organization?.
Answers
Answer:
nonprofits have a social mission, while for-profits aim to offer products and services that are valuable and that make them a tom of money. Then they get money. and also non profits don't make a profit they just pay for themselves and their product.. 0 profit
Explanation:
Industries X and Y both have four-firm concentration ratios of 90 percent, but the Herfindahl index for X is 7,814, while that for Y is 8,206. These data suggest Multiple Choice greater market power in X than in Y. greater market power in Y than in X. O that X is more technologically progressive than Y. that price competition is stronger in Y than in X.
Answers
The given concentration ratios and Herfindahl index of Industries X and Y suggest greater market power in Y than in X.
The Herfindahl index is a market concentration metric that calculates the market concentration of a group of suppliers. It is the sum of the squares of the percentage market shares of all the firms that operate in a particular industry. It ranges from 0 to 10,000, with higher values indicating greater concentration.
A four-firm concentration ratio is a ratio that calculates the market share of the four largest firms in an industry. In other words, the percentage of total market share that is controlled by the four biggest firms is the four-firm concentration ratio (CR4).
The data provided for Industries X and Y suggests that both have a 90% four-firm concentration ratio. However, the Herfindahl index is 7,814 for Industry X and 8,206 for Industry Y.
A higher Herfindahl index indicates a greater concentration of market power among fewer companies. Therefore, the higher Herfindahl index of Industry Y suggests greater market power in Y than in X.
Therefore, the correct option is "greater market power in Y than in X."
To learn more about concentration, refer below:
https://brainly.com/question/3045247
#SPJ11
ECONOMICS CHAPTER 2 SECTION 3
explain the relationship between the terms in each of these pairs
A. Private property rights and market
B. laissez-faire and capitalism
C. Specialization and profit
D. Factor market and product market
ECONOMICS CHAPTER 2 SECTION 3
Answers
Private property rights and market is in which people buy and sell resources or goods and services.
Private property rights are the rights of individuals and groups to own property and the market is any place or situation in which people buy and sell resources and goods and services.
Laissez-faire and capitalism-The relation-ship between laissez-faire and capitalism is laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention.
Specialization and profit- The relation-ship between specialization and profit is the companies specialize in making one product or one component of a product, if this product will make at large scale, companies reduces it's cost to earn profit.
Factor market and product market- The relation-ship between Factor market and product market is the factor market is running by the demand of product market. The product market is sold their goods and services with the demand of factor market to production these goods and services.
To know more about private property rights here,
https://brainly.com/question/23031296
#SPJ1
In your job as an agent, you receive a monthly salary of $500 plus 3% commission on all of your listings that sell and 2.5% of all of your sales. None of the listings you took sold last month, but you received $7,350 in salary and commission. What was the value of the property you sold
Answers
Estimating Walmart's Cost of Capital
1. What are some key issues raised in the discussion between Dale and Lee, as reported in the case?
2. How would Dale and Lee go about estimating the cost of long-term debt?
3. If Walmart had preferred shares, or planned to issue preferred shares, how would Dale and Lee deal with them?
4. How should Dale and Lee deal with deferred taxes?
5. How might Dale and Lee go about estimating the cost of equity?
6. What is the overall weighted average cost of capital (WACC)? What is the cost of capital for Walmart?
7. How does all of this relate to hurdle rates that Walmart might use?
Answers
1. Key issues include determining the appropriate components to include in the cost of capital calculation, 2. Dale and Lee would typically consider the yield or interest rate, 3. Dale and Lee would incorporate them as a separate component, 4. They would consider taxes by their impact, 5.Dale and Lee would typically use methods such as the dividend discount model (DDM), 6. The cost of capital for Walmart is the specific rate of return required by investors, 7.Hurdle rates represent the minimum rates of return.
1. Key issues raised in the discussion between Dale and Lee regarding estimating Walmart's cost of capital could include:- Determining the appropriate components to include in the cost of capital calculation, such as long-term debt, preferred shares (if applicable), and equity.- Assessing the availability and cost of different sources of capital for Walmart.- Analyzing the impact of taxes and deferred taxes on the cost of capital.- Considering the specific risk factors associated with Walmart's business and industry.- Determining the appropriate weights for each component of the cost of capital.
2. To estimate the cost of long-term debt, Dale and Lee would typically consider the yield or interest rate on existing debt securities issued by Walmart. They would also analyze the current market conditions and credit rating of Walmart to determine the appropriate risk premium to add to the risk-free rate. By considering these factors, they can arrive at an estimated cost of long-term debt.
3. If Walmart had preferred shares or planned to issue preferred shares, Dale and Lee would incorporate them as a separate component in the cost of capital calculation. They would assess the dividend rate associated with the preferred shares and consider the market price or yield on similar preferred shares to estimate the cost of preferred equity.
4. Dale and Lee would account for deferred taxes by considering the impact they have on Walmart's cash flows. They would analyze the deferred tax liabilities and assets on Walmart's balance sheet and adjust the cash flows accordingly. This adjustment would help in determining the accurate cost of capital.
5. Dale and Lee would typically use methods such as the dividend discount model (DDM) or the capital asset pricing model (CAPM) to estimate the cost of equity. The DDM considers the expected dividends and growth rate, while the CAPM considers the risk-free rate, market risk premium, and beta of Walmart's stock to estimate the cost of equity.
6. The overall weighted average cost of capital (WACC) is a weighted average of the cost of each component of capital (debt, equity, etc.) based on their respective weights in the capital structure. It represents the average rate of return required by all of Walmart's investors. The cost of capital for Walmart is the specific rate of return required by investors to invest in Walmart, considering the risk and return characteristics of the company.
7. The estimation of the cost of capital and the determination of the WACC is crucial in establishing hurdle rates. Hurdle rates represent the minimum rates of return that a project or investment must achieve to be deemed acceptable. Walmart would compare the expected returns from potential investments or projects with its WACC or specific hurdle rates to assess their feasibility and make informed investment decisions.
To know more about cost of capital
brainly.com/question/29489546
#SPJ4
What does it mean to say that managers should maximize shareholders' wealth "subject to ethical constraints"? What ethical considerations might factor into decisions that result in lower cash flow and stock price effects than they might have otherwise been valued?
Answers
Managers should aim to maximize shareholders' wealth "subject to ethical constraints," which means that while pursuing financial gains, they must also consider moral and ethical principles.
Ethical considerations may influence decisions that result in lower cash flow and stock price effects, prioritizing long-term sustainability, social responsibility, and stakeholder interests over short-term profitability.
When managers are asked to maximize shareholders' wealth subject to ethical constraints, it means they are expected to pursue financial gains for shareholders while taking into account ethical considerations. This approach recognizes that financial success should not come at the expense of ethical principles. Managers need to consider factors such as social responsibility, environmental sustainability, and the well-being of stakeholders.
Ethical considerations might lead managers to make decisions that result in lower cash flow and stock price effects. For example, they might choose to invest in initiatives that have a positive social or environmental impact but yield lower immediate financial returns. This could include investing in renewable energy sources or improving working conditions for employees. By prioritizing long-term sustainability and stakeholder interests, managers may forgo short-term profitability for the benefit of society as a whole.
You can learn more about shareholders at
https://brainly.com/question/28452798
#SPJ11
A contact which one party undertakes to indenify another against loss is called
Answers
A contact which one party undertakes to indemnify another against loss is called an indemnity contract.
This type of contract is a legally binding agreement between two parties that outlines the terms of how one party (the indemnifier) agrees to compensate the other party (the indemnified) in the event of a specified loss or damage.
The purpose of an indemnity contract is to provide financial protection to the indemnified party by transferring the risk of loss from them to the indemnifier party.
Indemnity contracts are commonly used in various types of agreements, including insurance policies, construction contracts, and service contracts.
In an insurance policy, for example, the insurer agrees to indemnify the policyholder against loss or damage arising from specific perils, such as fire, theft, or natural disasters.
In a construction contract, the contractor may agree to indemnify the owner against claims arising from the construction work.
In summary, an indemnity contract is an agreement between two parties where one party agrees to compensate the other party for any losses incurred.
This type of contract is used in various industries to provide financial protection to the indemnified party.
For more such questions on indemnity contract
https://brainly.com/question/11927668
#SPJ8
Which are questions financial managers ask when considering long-term financing? (Select all that apply)
Answers
The questions asked by financial managers are:
What funds do we need to achieve the firm's long-term goals and objectives?What sources of long-term funding (capital) are available, and which will best fit our needs?What are the organization's long-term goals and objectives?Who are financial managers?This refers to managers that are responsible for the financial health of an organization.
Also, these specialized manages create financial reports, direct investment activities, develop financial goals etc.
Read more about financial managers
brainly.com/question/27559649
#SPJ1
what are three primary reasons for asking others to review and comment on a presentation
Answers
Answer: to review content for accuracy, suggest improvements, or document feedback
Explanation:
i just took it
I will mark you as brainliest!!
What is stock turnover?
A. How long customers have own the products they've purchased
B. How quickly inventory sells
C. How much it costs to keep inventory
D. How the stock market affects inventory
Answers
Answer:
d.how the stock market affects inventory
Explanation:
a stock turnover is the rate at which a company's goods are sold and replaced. I hope that helped <3
stock movement Effects of the stock market on inventory Thus option (D) is correct.
What is the stock price?A share price is the price of a single share of a company's salable equity shares. In layman's terms, the stock price is the largest amount of money someone is willing to pay for the stock or the lowest amount for which it can be purchased.
Stock market Analysts in economics and financial theory utilize random walk techniques to model the behavior of asset prices, particularly share prices on stock exchanges. This technique is founded on the assumption that investors operate rationally and without bias, and that they evaluate the value of an asset at any given time based on future expectations.
Therefore, Thus option (D) is correct.
Learn more about stock prices here:
https://brainly.com/question/15021152
#SPJ2
Outline ways in which the productivity of land can be improved
Answers
getting better rest, meditation, exercise, hydration, mental focus exercises like military box breathing, and good nutrition just to name a few. it depends on the caause of lack of productivity.
if you cant focus well, a fidget toy may help. if your sluggish, better rest may help. and if your depressed meditation may help. i hope THIS helped!
If a person has $1,000 in a savings account and earns $20 a year in interest on that account, the rate of return on the money is close to
Answers
Answer:
2%
Explanation:
An agency CM system involving a number of contracts directly with the owner but managed by the contractor is usually called
Answers
There are different kinds of systems. An agency CM system involving a number of contracts directly with the owner but managed by the contractor is usually called multiple pimes 15.
What is a CM agency?Agency Construction Management is known to be a a fee-based service engaged by firms where construction manager (CM) is held accountable for mainly to the owner and is known to work in the owner's interests in all each stage of the project.
Often at times, The construction manager is known to be the agent for the client and Prime contracting is also known as a form of procurement to which the client enters.
Learn more about Agency CM from
https://brainly.com/question/18113305