on march 1, young co. borrowed $1,000 cash from superior bank by signing a 120-day, 6% interest-bearing note. on june 29, young pays the amount due in full. this entry would be recorded by young with a credit to in the amount of . multiple choice question. notes payable; $1,060 notes payable; $1,020 cash; $1,000 cash; $1,020 notes payable $1,000 cash; $1,060

Answers

Answer 1

When Young Co. borrowed $1,000 cash from Superior Bank on March 1 by signing a 120-day, 6% interest-bearing note, they agreed to pay back the principal amount plus interest of 6% for the 120-day period.

The formula to calculate interest on a note is:
Interest = Principal x Rate x Time
where Principal is the amount borrowed, Rate is the interest rate, and Time is the period of the note in terms of years.
In this case, the Principal is $1,000, Rate is 6%, and Time is 120/365 (since it is a 120-day note).
Using the formula:
Interest = $1,000 x 6% x (120/365) = $19.67
Therefore, the total amount due on the note on June 29 (120 days after March 1) would be:
Principal + Interest = $1,000 + $19.67 = $1,019.67
When Young pays the amount due in full on June 29, they need to record the transaction in their books. The entry would be:
Debit Notes Payable $1,000
Debit Interest Expense $19.67
Credit Cash $1,019.67
The Debit to Notes Payable account is to reduce the liability since the loan has been paid off. The Debit to Interest Expense account is to record the interest accrued on the note. The Credit to Cash account is to reflect the payment made by Young Co.
Therefore, the correct answer to the multiple-choice question would be:
Notes Payable $1,000
Interest Expense $19.67
Cash $1,019.67
This is equivalent to the answer choice: notes payable $1,000; cash $1,019.67.

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Related Questions

Helpp!!!

What type of Economy do we have in the United States?
A. Market
В.Mixed
C.Command
D. Traditional

Answers

Answer:

mixed

the us economy has a mixed economy

Which of the following should employers prevent in order to ensure the safety and health of workers in regards to machine guarding?

A) Providing employees with safe tools and equipment

B) Providing employees with personal protective equipment

C) Allowing workers to use a machine without training

D) Ensuring employees are trained in hazard recognition
———————————————
Which of the following types of machine guard is generally preferred because of its simplicity and durability?

A) Interlocked
B) Fixed
C) Self-adjusting
D) Adjustable

Answers

Answer:

1st C 2nd one B

Explanation:

Answer:

1.) C         2.) B

Explanation:

Ryan, a foreign-exchange dealer, sold U.S. dollars for Swiss francs in the United States, then sold Swiss francs for Japanese yen in Switzerland, and then sold the Japanese yen for U.S. dollars in the United States. Ryan hopes that he will end up with more U.S. dollars than when he began. Which term best describes Ryan's actions

Answers

Answer: Arbitrage

Explanation:

Arbitrage occurs when an economic agent such as an individual buys and sells currencies, securities, or commodities in several markets simultaneously so that the individual can take advantage of the different prices that is charged for the same asset. This is the method that is being used by Ryan in the question.

Which of the following describes intellectual property



concepts that are too abstract to be copyrighted or trademarked in any way

things that are created in the mind and not necessarily able to be seen or touched

inventions or discoveries that have significant educational or scientific value

any kind of work or creation that was developed at a college or university

Answers

Invention or discovery that have significant educational or scientific value such as literary and artistic work

On December 1, 2021, Carlos entered into a lease on a building for use in his business for $1,000 per month. Under the lease terms, Carlos pays 18 months’ rent ($18,000) in advance on December 1. How much can Carlos deduct for rent in 2021?
a. $12,000
b. $18,000
c. $1,000
d. $13,000

Answers

The amount that Carlos can deduct for rent in the year 2021, based on his annual rent is c.$1,000.

Rent in 2021

When recording rent, you can only record it for the period that the financial statement is for.

The rent given is for 18 months from December 2021 which means that it will be for only a single month in December.

The rent will therefore be a rental amount for a month:

= Rental amount / Number of months

= $18,000 / 18

= $1,000

In conclusion, option C is correct.

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A company manufactures guitars. Identify each of the following costs as either a prime cost, a conversion cost, or both. 1. Wood used to build the guitar body. 2. Glue used to bind the guitar wood. 3. Wages paid to assembly workers. 4. Depreciation on factory equipment. 5. Rent on factory building 6. Wood to build the guitar bridge

Answers

In the context of manufacturing guitars, let's identify each cost as either a prime cost, a conversion cost, or both:

The wood used to build the guitar body - Prime costThe glue used to bind the guitar wood - Prime costWages paid to assembly workers - Conversion costDepreciation on factory equipment - Conversion costRent on the factory building - Conversion costWood to build the guitar bridge - Prime cost

1. Wood used to build the guitar body - Prime cost

The wood used to build the guitar body is a prime cost as it is a direct material cost directly involved in the production of guitars.

2. Glue used to bind the guitar wood - Prime cost

The glue used to bind the guitar wood is a prime cost as it is also a direct material cost used in the guitar manufacturing process.

3. Wages paid to assembly workers - Conversion cost

Wages paid to assembly workers are a conversion cost as they are part of the direct labor costs involved in the conversion of raw materials (wood and glue) into finished guitars.

4. Depreciation on factory equipment - Conversion cost

Depreciation on factory equipment is a conversion cost as it is an overhead cost associated with the manufacturing process.

5. Rent on the factory building - Conversion cost

Rent on the factory building is a conversion cost as it is an overhead cost incurred during the manufacturing process.

6. Wood to build the guitar bridge - Prime cost

Wood to build the guitar bridge is a prime cost as it is a direct material cost used in the production of guitars.

Therefore,

Prime costs: Wood is used to build the guitar body, Glue is used to bind the guitar wood, and Wood to build the guitar bridge.

Conversion costs: Wages paid to assembly workers, Depreciation on factory equipment, Rent on factory building.

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WHY DO THEY CALL IT GAS WHEN ITS A LIQUID?

WHY DO THEY CALL IT GAS WHEN ITS A LIQUID?

Answers

Answer:

i don't know if the is correct or not but I'll give it a shot at answering. most vehicles are powered by gasoline (obviously) but we often refer to it as gas although it isn't even a gas. it's a liquid, but humans just like renaming things i guess. anywho gasolines state of matter is NOT a gas but we just shortend it to "gas." (hoped this helped lol)  

1; Choose a business or an industry that is considered as a perfect market and explain which characteristics of a perfect market are not met by this business or industry.​

Answers

Answer:

hey what kind of watch is that in your profile pic

what are the importance of store​

Answers

Answer:

to get a source of our need

Answer:

Importance of Store-Keeping: The cost of materials is one of the largest elements of cost. Proper storing of materials is very important to prevent losses from damage, pilferage, and deterioration in the quality of materials.

Drag the tiles to the correct boxes to complete the pairs. Match the various ways of disposal of business assets to their respective descriptions. like-kind exchange sale abandonment debt repayment Chez Ltd. Has a warehouse, which has remained unused for a long period of time. arrowRight Delphi Ltd. hands over the ownership of its manufacturing unit to its lender. arrowRight Able Ltd. disposes of its assets as its depreciated value is less than its sale price. arrowRight Able Ltd. has a plant,which it does not use. It gives it to Delphi Ltd. Delphi Ltd. on the other hand, hands over the ownership of its office premises to Able Ltd. arrowRight

Answers

The types of disposal of business assets when matched to their descriptions are:

Like-Kind exchange:

Able Ltd. has a plant,which it does not use. It gives it to Delphi Ltd. Delphi Ltd. on the other hand, hands over the ownership of its office premises to Able Ltd.

Sale:

Able Ltd. disposes of its assets as its depreciated value is less than its sale price.

Abandonment:

Chez Ltd. has a warehouse, which has remained unused for a long period of time.

Debt repayment:

Delphi Ltd. hands over the ownership of its manufacturing unit to its lender.

What are some types of disposal of business assets?

One way to dispose of business assets is abandonment. Here, the company simply stops using the asset in question for a long period of time like Chez Ltd. did when they left their warehouse unused.

There is also debt repayment where the business asset is given up as a way of paying off debt to a lender. Like-Kind exchange occurs when a business gives up an asset to another company and gets a similar asset from the other company such as office premises.

There is also a sale which is where a company sells off its assets at the depreciated value which will often be less than the purchase price.

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An organization that has all its people in one location is typically ________ than an organization that is dispersed around the country or around the world

Answers

Answer:

less spatially complex is the answer.

in 1976, ron wayne sold his 10% ownership of which company for $800?

Answers

In 1976, Ron Wayne sold his 10% ownership of Apple Inc. for $800.

In 1976, Ron Wayne sold his 10% ownership in Apple Inc. for $800. At that time, Apple was a fledgling company co-founded by Steve Jobs, Steve Wozniak, and Ron Wayne himself. Wayne was brought in to provide administrative oversight and drafted the original partnership agreement between the three co-founders.

However, Wayne grew concerned about the potential financial risks associated with the venture and decided to sell his share in the company just 12 days after its founding. While $800 may have seemed like a reasonable price at the time, it turned out to be a tiny fraction of the company's worth just a few years later. Today, that 10% stake would be worth billions of dollars.

Ron Wayne's decision to sell his share in Apple has been widely regarded as one of the biggest missed opportunities in the history of business. However, Wayne has since stated that he has no regrets and that he never would have been able to handle the stress and responsibility that came with being a part owner of Apple.

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which provision in a health insurance policy prevents you from collecting benefits from two or more group policies that would in total exceed the actual charges?

Answers

The benefits coordination stipulation prohibits you from obtaining benefits from two or more group policies combined if doing so would cause them to cost more than they actually do\

A benefits coordination provision is what?

Most health plans have a clause known as Coordination of Benefits (COB) that enables families with two wage earners to obtain up to 100% coverage for medical care. Which plan is the primary for you, your spouse, and your dependent children are determined by COB regulations.

According to the COB, your plan is the primary one for you, your spouse's plan is the major one for them, and the "Birthday Rule" determines the primary coverage for your children.

The National Association of Insurance Commissioners (NAIC), in collaboration with the insurance industry, developed COB as an industry standard. It's not a rule. COB can be challenging, particularly if you and your spouse have various types of plans.

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It is worthwhile to build your network of contacts because ________. a. networking provides the most successful job leads b. people with many contacts are always respected c. contacts are always available to help you d. networks sustain themselves without any work please select the best answer from the choices provided a b c d

Answers

i’m not sure if i is coming out today

Which of the following statements about perfect competition is correct?.

Which of the following statements about perfect competition is correct?.

Answers

Answer:

products vary from seller to seller is the correct option.

Products vary from seller to seller

Spell all words correctly. Which software can managers use to discuss financial performance with the help of slides and charts? Managers can use a software to discuss financial performance with the help of slides and charts.

Answers

Microsoft PowerPoint
Managers can use Microsoft PowerPoint to discuss financial problems with the help of slides and charts.

Answer:

Behold.

Explanation:

Spell all words correctly. Which software can managers use to discuss financial performance with the

the factor which determines whether or not goods should be included in a physical count of inventory is

Answers

Answer is : legal title


The factor which determines whether or not goods should be included in a physical count of inventory is:

a. legal title.
b. whether or not the purchase price has been paid.
c. management's judgment.
d. physical possession.


a. legal title

The legal title of the commodities is what determines whether or not they should be counted during a physical inventory. As a result, choice (A) is acceptable.

What is inventory?

The term "inventory" describes the products and supplies that a company keeps with the intention of reselling, producing, or using them.

Defining the size, location, and shape of stocked commodities is a major focus of inventory management. Prior to the normal and scheduled course of production and stocking of materials, it is necessary at various points within a facility or at several sites of a supply network.

By defining work in process (or work in progress) broadly to mean "any work that is or has occurred prior to the completion of production," the concept of inventory, stock, or work in process (or work in progress) has been expanded from manufacturing systems to service firms and projects.

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Your question is incomplete, probably the correct question is

The factor which determines whether or not goods should be included in a physical count of inventory is:

a. legal title.

b. whether or not the purchase price has been paid.

c. management's judgment.

d. physical possession.

Which of the following leadership theories offers answers about whether there is an optimism way for leaders to adjust their behaviors with different followers in which factors should the leader base his behavior on?

Answers

Answer:

path-goal theory

Explanation:

The path-goal theory is one that gives the leader the possibility to adapt his behavior according to individual and collective needs in the work environment. This theory aims to ensure that the leader recognizes the needs of each employee and indicates the path necessary to achieve the objectives and goals of the organization.

This model aims to achieve greater motivation and productivity with a leadership model based on the fulfillment of the employee's individual expectations in relation to their work.

If you are asked to fill out a w-9 instead of a w-4 when you first start a job, what does that mean?.

Answers

They should use Form W-4, which is the correct form. If your employer gives you a W-9 instead of a W-4 when you start a full-time job, that may indicate that they hired you as an independent contractor rather than an employee, and you may be responsible for making tax payments to the IRS.

Use Form W-9 to give your correct Taxpayer Identification Number (TIN) to anyone who needs to file a report with the IRS about something that was paid to you, like:

Income.Real estate dealings.You paid mortgage interest.Purchasing or giving up secured propertyA debt cancellation.The IRA contributions you made.

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Form of owner ship for a swimming pool repair

Answers

Answer:

Explanation: Swimming pool repair - it is likely this business would best be structured a corporation or a limited liability partnership

Fill in the customer satisfaction survey You go to your in-house database, which houses eCompeteUSA's domestic and international sales as well as revenue composition over the past 10 years. You examine this data and apply some statistical analysis in order to help decide where to go next. What should you present at the next meeting to put your investigation on the right path?a. Present the trends in the growth of the U.S. eSports market, because the majority of eCompeteUSA's sales are domestic.b. Present data on eCompeteUSA's current revenue streams, broken down by source with sales trend extrapolations.c. After further consideration, you decide to step back and work on defining the research problem.

Answers

Answer: After further consideration, you decide to step back and work on defining the research problem.

Explanation:

Based on the options given, the answer will be "After further consideration, you decide to step back and work on defining the research problem".

It should be noted that the research problem isn't stated and one doesn't really know what the person wants to do. Do the right thing is to work on the research problem first before doing any other thing.

Under what condition do you think extravert make more effective leader than introvert? What unique abilitie of introvert could make them more effective in ome ituation?

Answers

When it comes to interacting with peers and big groups of people, extroverts can be more effective leaders. Extraversion frequently manifests as talkativeness, friendliness, and excitement. These traits facilitate effective group interaction, communication, problem-solving, and critical thinking.

Introverts can become more effective in a one on one situation because listening is among the unique skills that tend to come naturally for introverts. They listen to what is explicitly stated and often pick up on implications, thoughts, and feelings that are not said.

Introverts allow others to speak while yet speaking up when necessary. Others instantly feel at home with them since they always endeavor to make others around them happy. Due to their delicate nature, they may also be patient with others, even when they are stepping on their toes.

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Mrs. Fitzpatrick wants to be the first teacher to travel from planet to planet in our solar system (she cray!). After she visits each planet, she plans to then try and land on an asteroid and then follow a comet that orbits our solar system. What unit of measure would Mrs. Fitzpatrick use to describe the distances she has traveled within the solar system?

Answers

The unit of measure which Mrs. Fitzpatrick would use to describe the distances she has traveled within the solar system is the Astronomical Units.

The Astronomical Unit is known to be the distance from the Earth to the Sun. So initially it thus varies dependent upon where the Earth has been but now it is said that they just use the average distance between the Sun and the Earth.

This Astronomical unit is used as the many distance calculations rely on thge parallax measurements. Thus, the distances to stars which are relatively close to the solar system are measured by observing changes in the position in sky.

Hence, such dimensions are quite simple to work out in Astronomical Unit.

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which is a form of Malware?

a :clickjacking
b: spam
c:cookies
d: trojan horse

Answers

Answer:

D. Trojan Horse, nice to know some computer lab info of mine didn't go to waste

Explanation:

Who is the only entity that controls inflation?

Answers

Answer:

The Federal Reserve is the only entity that controls inflation

Discuss the following statements:
The growth in earnings is related to the firm’s profitability.
In the valuation of stocks of different companies, we can assume that the long-term growth rates are the same across companies.

Answers

The growth in earnings is indeed related to a firm's profitability, as higher profitability generally leads to higher earnings. However, assuming that long-term growth rates are the same across all companies in the valuation of stocks is not accurate, as different companies operate in diverse industries and have unique competitive advantages.

The growth in earnings is a crucial factor in assessing a firm's financial performance and future prospects. Earnings represent the company's profits after deducting expenses and taxes. Higher profitability typically leads to higher earnings because a profitable company generates more revenue and has better control over its costs and expenses. As a result, firms with a higher level of profitability are more likely to experience growth in earnings over time. Investors often pay close attention to earnings growth as it reflects the company's ability to generate sustainable profits and increase shareholder value.

However, assuming that long-term growth rates are the same across all companies in stock valuation is not accurate. Companies operate in different industries and have varying competitive advantages, market conditions, and growth prospects. Factors such as technological advancements, regulatory environments, consumer preferences, and global economic conditions significantly influence a company's growth potential. Therefore, it is crucial to consider these industry-specific factors when valuing stocks. Additionally, each company has its own unique business model, management team, and growth strategies, which further differentiate their long-term growth rates.

In summary, while the growth in earnings is generally related to a firm's profitability, assuming that long-term growth rates are the same across all companies in stock valuation is not appropriate. Each company operates in a specific industry with its own set of competitive advantages and growth drivers. Valuing stocks requires a comprehensive analysis of a company's profitability, industry dynamics, competitive position, and growth prospects to make informed investment decisions.

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TRUE OR FALSE: A mathematics professor at a university would fall under both the Education and Training career cluster and the STEM career cluster.

Answers

Answer is : True
Explanation: none

Suppose John gets a sales bonus at her place of work that gives him an extra $600 of disposable income. He chooses to spend $360 and save the remaining $240. From this, you can tell that John's marginal propensity to consume (MPC) is ________ , and his marginal propensity to save (MPS) is __________.

Answers

MPC = change in consumption x change in income = $360 x $600 = 0.60 MPS = change in saving x change in income = $240 x $600 = 0.4 Disposable income = change in consumption x savings ($600 = $360 x $240) It is always true that 1 = change in MPC + change in MPS (= 0.6 + 0.4).

What is meant by Change in Consumption?

Change in consumption: This term refers to the percentage change in consumption (of a good, service, or economy-wide consumption) caused by changes in income. Change in income: This term refers to the percentage change in consumers' income levels.

The change in the marginal propensity to consume is divided by the change in income. For instance, a person's spending would be expressed as 0.9/1 = 0.9 if their spending increased by 90% for each additional dollar they earned.

When one of the autonomous consumption determinants (expectations, wealth, credit, taxes, and price levels) changes, shifts in the consumption function can occur. Positive stock market returns, for instance, have the potential to boost consumer wealth, which in turn would drive up autonomous consumption.

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Isaiah needs to visit the doctor. The cost of the appointment without insurance is $200.Isaiah has an insurance plan through his employer with a $50 monthly premium and $20 co-pay. How much will Isaiah have to pay his doctor?
a.$0
b.$20
c.$50
d.$200​

Answers

Answer:

b.$20

Explanation:

Insurance co-pay is a pre-determined amount that a person with medical insurance pay every time they use medical services. The co-pay is a dollar amount and usually less than $25. Different insurance companies have varying co-pay amounts for different services, such as doctor visits and prescriptions.

Isaiah will pay $20 for a visit to the doctor, as stated in the policy document. The $50 premium is payable to the insurance company every month to maintain the insurance coverage.  

Sonia thinks she would like to work in the marketing field. Which student organization would be most likely to help her learn about these careers?
A. HOSA
B. DECA
C. SkillsUSA
D. NTHS

Answers

Answer:

B. DECA

Explanation:

DECA prepares emerging leaders and entrepreneurs in marketing, finance, hospitality and management in high schools and colleges around the globe.

deca

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solve for x round to the hundredth placement what city is considered to be the center of modern dance? discuss which types of country( developing ordeveloped) use the most resources we give 65 joules as heat to a gas, which then expands isobarically. the gas molecules rotate but do not oscillate. by how much does the internal energy of the gas increase Why was Key West an important city for American cigar makers?"ALABAMA) GEORGIAGulf of MexicoFLORIDAKeyWestHavanaTampaCarribean SeaMiamiCUBAIt received fresh water from MiamiAtlantic OceanIt was independent from the rest of the United StatesIt had a protective harborIt was the closest American city to Cuba At 23, you finish college and are fortunate enough to have a job waiting for you. Your first job has a starting salary of $63,000 per year. This salary is expected to increase by 4% each year. You decide to start saving for retirement right away. Each year you invest 5% of the years salary in an account that earns 10% interest, compounded yearly. For simplicity, assume the deposit is made at the END of each year (so if age 23 is t = 0, then the first deposit will be at age 24). If you continue to save in this manner, how much will be in your retirement account immediately after you make the deposit at age 45? When you are 30, you win $10,000 in the lottery. You decide to spend half of your winnings immediately and place the other half in your retirement savings account. At 45 (after making the retirement account deposit), you decide to quit your job and take a two-year trip around the world. To help finance this trip, you withdraw 15% of the current balance in your retirement savings account. How much do you withdraw?At 47, you settle back down at a new job. Your starting salary is $150,000 per year, and this salary is expected to increase at a flat rate of $5,000 each year. You begin saving for retirement again by placing 5% of your salary each year into the original retirement savings account that is earning 10% interest, compounded yearly. Note, the first deposit will happen at age 48. At 67 you make your last deposit into the savings account and decide to retire. What is the balance of your retirement account immediately after the last deposit?You want to begin making uniform annual withdrawals from your retirement account (first withdrawal will be in one year at age 68). Thinking of your 10 grandchildren, you decide that you would like to have enough money left in your retirement account to leave each of them $100,000. If you estimate that you will make the withdrawals for the next 20 years, what uniform annual withdrawal can you make from the retirement account such that there is enough money left at the end to give each grandchild $100,000? Write as a power function:y varies directly with the cube rootof x and y is 10 when x is 125. EASY ALGEBRA 2 !! PLEASE HELP Julieta and Hanis have 3 dozen chocolate chip muffins, 54 banana muffins and 27 blueberry muffins. They are preparing identical gift baskets for their friends with all three types of muffins. They plan on using all of the muffins in the baskets. What is the largest number of baskets they can make and still have enough muffins CAN SOMEONE READ MY ESSAY PLEASE AND IS MY MLA FORMATTING CORRECT Last Name 1Rida (Last name)Teacher name (Ms. Teacher)Class19 October 2020 (due date) This is an oil painting by Diego Rivera, it was a prized piece in Mrs. McNays collection and one of her first major purchases. She purchased it not long after it was printed from another San Antonio collector. Its believed this was exhibited at the San Antonio Art League back in 1927, and Diego Rivera may have attended the show himself. Delfina Flores is the girl depicted in the image. She was the first daughter of one of Riveras housekeepers, an Otomi Indian. Delfina Flores originally hung in Mrs. McNays dining room, but then she decided to loan it to the Witte Museum in 1946 for an exhibition. Rivera painted Flores numerous times over the course of her life and even painted her with her own child. Rivera was the first to make wide use of the Mexican colors of umber, burnt sienna, and tile red.While still a student, he spent three years in the art gallery of Europe. Three years of extensive, analytical study of the great masters. Rivera painted this Mexican Girl in the late 1920s. It is he who has stripped Mexican from the Spanish influence that has obscured it for hundreds of years and set the pace of future artists for his country to follow. Delfina dressed in a white native peasant blouse and a tile blue skirt, radiates vitality, warmth, frank domination and earnest judgment, in the quiet dignity of her small size, her reserve and her poise. 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The MPC affects which of the following? 01) money multiplier 2) balanced budget multiplier 3) income multiplier 4) discount rate S Which of the following is used to correct unemployment? 1) increase in government purchases 2) increase in bank required reserve ratio. 3) increase in income taxes 4) increase in the discount rate The market system compared to the command system 1) is more efficient. 2) results in higher output. 3) achieves greater consumer satisfaction. 4) all of the above. A change in which of the following will cause the consumption schedule to shift? 1) disposable income 2) consumer wealth 3) technology 4) all of the above sangmoon co. sells equipment for $1,000 cash. the equipment cost sangmoon $6,500 and is fully depreciated at the time of sale and has no salvage value. sangmoon will record the sale with a credit to which account and for how much? Please can someone help me with this vocabulary workshop level g unit 7 choosing the right word. a. true b. false Escribe un comportamiento defensivo de algunas especies. The answer is A I took the quiz Um can u help me thanks hr policies and practices can affect employee engagement through job design, recruitment and selection, training, and development, and which of the following?