Business, 07.11.2019 06:31 jcastronakaya

Kelly jones and tami crawford borrowed $15,000 on a 7‐month, 8% note from gem state bank to open their business, jc's coffee house. the money was borrowed on june 1, 2017, and the note matures january 1, 2018. (a) prepare the entry to record the receipt of the funds from the loan. (b) prepare the entry to accrue the interest on june 30. (c) assuming adjusting entries are made at the end of each month, determine the balance in the interest payable account at december 31, 2017. (d) prepare the entry required on january 1, 2018, when the loan is paid back.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 00:40

Guardian inc. is trying to develop an asset-financing plan. the firm has $450,000 in temporary current assets and $350,000 in permanent current assets. guardian also has $550,000 in fixed assets. assume a tax rate of 40 percent. a. construct two alternative financing plans for guardian. one of the plans should be conservative, with 70 percent of assets financed by long-term sources, and the other should be aggressive, with only 56.25 percent of assets financed by long-term sources. the current interest rate is 12 percent on long-term funds and 7 percent on short-term financing. compute the annual interest payments under each plan.

Answers: 3

Answer

Business, 22.06.2019 06:00

Suppose that a monopolistically competitive restaurant is currently serving 260 meals per day (the output where mr

Answers: 2

Answer

Business, 22.06.2019 08:50

Dyed-denim corporation is seeking to lower the costs of value creation and achieve a low-cost position. as a result, it plans to move its manufacturing plant from the u.s. to thailand, which based on company research, is the optimal location for production. this strategic move will most likely allow the company to realize

Answers: 3

Answer

Business, 22.06.2019 21:40

Heather has been an active participant in a defined benefit plan for 19 years. during her last 6 years of employment, heather earned $42,000, $48,000, $56,000, $80,000, $89,000, and $108,000, respectively (representing her highest-income years). calculate heather’s maximum allowable benefits from her qualified plan (assume that there are fewer than 100 participants). assume that heather’s average compensation for her three highest years is $199,700. calculate her maximum allowable benefits.

Answers: 3

Answer

You know the right answer?

Kelly jones and tami crawford borrowed $15,000 on a 7‐month, 8% note from gem state bank to open the...

Questions