Wally is employed as an executive with Pay More Incorporated. To entice Wally to work for Pay More, the corporation loaned him $36,000 at the beginning of the year at a simple interest rate of 1 percent. Wally would have paid interest of $4,320 this year if the interest rate on the loan had been set at the prevailing federal interest rate. a. Wally used the funds as a down payment on a speedboat and repaid the $36,000 loan (including $360 of interest) at year-end. Does this loan result in any income to either party

Which statement about the cost of the options is true? she would save $1,000 by choosing option b. she would save $5,650 by choosing option a. she would save $11,200 by choosing option b. she would save $11,300 by choosing option a.

Required prepare the necessary adjusting entries in the general journal as of december 31, assuming the following: on september 1, the company entered into a prepaid equipment maintenance contract. birch company paid $3,400 to cover maintenance service for six months, beginning september 1. the payment was debited to prepaid maintenance. supplies on hand at december 31 are $3,900. unearned commission fees at december 31 are $7,000. commission fees earned but not yet billed at december 31 are $3,500. (note: debit fees receivable.) birch company's lease calls for rent of $1,600 per month payable on the first of each month, plus an annual amount equal to 1% of annual commissions earned. this additional rent is payable on january 10 of the following year. (note: be sure to use the adjusted amount of commissions earned in computing the additional rent.)

Why is efficiency an important economic goal?