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
What is the interest on the payment?The interest is:
= 104,000 x 6%/12 months in year
= $504
The note payable principal repayment will be:
= 2,011 - 520
= $1,491
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The difference between accounting profit and economic profit is.
Answer:
Accounting profit - Your actual profit
Economic profit - Profit, but opportunity cost factored out
Explanation:
Accounting profit is how much you made (Revenue - Explicit Cost.
Economic profit includes implicit costs, or opportunity cost. If you could have made $100,000 at a different job, you subtract that. If Accounting-Economic profit is 0 or higher, you should stay in business.
In a competitive market, no single producer can influence the market price because.
Explanation:
many other sellers are offering a product that is essentially identical consumers have more influence over the market price than producers do.
Abardeen corporation borrowed $90,000 from the bank on october 1, year 1. The note had an 8 percent annual rate of interest and matured on march 31, year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did abardeen pay for interest in year 1? b. What amount of interest expense was recognized on the year 1 income statement? c. What amount of total liabilities was reported on the december 31, year 1, balance sheet? d. What total amount of cash was paid to the bank on march 31, year 2, for principal and interest? e. What amount of interest expense was reported on the year 2 income statement?.
a) The amount of cash that Abardeenn Corporation paid for interest in year 1 is $0.
b) The amount of interest expense recognized on the year 1 income statement is $1,800 ($90,000 x 8% x 3/12).
c) The amount of total liabilities reported on the December 31, year 1 balance sheet is $91,800 ($90,000 + $1,800).
d) The total amount of cash paid to the bank on March 31, Year 2, for principal and interest is $93,600 ($90,000 + ($90,000 x 8% x 6/12).
e) The amount of interest expense reported on the year income statement is $1,800 ($90,000 x 8% x 3/12).
How is interest calculated?Interest can be computed by applying the interest rate to the amount of notes payable based on the period under coverage.
For example, the interest amount for a six month is not the same as the interest amount for a full year, as interests are always prorated.
Data and Calculations:Amount of Note Payable = $90,000
Annual interest rate = 8%
Maturity date = March 31, Year 2
Maturity period = 6 months
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Why is it important to file your federal incomes taxes every year?.
Answer:
Avoid losing future refunds.
Explanation:
Part or all of any refund is first used to pay any back taxes owed. Safeguard credit. If the IRS files a tax lien against a taxpayer, it could affect credit scores and make it harder to get a loan.
what are the ources of information and communication?Describe
Answer:
One of the fundamental ideas in communication and information processing is the source or sender. Sources are objects that encode message data and transmit it to one or more observers over a channel (or receivers).
THIS IS FOR U.S. GOVERNMENT
Unlike the Speaker of the House, the president of the Senate
A.
is not elected by the Senate and may vote on any matter in the Senate.
B.
is elected by the Senate and may vote on any matter in the Senate.
C.
is elected by the Senate and may only vote to break a tie.
D.
is not elected by the Senate and may only vote to break a tie.
Which members of OPEC would be the most likely to favor high oil prices now because of their small percentage of the world proven oil reserves
The members of OPEC that would be in favor of high prices due to the small oil reserves that they have would be the countries in Africa
EcuadorAngolaTunisiaGabonWhat is OPEC?This is an organization of the petroleum producing countries of the world.
Due to a rise in the oil prices now, these nations would most likely be favored in the sales of their products
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Select all that apply Determine which of the following expenses are considered revenue expenditures related to a company vehicle. (Check all that apply.) Multiple select question. Engine overhaul Dent repair Installation of special equipment Car wash Oil change
Revenue expenditures are additional costs of plant assets that do not materially increase the asset’s life or productive capabilities. Hence, the answer the one that does not apply is Installation of special equipment.
Revenue expenditures related to a company vehicleEngine overhaul Dent repairCar wash andOil changeTherefore, the one that does not apply is Installation of special equipment.
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Answer:
dent repair , oil change ,car wash
Explanation:
Cash price is $6,000. a down payment of 10% is required. monthly payments will be $120 a month for 52 months
Based on the total payment, and the down payment, the interest rate can be found to be 6.72%.
What is the interest rate?First find the loan amount to be:
= 6,000 x (1 - 10% down payment)
= $5,400
The interest rate can be found by a spreadsheet formula called RATE.
Number of periods = 52
Payment = 120
PV = $5,400 loan amount
Rate will be:
= 0.00560
= 0.560%
In yearly terms this is:
= 0.560 x 12 months
= 6.72%
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When a tax is placed on a product, it’s_________increases, so it’s_________ may decrease. People react to the higher prices by buying _______.
Answer:
The answer is product, sales, similar products.
Explanation:
Hope This Helps.
Describe some of the arguments that supporters and opponents of wealth tax make.
The arguments that the supporters of Wealth Tax make is that it would help to make a progressive tax system and also ensure income inequality is reduced. The opponents argue that it would reduce the income of the wealthy.
What is wealth tax?This is regarded as the type of tax that is placed on the individual assets that people own.
This tax is on the cash they have, their personal belongings, their properties and their securities.
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Korey is planning to open a comic book store near his home. after completing a population survey for 3,520 homes in a 5 mile radius, korey created the chart below to include in the market analysis section of his business plan. which of the following is the best reason to include in the market analysis component of korey's business plan explaining why such a high percentage of grade-school aged kids in the surveyed region is good for korey's store? a pie chart titled population surveys. retired (55 plus), 10 percent; family (kids in college), 8 percent; family (kids in high school), 18 percent; family (kids in grade school), 32 percent; family (no kids), 20 percent; single, 12 percent. a. younger kids like to read more than older kids. b. younger kids are the only regular buyers of comic books. c. younger kids often have allowance money that they are anxious to spend at comic stores. d. younger kids who read comic books are likely to read them when they are older, which will create a current and future customer base.
Kids in grade school have a maximum percentage of 32 reasons that Option (d) is the correct answer.
why are the grade-school-aged kids surveyed?Korey did the market analysis section of his business plan after conducting a population survey of 3,520 homes within a 5-mile radius.
He discovered that younger children who read comic books as children are more likely to read them as adults, resulting in a current and future client base.
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Answer:
Which is the best reason to include in the market analysis component of Korey's business plan explaining why such a high percentage of grade-school aged kids in the surveyed region is good for Korey's store?
a. Younger kids like to read more than older kids.
b. Younger kids are the only regular buyers of comic books.
c. Younger kids often have allowance money that they are anxious to spend at comic stores.
d. Younger kids who read comic books are likely to read them when they are older, which will create a current and future customer base.<<<CORRECT>>>
Explanation:
2022 EDGE
Please help!!
Take a critical and analytical (objective) look at your life. Think about your wants and needs. List in two separate columns your top ten wants and your top ten needs. For each one, give a one-sentence explanation about why it is a want or a need.
Next, explain why you need your needs, but don't need your wants. How does this change your perspective when considering things you want?
this what I have so far
NEEDS:
WANTS:
New clothing
New phone
Hair products
Oculus headset
New shoes
drone
Education(college)
Car
My driver's License's
Phone case
Which design principle is especially important when you are creating navigational aids for your document?.
The design principle that is important when one is creating navigational aids for your document is repetition.
What is a design principle?It should be noted that the design principle simply means the principles that are used to create visually appealing designs.
In this case, the design principle that is important when one is creating navigational aids for your document is repetition.
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Answer:
IM SO SLOPPY he is so genius!!! ☞￣ᴥ￣☞True or false: All employees make an impact on a business.
5 points
True; all employees make a positive impact on a business
True; all employees make either a positive or negative impact on a business
False; only managers and supervisors make an impact on a business
False; only executives and board members make an impact on a business
Answer:
true; all employees make either a positive or negative impact on a business
Explanation:
What type of contract is created by an agreement that is oral when it is required by the Statute of Frauds to be in writing?
The type of contract created by an agreement that is oral when it is required by the statute and required in writing is: legally voidable contract.
What is a Contract?A contract is a legal agreement that binds individuals or groups. It defines and governs the mutual rights and obligations of the parties involved.
In a Legally voidable contract, the parties involved create an agreement orally especially when it is required by the statute of fraud. Although contracts that fall outside the statute need not be in writing.
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what are the two factors that go into which item is thought of as bought first, etc., when choosing between several possible purchases.
Answer:
Fifo
Explanation:
Because the stock that is bought first should be the one to be purchased first
Buying office space is ______________ in the long run-in comparison to leasing. Which is the correct answer?
less difficult
less expensive
more expensive
more difficult
Answer:
less expansive
Explanation:
i took the test. i got it right
Buying office space is less expensive, as in the long run it will cover in the variable cost and economies of scale will work.
What is economies of scale?The cost advantages that businesses gain as a result of their size of operation are known as economies of scale in microeconomics. They are commonly quantified by the amount of output generated in a given amount of time. Scale can be increased when the cost per unit of output decreases.
The phenomenon known as economies of scale occurs when the scale or magnitude of the production produced by a firm increases while the average cost per unit of output decreases.
Technical, managerial, marketing, financial, commercial, and network economies of scale are the six different categories of internal economies of scale.
Economies of scale emerge when a company reaps the rewards of its size. A corporation gains from a variety of efficiency as it grows. For instance, serving 1,000 people at a restaurant is much more affordable and effective than serving just one.
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When he worked in the office alongside his co-workers and supervisor, Nikola just had to show up for eight hours and everyone thought he was productive. However, now that he works remotely, he feels he has to prove he's been working by getting projects done and sending them to his boss, and he has actually become more productive as a result. Nikola's experience is an example of one of the benefits of __________.
The given scenario of the remote work which Nikola does is an example of telecommuting.
What is Telecommuting?This refers to the practise of working from home making use of internet based devices to communicate and execute tasks.
With this in mind, we can see that based on the scenario, Nikola had to show up for 8 hours to be thought productive by his co-workers and when he started working remotely, he became even more productive and this is an example of telecommuting.
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why does the hand and foot are the most abused part of the body ?pa help po
The hand and foot are the most abused part of the body because they are used to perform majority of the functions and movements in individuals.
What is Movement?This happens when an organism or object changes its position over time. The hand and foot are majorly involved in movement from one place to another.
They are also responsible in performing tedious physical activities which is why they are the most abused part of the body.
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To become a successful entrepreneur, you should:
Select one:
O Prepare to risk all of your family assets.
O Plan to quit your job before starting.
O Choose a business that is in a field you enjoy.
O Expect to put down a lot of money.
What impact do policy interventions have on the supply and demand equilibrium for a product?.
Policy interventions can impact the supply and demand equilibrium for a product by leading to a disequilibrium between demand and supply.
What are impact of policy interventions?
Policy interventions are when the government give directives in order to bring about a desired effect. For example, the government can institute a bind price ceiling. This means that the goverment sets the maxium price for a good. This would lead for an excess of demand over supply.
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Game theory suggests that competing firms in an oligopolistic industry may be
Game theory suggests that competing firms in an oligopolistic industry may be reluctant to change prices because they anticipate that rivals will match price cuts but ignore price increases.
What is Game theory?Game theory looks at the interactions between participants in a competitive game and calculates the best choice for the player.
Dominant strategy is the best option for a player regardless of what the other player is playing. Nash equilibrium is the best outcome for players where no player has an incentive to change their decisions.
Here are the options:
. too quick to raise prices because they will fail to anticipate that rivals may gain market shares.
b. reluctant to change prices because they anticipate that rivals will match price cuts but ignore price increases
c. reluctant to change prices because they anticipate that rivals will ignore price cuts but match price increases
d. too quick to cut prices because they fail to anticipate that rivals may also cut their prices.
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Game theory suggests that competing firms in an oligopolistic industry may be reluctant to price changes.
What do you mean by oligopoly?An oligopoly is a form of market that is made up of a few large firms engaging in strategic behavior. An automobile is the best example of an oligopoly market.
A game theory suggests that competing firms in an oligopoly industry may be reluctant in changes the price because they can analyze that rivals can match the price cuts but generally ignore the increase in the prices.
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Airlines that try to lower fares in order to increase revenue believe the demand for airline service is
Airlines that try to lower fares in order to increase revenue believe the demand for airline service is in price elasticity.
What is price elasticity?Price elasticity occur when a change in price of a commodity or services leads to a change in the quantity of goods or services demanded.
It is believed that when the price is lower more people will demand for the product.
Therefore, Airlines that try to lower fares in order to increase revenue believe the demand for airline service is in price elasticity.
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Airlines that try to lower fares to increase the revenue believe that the demand for the airline's service is price elastic.
What do you mean by demand?Demand refers to the quantity of a good that consumers can be able and willing to purchase at prices for a particular period.
Airlines try to lower the fares to increase revenues believing the demand to be price elastic for the airline's service. A change in prices causes a substantial change in the demand or supply is price elastic.
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What remarketing audiences cannot be defined by default?.
Answer:
When a report is based on data from a large number of sessions you may see the following notice at the top of the report.This report is based on sessions.You can adjust the sampling.
Explanation:
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True or false: A capital gain on a stock is counted as part of the total return whether or not the gain is realized from selling the stock. True false question. True False
A capital gain on a stock is counted as part of the total return whether or not the gain is realized from selling the stock: True.
What is a Stock?A stock is fractional ownership of equity in a company. Stock consists of all the ownership of an organization that is divided among members who acquire it. It is also an investment that represents ownership in a company.
In the case of a capital gain on a stock, it is counted as part of the total return whether or not the gain is realized from selling the stock. So this statement is True because the gain is also counted no matter the outcome of the stock.
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Having connectivity and visibility to all partners in a firm's supply chain can be accomplished through the use of: a. Cloud-based communication systems b. Legacy MRP systems c. Mobile Marketing d. Score-carding systems
Having connectivity and visibility to all partners in a firm's supply chain can be accomplished through the use of: a Cloud-based communication systems.
What is Cloud-based communication systems?Cloud- based communications system can be defined as the way of using internet to communicate or transmit data.
Most companies tend to make use of cloud communication to communicate by making internet phone calls and this is normally done by a hosting service which serves as a third party.
Inconclusion having connectivity and visibility to all partners in a firm's supply chain can be accomplished through the use of: a Cloud-based communication systems.
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True or false? A value hypothesis explains the reasons why a customer may choose not to use a product.
A value hypothesis explaining the reasons why a customer may choose not to use a product is a true statement.
Who is a customer?A customer is a person who purchases goods or uses services from a person, business, or organization. Doing so generally results in him accepting payment. The business typically tries to get the customer to acquire its products or services.
The individual who pays the amount of money to purchase or utilize the services. The customer makes the decision regarding his needs and wants.
The hypothesis is assumed when the data is being achieved after the customer has used the commodity or the services. This leads to the business knowing the reviews.
The value hypothesis examines how much worth any offering or commodity offers clients and, more crucially if they are inclined to pay for same.
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Bankruptcy is considered a last resort because it stays on someone’s record for one to four years. four to seven years. seven to ten years. eleven to fourteen years.
Bankruptcies remain on a consumer's credit report for ten years after they are filed. As a result, option (c) is the proper response.
What is bankruptcy?Bankruptcy is a legal process that can appear on your credit reports for up to ten years after your debts have been cleared and the bankruptcy has been finalized.
The bankruptcy will automatically be removed from your credit report after seven or ten years.
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Evaluate the advantages and disadvantages of horizontal, vertical and conglomerate mergers.
Some of the advantages are related to increased market share and product diversification, while the disadvantages are less flexibility and culture shock.
What is an organizational merger?Occurs in the legal merger of two or more companies with the aim of forming a new organization.
The horizontal merger occurs between two competitors, the vertical between a buyer and a seller, and the merger of conglomerates occurs in companies from different areas of activity.
Therefore, despite the advantages of increasing market value and positioning, the merger between companies can be a risky strategy if it is not established in a planned way.
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