Interest on notes receivable is the cost of borrowing money for the borrower or profit from lending money. Interest should be calculated by multiplying principle amount of notes with rate of interest and number of days of interest. Following is the calculation
Interest = Principle amount of notes x Annual rate of interest x days = 10,000 x 0.06 x (30/360) = 50
Since the interest amounts to $50 for the period of 30 days at the rate of 6%, the journal entry for the corresponding transaction is shown below.
On Dec 31, Interest receivable debit is $50. Interest Revenue Credit is $50
Interest receivable account should be debited as it is the asset of D and revenue account needs to be credited as interest income of company should be recognized at income side of profit and loss account which amount to $50.
Maturity date is the date on which notes must be repaid with specified interest for holding period. Generally, maturity period of notes is less than a year means in days. Since notes is issued for 30 days at the interest rate of 6%, computation of the maturity date is shown below.
On Aug 2, Cash Debit is $10,075. Interest receivable Credit is $50. Notes receivable Credit is $10,000. Interest Revenue Credit is $25.
On the date of maturity, cash is received against the note along with the interest due to which cash account needs to be debited by maturity value of $6,180. Notes receivable should be credited by $10,000. Interest is the income for the company and it should be credited underlying the profit and loss account.
[tex]10,000 *(0.06* (\frac{31}{365})) = 50.95[/tex]
Debt: Interest Receiveable 50.95
Credit: Interest Revenue 50.95
Further Explanation Due to a 6% interest of $ 50.95 over a 30 day period, the journal entries are as follows: December 31, debit from interest receivables is $ 50.95. The Interest Income Credit is $ 50.95 Accounts receivable written down debited because it is a Daw company assets The written income account is credited because the company's interest income must be recognized profit and loss income of $ 50.95.
Money orders are issued for 30 days at an interest rate of 6%, the calculation of the due date is as follows: August 2, Cash Debit is $ 10,075.95 $ 50.95 interest receivable credit Credit received by Notes is $ 10,000 The Interest Income Credit is $ 25
On the due date, cash received by the notes and interest is debited with a maturity value of $ 6,180 Receivables are credited with $ 10,000 Interest is income for the company and is credited for the basis of the profit and loss account.
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Grade: College
Subject: Business
Keyword: interest, revenue, due
Requiring industries to recycle 25% of plastics in their manufacturing process is an example of:
Requiring industries to recycle 25% of plastics in their manufacturing process is an example of a sustainable environmental policy. It falls under the domain of Environmental Science within the field of Social Studies.
Explanation:Requiring industries to recycle 25% of plastics in their manufacturing process is an example of a sustainable environmental policy. It falls under the domain of Environmental Science within the field of Social Studies. Recycling is an effective solution to reduce environmental contamination and conserve resources. By mandating industries to recycle plastic waste, it promotes responsible waste management and contributes to a more sustainable future.
A combination of news covered by the media that boosts sales without having to pay is best described by the term ________.
If her adjusted gross income (all from wages) for the year is $18,500, calculate clarita's child and dependent care credit for 2016.
If her adjusted gross income (all from wages) for the year is $18,500, calculate clarita's child and dependent care credit for 2016.
Food with a use by date of July 10 should be stored in front of food dated June 29, in front of food dated July 9, behind food dated june 27 or behind food dated July 11 ?
Food should be arranged by their use by dates to help consumers select an item based on their shelf life.
How should be the food arranged?
Food is what people and animals eat to live. Food usually comes from animals and plants. It is eaten by living things to provide energy and nutrition. Food contains the nutrition that people and animals need to be healthy.
The food marked with July 10 use by date should be placed right behind the product with a June 27 use by date so as to not confuse the consumers.
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If an employee is to be terminated, when is the best time to inform the employee?i/o psychpology
To keep an organization free of the mum effect, it is necessary to
About fifteen years ago, the giant walmart corporation opened a store in germany. ten years later, it closed the entire chain there and pulled out of the country. its approach was to replicate—exactly— the stores found in the united states. for some corporations like mcdonalds, such expansion has been successful. these efforts are all part of how globalization tends to
Final answer:
Walmart's expansion into Germany which ended with the closure of its stores illustrates the challenges of globalization in corporate expansion. Walmart's aggressive growth led to its status as the world's largest corporation, yet it faced difficulties adapting to local markets, highlighting the importance of cultural sensitivity in global business strategies.
Explanation:
The case of Walmart's expansion into Germany and its subsequent exit illustrates the complexities of globalization and how it affects corporate strategy. Walmart, founded in Arkansas, went from a single store to becoming the world's largest corporation, showcasing the American Dream on a massive scale. Despite its colossal growth, Walmart's attempt to replicate its US stores in Germany without adapting to the local culture ultimately failed, reflecting the delicate balance companies must strike in the global market.
Walmart's global expansion was fueled by the pursuit of new markets and the quest to become a global retail behemoth. However, this approach can sometimes clash with local customs and practices, leading to resistance and eventual withdrawal, as seen in Walmart's German experience.
Today, Walmart employs thousands to coordinate its international operations, demonstrating the job creation potentials of globalization. Conversely, the closure of Walmart stores in Germany also showcases the potential for job loss and the risk of cultural insensitivity in corporate expansion strategies.
The chinese government limited auto sales in large cities such as beijing and shanghai because their roads could not handle more traffic. in a market assessment, this would indicate a problem with those cities' ___________.
Tai credit corp. wants to earn an effective annual return on its consumer loans of 14.1 percent per year. the bank uses daily compounding on its loans. what interest rate is the bank required by law to report to potential borrower
What is the biggest difference between ARMA International and AIIM professional organizations?
Apparently, both programs are well worth the time and investment if you are planning an information governance project. Hence both AIIM and ARMA have put a lot of thought and consideration effort into creating programs that offer actionable insights. Moreover, the ARMA presents their Information Governance Professional program in six distinct domain areas. On the other hand, if you are a team member assigned to a governance project and want a better understanding of the overall process or have a specific focus area, the great option is the AIIM. However, if you are tasked with being the project manager for an information governance initiative ARMA’s IGP program might be the better way to go.
Final answer:
The primary difference between ARMA International and AIIM is their focus; ARMA is about records and information management, while AIIM deals with digital information technology solutions and may involve AI.
Explanation:
The biggest difference between ARMA International and AIIM (Association for Information and Image Management) professional organizations lies in their primary focus areas and the industries they primarily serve. ARMA International is more oriented towards records and information management professionals, with a focus on establishing standards for managing records and information within an organization. On the other hand, AIIM is more centered on providing education, research, and best practices for technology solutions that manage digital information, such as content management, collaboration, and 'intelligent' information management that may include elements of Artificial Intelligence or AI.
If a plan sets long term goals for an organization it is
There are six types of business plans:
1. Start-up – details the steps to start a new business.
2. Internal - targets an audience within the business
3. Strategic - details company’s goals and how to achieve them, lays out a foundational plan for the company
4. Feasibility - describes the need for the product or service, makes recommendations
5. Operations - are internal plans that consist of elements related to company operations
6. Growth plans.- are expansion plans written for internal or external purposes
If a plan sets long-term goals for an organization it is strategic planning.
When more corn is planted due to the higher demand from ethanol producers, both cattle ranchers and ethanol producers will end up buying more corn?
Corn is used for two purposes -
1. As feed for cattle.
2. As input in production of ethanol.
It has been stated that increase in demand from ethanol producers does not impact the demand made by cattle ranchers'.
Farmers would only respond with planting of more corn if they can get higher price.
So, it can be stated that higher demand from ethanol producers has raised the price of corn which in turn has induced the farmers to plant more corn.
However, as price of corn is rising, quantity demanded by cattle ranchers' will decline.
So, when more corn is planted due to higher demand from ethanol producers, only ethanol producers end up buying more corn while cattle ranchers' witness a decline in their purchase of corn.
In other words, cattle ranchers' will end up buying less.
So, the given statement is False.
What happens when a bond becomes due?
AYou pay it back to the issuer, plus interest.
BThe issuer will pay you back, minus interest.
CThe issuer will pay you back, plus interest.
D
As stated above, some projections are better for certain purposes. give an example of a purpose or topic that would require an equivalent map projection. for what purpose would a conformal projection be selected for a map? (1)
The first step in the process of organizing a business is to: determine the work that needs to be done. divide people into teams. group workers into departments based on skills or expertise. develop an organization chart.
Final answer:
The first step in organizing a business is to determine the work that needs to be done, which sets the foundation for subsequent steps such as creating an organizational chart and grouping employees into teams or departments.
Explanation:
The first step in the process of organizing a business is to determine the work that needs to be done. This foundational stage involves understanding the company's mission, values, and priorities, and obtaining a thorough knowledge of the competitors. Once the work is determined, one can consider how to organize their workforce, which could include grouping workers into departments based on skills or expertise and developing an organizational chart which is a tool that can help new employees understand the structure of the business and their place within it.
When designing a company, consider the benefits of an organizational chart, the division and coordination of labor, and the importance of each member's expertise. The levels of specialization will vary depending on the organization's context and industry-specific demands. After evaluating the work and roles that need to be filled, other steps such as dividing people into teams, assigning tasks and responsibilities, and departmentalization can be undertaken to ensure effective management and coordination within the company.
Suppose bundle a contains 5 cds and 5 dvds and bundle b contains 88 cds and 33 dvds. if a consumer is able to rank different combinations of goods and services in terms of how much utility they provide, then
An egoist who believed the right goals or actions are the ones that ensure survival
Users throughout alison's organization have been receiving unwanted commercial messages over the organization's instant messaging program. what type of attack is taking place?
The choices are a) Spam b) Phishing c) Social engineering d) Spim. The answer is a. spam. Those are messages are usually unwanted messages that send their commercial emails to people. Spam has similarity with spim since they both are unwanted messages that at times may contain worms and viruses. However, spim appears in instant messages which become the spam on instant messages.
G list the 4 different stages of plastic deformation in a cup drawing process
Cup drawing process is also called deep drawing process. The stages of deep drawing are: First, Punch makes initial contact with the work. Second is bending. Third step is straightening. Fourth is friction and compression. Final step is thinning of the cup. During the process drawing of sheet into the die, up to 12% is the thickening. That’s why clearance is provided between the punch and die.
Specific techniques for systematically gathering data are referred to as:
Susan agrees to sell ben a truckload of blankets for $10,000. susan delivers the blankets to ben's factory on a sunday at 4:00
a.m. seeing no one at the factory, susan waits for twenty minutes and leaves with the goods. susan has:
Charmingbells inc. has been running into a loss gradually, but the board of directors are reluctant to shut the company down because it has invested millions of dollars' worth of equipment which can only be used in that industry. moreover, the people in charmingbells inc. have become emotionally attached to the company and do not want the company completely shut down. this scenario best illustrates _____.
This scenario best illustrates the high exit barriers. As Charmingbellsinc.permanently been running into a loss gradually, but the board of directors is reluctant to shut the company down because it has invested millions of dollars' worth of equipment. It bears a high cost of exit barriers.
Further Explanation:
Exit barriers:
Exit barriers mean the loss occurred in the case of shutting down the business. When the company invested a huge amount of money in the business. The investment is made in the equipment or infrastructure. If the company faces losses, the management should be taken into consideration. When the loss is higher than the cost of investing, the management should shut down the company. But if the loss is lesser than cost of investing, the management should try to reduce the loss and postpone the decision of shutting down.
Shut down:
Shut down means the permanent closed down of the business. The company is no more, producing the goods or providing any services. The company does this only in case of earning a loss. If the company earns a profit, the company is not going to shut down the business. It is the last option as if a company faces loss, the company tries to earn profit by using different means. The company tries to cut down the cost of the product.
Therefore, the shutdown is the permanent closed down of the business.
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Grade: High School
Subject: Accounting
Chapter: Decision making
Keywords:charming bells inc., been running, loss gradually, a board of directors, reluctant, shut sown, invested millions, decision making, worth of equipment, industry, emotionally attached, company, completely, shut down, high exit barriers.
A(n) ____________ records the boundaries of a three-dimensional shape.
Diverse and global teams are one of the most consistent sources of competitive advantage for any organization.
a. True
b. False
how closely should the brand and corporate image usually be related?
Answer:
Brands and corporate images are closely related. Average consumers usually see them as the same implying that negative news on the brand would affect the corporate image and vice versa. High-rank executives must be very careful with both of them if they want to lead the business to success.
Israel kirzner believes entrepreneurs have a unique capability, which he calls _________ ________, to spot existing opportunities for businesses.
Lillian sees a store sign that says cl_ ed. due to the gestalt law of _______, lillian knows the store is closed even though the sign is missing a letter.
Final answer:
The Gestalt law of closure explains why Lillian perceives the incomplete sign as 'closed'. This psychological principle suggests that humans tend to fill in missing information to create a complete and comprehensible picture, demonstrating that our perception is a combined and organized experience rather than just a collection of individual parts.
Explanation:
Lillian sees a store sign that says 'cl_ ed' and, due to the Gestalt law of closure, she knows the store is closed even though the sign is missing a letter. The Gestalt law of closure is a psychological principle that states we organize our perceptions into complete objects rather than as a series of parts. In this case, Lillian's mind fills in the missing letter based on the surrounding context, completing the word 'closed' in her mind even though it's not fully displayed.
The principle of closure is just one aspect of Gestalt psychology, which emphasizes that we often perceive more than what is actually there. This is because our brain tends to fill in gaps in information to create a complete, familiar, and meaningful picture. The famous phrase 'the whole is more than the sum of its parts' encapsulates this idea, meaning that our perception is not just built from individual sensory inputs, but from a cohesive and organized grouping of those inputs into a meaningful whole.
Johnson is hired by a company to see if a new product, topocal, will cause hair to grow on the heads of bald men. he recruits one thousand bald men, and randomly divides them into two groups: five hundred (group
a.rub topocal on their scalps each day; the other five hundred (group
b.rub a standard skin lotion on their scalps each day. after two months, johnson checks to see what the results have been. he finds that there has been hair growth in 7 percent of group a and in 2 percent of group
b.
what is the sample?
General motors’ stand against apartheid in south africa was based upon what came to be known as _____. the human rights movement the sullivan principles cultural relativism the international principles
One way of controlling "nuisance" variables is to match the various groups by picking the confounding characteristics and deliberately spreading them across groups.
It is true that , one way of controlling "nuisance" variables is to match the various groups by picking the confounding characteristics and deliberately spreading them across group.
What are variables?Any thing that has multiple possible values is considered a variable. A person, place, thing, or phenomenon that you are attempting to quantify in any way is simply referred to as a variable in research.
The Chapman-Kolmogorov equation is one example of a nuisance variable in the theory of stochastic processes in probability theory and statistics. A nuisance variable is a random variable that is essential to the probabilistic model but is of no particular interest in itself or is no longer of any interest
For controlling exogenous or nuisance variables, the two ways are
1. Matching groups
2. Randomization
Therefore, the statement is true.
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Your question is incomplete, but most probably the full question was,
True/ False: One way of controlling "nuisance" variables is to match the various groups by picking the confounding characteristics and deliberately spreading them across groups.