Business, 20.09.2020 16:01, nmm32

The Yankel Corporation’s controller prepares adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December 31, 2021: General JournalDebitCredit Interest expense2,100 Interest payable 2,100 Insurance expense70,000 Prepaid insurance 70,000 Interest receivable4,200 Interest revenue 4,200 Additional information: The company borrowed $35,000 on June 30, 2021. Principal and interest are due on June 30, 2022. This note is the company’s only interest-bearing debt. Insurance for the year on the company’s office buildings is $105,000. The insurance is paid in advance. On August 31, 2021, Yankel lent money to a customer. The customer signed a note with principal and interest at 9% due in one year. Required: 1. What is the interest rate on the company’s note payable? 2. The 2021 insurance payment was made at the beginning of which month? 3. How much did Yankel lend its customer on August 31?

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 05:50, Courtneymorris19

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

Answers: 1

continue

Business, 22.06.2019 19:50, hdkdkdbx

Managers in a firm hired to improve the firm's profitability and ultimately the shareholders' value will add to the overall costs if they pursue their own self-interests. what does this best illustrate? a. diseconomies of scale b. principal-agent problem c. experience-curveeffects d. information asymmetries

Answers: 1

continue

Business, 22.06.2019 20:20, jskdkfjf

Fractional reserve banking which of the following statements about fractional reserve banking are correct? check all that apply. fractional reserve banking allows banks to create money through the lending process. fractional reserve banking does not allow banks to hold excess reserves. fractional reserve banking allows banks to create additional wealth by lending some reserves. fractional reserve banking relies on everyone not withdrawing their money at the same time.

Answers: 2

continue

Business, 22.06.2019 23:00, tonya3498

Which of the following is not one of the four principles of bottleneck management? a. increasing capacity at non-bottleneck stations is a mirageb. lost time at the bottleneck is lost system capacity. c. release work orders to the system at the bottleneck's capacity pace. d. increased bottleneck capacity is increased system capacity. e. bottlenecks should be moved to the end of the system process.

Answers: 1

continue

Do you know the correct answer?

The Yankel Corporation’s controller prepares adjusting entries only at the end of the fiscal year. T...