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

Another question on Business

Business, 22.06.2019 10:00

The solution set for -18 < 5x-3 iso-3х3< xо-3хo3 > x

Answers: 3

Answer

Business, 22.06.2019 18:00

Acountry made education free in mandatory up to age 15. it is established 100 new schools to educate kids across the country. as a result, citizens acquired the _ required to work. the school's generated _ for teachers and other staff. in 20 years, to countryside rapid _ and its gdp.

Answers: 3

Answer

Business, 22.06.2019 19:20

Bcorporation, a merchandising company, reported the following results for october: sales $ 490,000 cost of goods sold (all variable) $ 169,700 total variable selling expense $ 24,200 total fixed selling expense $ 21,700 total variable administrative expense $ 13,200 total fixed administrative expense $ 33,600 the contribution margin for october is:

Answers: 1

Answer

Business, 23.06.2019 03:30

Jiffy printing shops does a lot of printing job for college students. the shop use an average of 25 cases of copy paper each day during the 312 days last year. the shop opens 6 days a week for 52 weeks each year and closes on sundays. each case of paper costs $35. it conducts a count of its paper inventory at the end of every quarter of the year. the table below shows the inventory counting records for last year. inventory end of quarter 1 700 cases end of quarter 2 1,050 cases end of quarter 3 920 cases end of quarter 4 800 cases 1. what's jiffy's cost of goods sold last year? 2. what's jiffy's average aggregate inventory value? 3. what's jiffy's inventory turnover last year? 4. what is the printing shop's weeks of supply last year?

Answers: 2

Answer

You know the right answer?

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

Questions