On december 1, victoria company signed a 90-day, 6% note payable, with a face value of $15,000. what amount of interest expense is accrued at december 31 on the note?

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Answer 1

To calculate the accrued interest:

Just multiply the interest rate by the balance to determine the annual interest expense. Divide the annual interest expense by 12 to calculate the amount of interest to record in a monthly adjusting entry.So fotr this problem, if a $15,000 note payable has a 6 percent interest rate, multiply 10 percent, or 0.06, by $15,000 to get $900 in annual interest. Divide $900 by 12 to get $75 in monthly interest.

Therefore, the accrued interest is $75.

Related Questions

A server expects a group of poorly dressed customers to be stingy tippers and gives them poor service, so he gets the result that he expects, a very small tip. this is an example of

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The answer to the given blank above is SELF-FULFILLING PROPHECY. From the term itself, self-fulfilling prophecy refers is a kind of prediction made by someone which most likely becomes true, may it be directly or indirectly. Usually, this is a result of both belief and behavior. In the given scenario above, the waiter, serving poorly dressed customers, predicts that he is going to be tipped low and so he gives them bad service. As a result, he did really get a smaller tip, just as he expects or believes.

An employee who pockets cash received from a customer without recording the transaction is an example ofâ a(n):
a. expense scheme.
b. cash register scheme.
c. disbursement scheme.
d. check tampering scheme.

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The correct option is B. Cash register scheme is a type of fraud scheme in which an employee falsely document a refund for a returned product and pocket the money meant for the refunding. It may also occur in form of accepting cash from customers without recording it in the cash register.

Carl lives in a small new england town where he and other residents attend monthly town meetings. at these meeting they publicly vote on issues concerning the town. these monthly town meetings are an example of ________ democracy

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A direct democracy, also known as a pure democracy. This is where each individual has a vote, and directly decides on the things that are up for decision. This differs from a representative democracy, where people elect representatives which vote for them.

Georgia is considering between two health insurance policies. one includes a deductible of $600 and the other includes a coinsurance of 20%. if a bill is $4,000, how much will she be required to pay under the policy with the coinsurance?

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Since the policy with the coinsurance has a coinsurance value of 20%, then, Georgia will be required to pay 20% from the price of the bill.

Since the bill is for 4000$, then the amount to be paid can be calculated as follows:
required payment = (20 / 100) x 4000 = 0.2 x 4000 = 800$

A friend asks you to bring dip to a party, and you agree. then, your friend adds that you need to make at least two quarts of it and bring at least three bowls to serve it in and three bags of chips. this party planner has used which compliance strategy on you?

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On the given scenario above, the party planner used in compliance to the strategy to you is the low ball technique. As the friend tries to initiate a specific task to you in to persuading you in his or her advantage and adding another tasks that will benefit them, which is likely to be the low ball technique starts from offering something small in hope to charged more for their advantage.

Fournotts corp., a sports shoe manufacturer, launched a new sports shoe. as a part of publicity, it invited its customers to try the shoes and get a feel of its features. this is an example of _____.

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In the given scenario above, the Fournotts corporation is engaging in the method of marketing in promoting their product is called the experiential marketing. This type of marketing enables to promote their product in a way of having events to occur or held an event where consumers are invited and are asked to participate in order to show them the product that they have and to engage the consumers into being attracted to it by having them try it, handing them discounts or freebies and to have them feel that they would want to buy it, which is seen above as they held an event, inviting consumers to try on their new product.

A car crash woke john from his afternoon nap. when he looked out of his apartment window, he saw several people milling around two smashed cars. he decided not to dial 911 because he assumed someone had already called. john's reaction is an example of

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John's reaction is an example of the bystander effect.
It means that he will just continue staring at the accident because he is curious as to what happened and he wants to see how the event is resolved, however, he is not really willing to do anything to help the people involved - he will just assume someone else will do that.

Nigel currently has a balance of $668.47 in an account he has held for 15 years. he opened the account with an initial deposit of $497. what is the simple interest rate on the account?

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To calculate the simple interest rate on Nigel's account, the interest earned over 15 years is first determined by subtracting the initial deposit from the current balance. This amount is then divided by the product of the original deposit and the number of years to find the rate, which is found to be 0.23%.

To determine the simple interest rate on Nigel's account, we need to use the formula for simple interest, which is I = P * r * t, where 'I' stands for the interest earned, 'P' for the principal amount (initial deposit), 'r' for the rate of interest, and 't' for the time in years.

Since we have the initial deposit (P = $497), the total amount in the account after 15 years (A = $668.47), and the time (t = 15 years), we can first calculate the interest earned (I) by subtracting the initial deposit from the total account balance.

Step 1: Calculate Interest Earned (I)

I = A - P = $668.47 - $497 = $171.47

Step 2: Apply the Simple Interest Formula

Next, we divide the interest earned by the product of the principal and the time to find the rate:

r = I/(P*t)

r = $171.47/($497 * 15)

Step 3: Calculate the Simple Interest Rate

r = 0.0023 or 0.23%

Therefore, the simple interest rate on Nigel's account is 0.23%.

When does the appraisal process begin?

a. when the manager defines performance standards for an employee

b. after the manager observes the employee's performance

c. as soon as the employee begins working?

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The appraisal process is a procedure of which a higher authority or someone authorized to assess the abilities and the performance of the employees. In the choices above, it begins in letter a, when the manager defines performances standards for employees because this is considered to be an orientation for the employees of which they should apply before the assessing starts. Once they have ingested the performances standards, the assessing begins, or the so called appraisal process.

Difference between commission and request

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A request is when someone asks the artist to draw something for her without having to pay anything.

A commission is when you pay the artist for them to draw what you want.

i suppose it could be applied to other forms of business as well.

A prospective buyer submits an offer to purchase a home for $256,000. the seller changes the price to $260,000, initials the change, signs the offer and sends it back to the purchaser. what has occurred here?

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The answer to the question is that the seller has rejected the initial offer and has offered a counter-offer to the prospective buyer. The seller was likely unsatisfied with the initial offer and has issued a counter-offer to the purchaser.

The seller has made a counteroffer by changing the price and sending it back to the buyer, who can now respond to this new offer.

When the seller increases the original purchase offer from $256,000 to $260,000, initials the change, signs the offer, and sends it back to the purchaser, a counteroffer has been made. This occurs in real estate transactions when the seller is not satisfied with the buyer's initial offer and adjusts the price or terms before agreeing to the sale. The prospective buyer can now decide whether to accept the seller's counteroffer, reject it, or make another counteroffer.

In the united states, government interventions that restrict a person's ability to immediately produce and sell a product that he or she has discovered or invented are referred to as ________.

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Referred to as Market restrains. Vertical restraints are rivalry confinements in understandings between firms or people at various levels of the generation and conveyance process. Vertical limitations are to be recognized from purported "flat restrictions", which are found in understandings between even contenders.

What is the most important tool for analyzing the production, distribution, and consumption of goods and services?

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Economics is used for analyzing the production, distribution, and consumption of goods and services.
Economics is actually a branch of Social Science.The word Economics comes from a greek word Oikou-Nomos, which means household management. Economic analysis can be applied throughout society in business, healthcare, finance and government. it is also applied to some diverse subjects like crime family, law, politics etc.

Answer what is good for the organization is the concern of supervisors,not employees

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Yes, I agree that it is good for the organization is the concern of supervisors, not employees. Because supervisors only maintain the employees and they will instruct all the things to employees related to their work. Employees only do their works what their superiors told to do. However, supervisors will maintain the over all company and drive the progress of the company.

Is it consistent to favor the free exchange of goods within a nation but to support trade restrictions on imported products?

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I would say it is consistent to favour the free circulation of goods within one's own country but also import restrictions because in both cases one is trying to protect the sale of products made within one's country. What is not consistent is to say one favours free trade and then when one is affected too much by foreign goods competition to then slap import penalties on other countries but still expect to flood other markets with the goods of one's country.

The _____ requires states to provide all eligible citizens with the opportunity to register to vote when they apply for or renew a driver's license.

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The National Voter Registration Act of 1993 was passed to allow greater access to voting, and encourage an easy path for potential members of the electorate to vote. This was a groundbreaking act intended to involve more individuals in democracy and increase voter turnout, particularly for local elections.

The portion of an e-seller's business through which customers interact, including the seller's portal, electronic catalogs, shopping cart, and payment gateway is referred to as the ________ of the business.

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Which form would an individual use who has less than $50,000 in taxable income from wages, salaries, tips, unemployment compensation, interest, or dividends, and who is married and does not itemize deductions? A. Form 1040 B. Form 1040EZ C. Form 1040A D. Schedule A

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B. Form 1040EZ. However, the answer does depend on the amount of taxable interest generated (cannot use 1040EZ if taxable interest exceeds $1500). If more than $1500 in taxable interest, then the answer would be Form 1040A.

Answer:

C. 1040A

Explanation:

I got it right on the test

Assume the CPI increases from 100 to 110. Explain the impact of this inflation (helped, hurt, not impacted) on each of the following:
A surveyor who took out a 5% fixed-rate loan last year to buy new equipment.
A bank that awarded a 6% fixed-rate loan to a couple buying their first home.
A company signs a contract to clean classrooms at a fixed rate for the next 5 years. The company does not have a labor contract with its employees.
A union worker who received a 10% cost of living adjustment.
A student who currently earns 2% interest on her savings account.

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Inflation is the act wherein the general price level of the goods and services have sustained. It is also has a tendency to reduce the value of money when it is too high, but it also depends on the interest rate if it’s higher. Therefore the answers of these would be:

a. Considering the fixed rate of the new equipment, it would gain 4%

b. Due to the loan, 4% would be lost.

c. Lack of the documentation of the employees would allow the company to lose.

d. The result would be unchanged.

e. The result would be the loss of 8%

When a price floor that has an impact is imposed, the quantity?

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When a price floor that has an impact is imposed, the quantity DEMANDED WILL DECREASE AND THE QUANTITY SUPPLY WILL INCREASE. Price floor is often imposed by the government in order to prevent a price from falling below a certain point. When a price floor is placed above the equilibrium price, quantity supplied will be more than quantity demanded and there will be excess supply.

When neither party consents but an effect or results or liability or right is created this is called?

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The answer is Operation of Law. This is a legal term that points out that a right or liability has been formed for a party, irrespective of the intention of that party, because it is ordered by existing legal principles. For example, if an individual dies without a will, his or her heirs are resoluted by operation of law. Similarly, Adverse possession, in which title to land go by because non-owners have engaged it for a definite period of time, is another significant right that vests by operation of law.

Percy gray, a professional nature photographer, is planning to buy a camera. recently, when he came across an ad in a magazine, he carefully considered and evaluated the various attributes of the cameras. he was keen on weighing the advantages against the price and also considered the usability of the products under inclement weather conditions. in this instance, percy gray is focusing on the _____.

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Percy Gray was focusing on the features of the camera. This would provide the intended output of a subject. Also, it would give versatility on taking pictures. Limited features cannot bring out better photo result. He learned that he would improve if himself gave that he has this kind of camera.

A production function shows output that can be produced from

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A production function demonstrates the connection between contributions of capital and work and different elements and the yields of products and enterprises. The least complex conceivable generation work is a straight creation work with work alone as an information. A production work relates physical yield of a creation procedure to physical data sources or factors of generation.

Final answer:

A production function shows the maximum output that can be produced using various combinations of inputs such as labor or capital. It is often expressed as a mathematical equation. The law of diminishing returns applies, meaning at some point, adding more inputs will not proportionately increase the output.

Explanation:

A production function illustrates the output that can be created from using certain amounts of inputs in the production process. It depicts the association between the quantity of factor inputs (like labor or capital) and the resulting output of goods or services. For instance, a company may increase the quantity of raw materials and labor to increase production. However, the law of diminishing returns identifies a point after which the addition of more inputs does not result in proportionately increased output.

In mathematical terms, the production function is usually expressed as Q=f(L, K) where Q is the quantity of output, L is the quantity of labor, and K is the quantity of capital.

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The journal entry to record the transfer from work in process to finished goods would include a debit to

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Debt to finished goods
Credit to work in process

If a rent ceiling is set at $900 a month, what is the housing shortage? if a rent ceiling is set at $1,500 a month, what is the housing shortage?

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You are asked to find the housing shortage if a rent ceiling is set at $900 and $1,500 a month. Since we are not given any other values, I will set an equilibrium rate for the rent ceiling at $1000. You have to know that you cannot answer this problem if you do not know the conditions. The first condition is that if the rent ceiling is above the set equilibrium then it will have no effect in the housing shortage because it exceeded the quantity demanded for the housing. Therefore $1500 has no market shortage. But if the rent ceiling is below the set equilibrium then it creates a housing shortage so $900 has a housing shortage.

If a congressional leader passes a bill favorable to a particular pharmaceutical firm, then resigns to take a consultant position with the same firm, this may be an example of

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The answer to this question is that it is an example of regulatory capture.

Regulatory capture is a situation where in the interest of the business or firm is being prioritized by the firm in order for them to advance and succeed. There are two types of regulatory capture; a materialistic capture and non-materialistic capture.

________ databases are the most commonly used electronic databases.

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The answer to this question is a relational database. A Relational database is a computer database that is stored in which information and data that is stored have a relation with each other. Relational database is also a set of tables, records, and columns. The software that is used in a relational database is called a relational database management system or RDBMS.

Relational databases are the most commonly used electronic databases.

The term "relational database" refers to a particular kind of database that stores and arranges data in tables, with each table having a set of rows and columns. A relational database is a type of computer database where the information and data that are saved are related to one another.

Tables, records, and columns make up a relational database as well. RDBMS, or relational database management system, refers to the program used in relational databases. Numerous industries, including healthcare, finance, and e-commerce, among others, frequently employ relational databases.

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The fallacy of _____ is arguing erroneously that what can be said of the whole can be said of the parts.

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the fallacy of false dilemma.

The financial statements of gervais manufacturing company report net sales of $500,000 and accounts receivable of $80,000 and $40,000 at the beginning and end of the year, respectively. what is the accounts receivable turnover for gervais?

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Receivables turnover ratio can be calculated by dividing the net value of credit sales during a given period by the average accounts receivable during the same period. Average accounts receivable can be calculated by adding the value of accounts receivable at the beginning of the desired period to their value at the end of the period and dividing the sum by two.
500,000÷((80,000+40,000)÷2)
=8.3

If lightning is striking nearby when people are outside and there is no time to evacuate, they should:

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If lightning is striking nearby when people are outside and there is no time to evacuate, they should: Avoid squatting or sitting close to other people.
Electricity has the ability to travel as long as it connected to a medium. When sitting closely to one another, it provides enough medium for the electricity to travel which will expand the causalities

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