On January 1, 2021, Tropical Paradise borrows $50,000 by agreeing to a 6%, six-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $828.64 are due at the end of each month with the first installment due on January 31, 2021.

Answers

Answer 1

Answer:

On 01 January 2021: Debit Cash for $50,000; and Credit Note payable for $50,000.

On 31 Jan 2021: Debit Interest expense for $250; Debit Note payable for $578.64; and Credit Cash for $828.64.

On 28 Feb 2021: Debit Interest expense for $247.11; Debit Note payable for $581.53; Credit Cash for $828.64.

Step-by-step explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

On January 1, 2021, Tropical Paradise borrows $50,000 by agreeing to a 6%, six-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $828.64 are due at the end of each month with the first installment due on January 31, 2021.

Record the issuance of the installment note payable and the first two monthly payments.

The explanation to the answer is now given as follows:

Date                Account Title                     Dr ($)                 CR ($)        

01 Jan 2021    Cash                                  50,000

                          Note payable                                            50,000

                        (To record $50,000 borrowing through 6% Note from the bank.)

31 Jan 2021     Interest expense (w.1)        250

                         Note payable (w.2)            578.64

                            Cash                                                         828.64

                          (To record first month interest expense paid and part payment of $50,000 note.)

28 Feb 2021    Interest expense (w.4)       247.11

                         Note payable (w.5)            581.53

                             Cash                                                        828.64

                          (To record second month interest expense paid and part payment of $50,000 note.)

Workings:

w.1: Interest expense = First month interest expense = (Interest rate / 12) * Loan amount = (6% / 12) *$50,000 = $250

w.2: Note payable = First month part payment of note payable principal = Monthly payment - First month interest expense = $828.64 - $250 = $578.64

w.3: Loan balance after first month = Loan amount - First month part payment of note payable principal = $50,000 - $578.64 = $49,421.36

w.4: Interest expense = Second month interest expense = (Interest rate / 12) * Loan balance after first month = (6% / 12) *$49,421.36 = $247.11

w.5: Note payable = Second month part payment of note payable principal = Monthly payment - Second month interest expense = $828.64 - $247.11 = $581.53


Related Questions

A button machine produces one button in 0.15 seconds. How many buttons are produced in 48.6 seconds?

48.6 divided by 0.15

Multiply the divisor and dividend by
.

The new division problem becomes
.

The quotient of 48.6 ÷ 0.15 is
✔ 324
.

Estimating to check, you get
.

Answers

Answer:

Multiply the divisor and dividend by

✔ 100.

The new division problem becomes

✔ 4,860 ÷ 15.

The quotient of 48.6 ÷ 0.15 is

✔ 324 .

Estimating to check, you get

✔ 5,000 ÷ 15 = 333.33.

Step-by-step explanation:

i did edg.

Answer:

100, 4860 divided by 15, 324, 5,000 divided by 15 equals 333.33

Step-by-step explanation:

I took math test and got this right

CAN someone help me with this pls
WILL GIVE BRAINLIEST

Answers

Answer:

the answer would be $394.00

Step-by-step explanation: Brainliest please

because you divide 187.15 by 19 and that will be what she makes for zero than you multiply 9.85 by 40 then you get 394

Elisa tiene 60 almendras y 70 pistachos y los quiere repartir en bolsas de manera que todas tengan el mismo contenido y que no sobren ni almendras y pistachos.

¿ Cuántas bolsas puede llenar?
¿ Cuántas almendras y cuántos pistachos tiene que poner en cada bolsa?

Answers

Answer:

10 bags,6 almonds and 7 pistachios

Step-by-step explanation:

Elisa has 60 almonds and 70 pistachios and she wants to distribute them in bags so that they all have the same content and that there are no excess almonds and pistachios.

How many bags can you fill?

How many almonds and how many pistachios does she have to put in each bag?

=====================

Prime factors of the given numbers:

60 = 2*2*3*570 = 2*5*7

LCM(60, 70) = 2*5 = 10

The greatest number of the bags is 10

Each bag will contain:

60/10 = 6 almonds and70/10 = 7 pistachios

A meteorologist used the expression below to describe how the temperature changed.

Negative 5 + (negative 4)

Which statement could describe how the temperature changed?
The temperature was –5 degrees, then it increased 4 degrees.
The temperature was –5 degrees, then it decreased 4 degrees.
The temperature was 5 degrees, then it increased 4 degrees.
The temperature was 5 degrees, then it decreased 4 degrees.

Answers

the answer would be 96 because it says in the page 91 so divide it togwthernyoubwill get 96

Answer: the answer is C

Step-by-step explanation:

Solve the inequality:
9-47 > 5
a.
b.
> 1
<-4
<1
C.
d. r <-1

Answers

Answer:

b

Step-by-step explanation:

Answer:

r < 1

-

1. Move the constant to the right

9- 4r > 5

2. Calculate

-4r > 5 - 9

3. Divide both sides

-4r > -4

4. Solution

r < 1

A TV has an original price of $499. If the price decreases by 10%, what is the new cost?

by the way i am in middle school

Answers

Answer:

The answer is 49.9

Step-by-step explanation:

499/10==49.9

Hope this helps

$449.10

I've attached a photo with my work :)

Seth earns $20 a day and $2 for each ticket he sells at the local theatre. Write and solve an inequality that can be used to find how many tickets he must sell in a day to earn at least $85.
Write an inequality.

Answers

Answer:

2x + 20 >_ 85

Step-by-step explanation:

In this equation, the 85 represents how much he needs to make. The greater than or equal to symbol is basically stating that he needs to make an amount greater than or equal to 85. Our variable, x, will tell us how many tickets he needs to sell, and the 2 represents how much each ticket sells for. 2x is just saying that each ticket sells for 2 dollars. The 20 is how much he makes on a daily basis without the ticket sales. We have to include that in the 85. That's where our equation comes from :)

pls pls help.,.,.,.,.,.,.,.,.

Answers

Answer:

+5

Step-by-step explanation:

Answer:

y = -1/2 x + 1

Step-by-step explanation:

(-2, 2) and (4, -1)  are points of the linear function, that will be described as:

y = ax + b

setting x=-2, y=2:

2 = -2a + b, so b = 2 + 2a

setting x=4, y=-1:

-1 = 4a + b ⇒ -1 = 4a + 2 + 2a ⇒   -3 = 6a ⇒ a = -1/2, b = 1

y = -1/2 x + 1

Teresa wants to buy 2 new tires for her mountain bike.

Answers

Answer:

For her mountain bike she will have 2 tires

Step-by-step explanation:

Answer:

Yeah, then what?

A man wants to cut down a tree in his yard. To ensure that the tree doesn't hit anything, he needs to know the height of the tree. He measures his distance from the tree at 10 meters and angle of elevation to the tree at 54 degrees. What is the height of the tree to the nearest tenth of a meter?

Answers

Answer:

the height of the tree to the nearest tenth of a meter is 13.8 meters

Step-by-step explanation:

The computation of the height of the tree is shown below:

Given that

Distance from the tree is 10 meters

And, the angle of elevation of the tree is 54 degrees

Now here we used the trigonometry

[tex]tan \theta = \frac{Height}{distance} \\\\tan 54^{\circ} = \frac{height}{10}[/tex]

So, the height is

= 10 × 1.38

= 13.8 meters

hence, the height of the tree to the nearest tenth of a meter is 13.8 meters

What is the Celsius temperature for 144 degrees Kelvin

Answers

-129.15 degrees in Celsius

Answer:

144°K=-129.15°C

Pleased help please please please please.

Answers

Answer:

40

Step-by-step explanation:

A'Reana earns a weekly allowance for doing chores around the house and for keeping all of her grades above a C. During a particular week, she gave
$10 to her friend Taylor, spent half of the remaining money on a new shirt, and then spent $7.50 on a pizza. At this point, she had $37.50. How much is
A'Reana's weekly allowance?​

Answers

Answer:

Answer: A'Reana's weekly allowance is $100

Step-by-step explanation:

Backward Solution

To solve some problems, we can work backward, using the inverse operations, to arrive at the solution.

The problem explains a sequence of expenses A'Reana does with her weekly allowance. In the end, she had $37.50.

That final balance came when she last spent $7.50 on a pizza. Thus, before that, she had $37.50+$7.50=$45

This balance is half of her previously remaining money. The other half was spent on a new shirt. Thus she had 2*$45=$90.

Those $90 were left after she gave $10 to her friend Taylor, thus, the initial money was $90+$10 = $100

Answer: A'Reana's weekly allowance is $100

you are travelling on a bus to camp which is 200miles away at 50mph.the number of miles,N,that you have left to travel after t hours

Answers

Answer:

N= 200-50t

Step-by-step explanation:

7(3 + 4y) - 15y = 73
( Multi-step equations)
show work please and thank you​

Answers

Answer:

Step-by-step explanation:

7(3+4y)-15y=73

21 plus 28y-15y=73

21 plus 13y = 73

13y=51

y=4

Step-by-step explanation:

Step 1: Multiply the 7 into the bracket.(make sure that your signs are correct)

Step 2: Minus the 21 from the 73.( Because when you take a value over the equal sign the value's sign changes)

Step 3: Minus 15y from 28y.

Step 4: Divide 52 by 13( because when you take the 13 over it divides ,because on the other side lf the equal the 13 multiples with the y)

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Answers

Answer:B

Step-by-step explanation:

the answer would be b

What's the square root of -3i

Answers

Answer:

-√-3

Step-by-step explanation:

Answer:The

Step-by-step explanation [tex]-\sqrt{-3}[/tex]

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Answers

Answer:

Step-by-step explanation:

2.4

Answer:

2.4

Step-by-step explanation:

9.6 to 10 is .4

10 to 12 is 2

2+.4= 2.4

(That's how I do it mentally, sorry if it doesn't help with you)

3 + (2 + 8)2 + 4 X (4 | (2)


i need help ​

Answers

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Step-by-step explanation:

Answer:

55

Step-by-step explanation:

If I were to simplify the expression 10-19 would my answer be a positive or a negative an why

Answers

Answer:

It would be negative. 10 subtracted by any number higher then 10 will always be negative. Make a number line and go backwards 19 if you need the help.

Step-by-step explanation:

Answer: It will be negative because 19 is greater than 10 and 19 itself  is being subtracted from 10.

Step-by-step explanation:

10-19  is equal to -9.

An example is using the number line to plot the solution,  you will start from 10  and move backwards 19 units because you are subtracting 19 from 10. If a bigger number is being subtracted from a smaller number, the solution will be always negative.

In the figure shown, which composition of rigid motions will map one triangle onto the other?
A. a glide reflection
B. a reflection followed by a translation
C. two translations
D. a rotation followed by a translation

Answers

Answer: D. a rotation followed by a translation

A rotation followed by a translation describes the given transformation. Option D is correct.

Given that,
In the figure shown, which composition of rigid motions will map one triangle onto the other is to be discussed

What is the triangle?

The triangle is a geometric shape that includes 3 sides and the sum of the interior angle should not be greater than 180°

here,
A figure has shown,
Two triangles is given which are similar,
For the required trasformation one triangle is required to rotate following a certain translation,

Thus, a rotation followed by a translation describes the given transformation. Option D is correct.

Learn more about triangles here:
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#SPJ3

Shopping: Discounts
Situation: You want to buy three books that are on sale at 20% off. The original prices of the books are $2.50, $4.95, and $6.00. How much will you save?
Calculation With Distribution property. Show all work

Answers

Answer:

2.69

Step-by-step explanation:

Find the vertex of the given function.
f(x) = 5x + 1 - 7
The vertex is at

Answers

Answer:

There is no vertex for this function since this is a slope formula. A vertex only occurs when there is a maximum or minumum of a given function, for example the quadratic formula with an x^2.

Step-by-step explanation:

which regression equation best models the data?
a) y= 7.57 sin(0.55x + 0.68) + 64.40
b) y = 7.57 sin(0.68x + 0.55) + 64.40
c) y= 7.57 sin(-0.55x + -0.68) + 64.40
d) y = 7.57 sin(-0.68x + -0.55) + 64.40​

Answers

Answer:

C. y = 7.57 sin(–0.55x – 0.68) + 64.40

Step-by-step explanation:

Just got it right on edge

Answer:

ITS C STAN SKZ

Step-by-step explanation:

How can the statement be rewritten as a conditional statement in if-then form? Lines on a coordinate plane are perpendicular if they have opposite reciprocal slopes. If lines on a coordinate plane have opposite reciprocal slopes, then they are perpendicular. If lines are on a coordinate plane, then they are perpendicular. If lines are on a coordinate plane, then they have opposite reciprocal slopes. If lines have opposite reciprocal slopes and are perpendicular, then they are on a coordinate plane.

Answers

Answer:

The first option. "If lines on a coordinate plane have opposite reciprocal slopes, then they are perpendicular."

Step-by-step explanation:

It is the only one that makes sense, tbh. But, it includes the proper "if-then" form like the question requests it have. It also incorporates all aspects of the original statement-

a.) lines on a coordinate plane

b.) perpendicular

c.) opposite reciprocal slopes.

You're welcome. :D

Answer:

Its A

Step-by-step explanation:

edge 2021

what is (5,12) reflected across the y-axis?

Answers

Answer:

-5,12 because its to the right obviously you rflect it to the left because its y axis and boom -5,12

Step-by-step explanation:

Answer:

(-5,12)

Step-by-step explanation:

because when you flip it across the y axis you change the first number in the coordinates

An equation is shown below: 5(2x-8) +15 = -15 write the steps you will use to solve the equation and explain each step

Answers

Answer:

5(2x-8)+15=-15

10x-40+15=-15

10x-25=-15

    +25   +25 (add 25 to both sides)

____________

10x=10

divide by 10 on both sides

x=1

Answer:

x=1

Step-by-step explanation:

First youd distribute the 5 to the 2x-8 so that way you can combine like terms and make the equation smaller

10x - 40 + 15 = -15

combine the -40 and 15

10x - 25 = -15

add 25 to both sides to get 10x by itself on the one side. you have to add 25 to the -15 because the two sides must stay balanced

10x = 10

divide by 10 to get x by itself. you must divide since x is being multiplied by 10

x=1

Calculate the quotient. Simplify your results 2/7 divided 1 2/7

Answers

Answer:

1 4/7

Step-by-step explanation:

x/5=6/7 how do I solve for x?​

Answers

Answer:

x=30/7

Step-by-step explanation:

you have to multiply both fractions by 5 to eliminate 5 from the first fraction(not the denominator of the second fraction) which makes the equation

x=30/7

Step-by-step explanation:

Isolate X first

[tex]\frac{x}{5} =\frac{6}{7}[/tex]

multiply both sides by 5 to get x on its own.

[tex]x =\frac{5*6}{7}[/tex]

simplify this fraction

[tex]x=\frac{30}{7}[/tex]

[tex]x = 4\frac{2}{7}[/tex]

There You go

please help ill give brainliest

Answers

Answer:

d

Step-by-step explanation:

all of the others are no solution or multiple find them by eliminating variabls

Answer is d:) hope that helped I’m not good at math lol!
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