mccann manufacturing borrows $45,000 at 9% annual interest for eight months on february 1st, 2022. which is the appropriate entry to accrue interest if mccann employs a june 30th, 2022, fiscal year? in the choices below, as per convention, debits are listed first followed by credits.

Answers

Answer 1

The appropriate entry to accrue interest for McCann Manufacturing is to debit Interest Expense by $3,600 and credit Interest Payable by $3,600.

To accrue interest, we need to calculate the interest expense for the period from February 1st, 2022, to June 30th, 2022, which is a duration of five months.

The formula to calculate interest expense is:

Interest Expense = Principal × Rate × Time

Where:

Principal = $45,000

Rate = 9% per annum

Time = 5/12 (since it's 5 months out of a 12-month period)

Let's calculate the interest expense:

Interest Expense = $45,000 × 0.09 × (5/12)

Interest Expense = $3,600

This entry recognizes the expense incurred during the five-month period from February 1st, 2022, to June 30th, 2022, and records the corresponding liability for the interest payable. By following this entry, McCann Manufacturing properly reflects the interest expense in its financial statements and ensures the accurate recognition of its obligations related to the borrowed funds.

To know more about Interest , visit

https://brainly.com/question/28960137

#SPJ11


Related Questions

How is the poverty rate to income distribution?

Answers

Answer:n the U.S., poverty has averaged around 26.92 percent of the population with an income less than 50 percent of the country's median income, after taxes and benefits are added (how the OECD defines “relative income poverty”). ... So the higher the score, the more income equality there is.

Hope this helps!! Brainlist?

Woodrow Wilson's New Freedom a supported federal government ownership of railroads and utilities. b favored big business with accompanying federal regulation. c favored small enterprise, entrepreneurship, and the busting of monopolies. d was focused around working-class issues like unions and minimum-wage laws. e opposed banking and tariff reform.

Answers

Answer:

C.

Explanation:

Favored small enterprise

explain advertisement

Answers

Answer: Advertisement is a marketing communication. It is used to promote businesses and their products. Used to promote more effectiveness in a businesses profit and their sales. May be seen in the form of commercials or billboard announcements in everyday life.

After settling a legal dispute, Frank must chose one of two settlement
payment options. He can either receive an immediate lump sum payment of
$250,000, or he can receive an installment payment package with annual
payments of $25,500 spread out over a span of 10 years. Which would likely
be more beneficial to him, and why?
A. The installment package would be better because it would prevent
him from spending all of his money immediately.
B. The immediate payment would be better because it is more
money overall.
C. The immediate payment would be better because he could use the
money immediately to invest it in a safe, low return account.
D. The installment package would be better because he'll have more
money in 10 years than with the lump sum.

Answers

After settling a legal dispute, Frank must choose The immediate payment of $250,000, because it would be better as he could use the money immediately to invest it in a safe, low-return account. Therefore, option C is the correct option.

What is investing?

Investing or investment is a financial term. It is both a tool and a source to generate wealth and income. Investment means putting the money in respect of an object, as the value of the objects differs with time so the value of the money will also differ accordingly. This fact about investment makes it both, risky and profit-making at the same time.

Thus, after a legal dispute is resolved, Frank must select the $250,000 immediate payment because it would be preferable because he could use the money right away to invest it in a secure, low-return account. As a result, choice C is the best one.

Learn more about investment here:

https://brainly.com/question/15105766

#SPJ2

Consumer education increases the likelihood of a product purchase true or false

Answers

True because if you talk to a customer you can persuade them into buying your product

Arrange the following revenues in the federal government, from greatest to
least.
Drag each item to put them in the correct order.
(2 points)
= excise taxes
= Social Security and Medicare taxes
= corporate income taxes
= individual income taxes
= customs duties
= miscellaneous revenue

Answers

Individual income taxes
Social Security and Medicare taxes
Corporate income taxes
Excise taxes
Custom duties
miscellaneous revenue

What type of economy let private individuals or groups of private individuals own and operate the means of production?

Answers

Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.

The private and public sectors coexist in a mixed economic system. There is enough economic freedom for the private sector to decide how to deploy capital and maximize earnings. It permits the government to intervene in certain economic activities and industries at the same time.

Capitalism is an economic and political system in which private people or corporations own the factors of production. Their judgments are governed only by the desire to make a profit.

Capitalism is based on individual initiative and prefers market processes over government involvement whereas socialism is based on government planning and limits on private resource control. When left to their own devices, economies tend to mix components of both systems.

For more questions on Capitalism

https://brainly.com/question/25879591

What is the largest source of a income for banks

Answers

Answer:

Interest income

Explanation:

Answer:

goverment

Explanation:

they create the money from paper

A United States firm recently won a large contract with a company in Malaysia, by providing the foreign nation's government officials with American cars and a promise of additional monetary gifts. Clearly, this procedure: Group of answer choices violates the Foreign Corrupt Practices Act. defines the common business practices of the foreign nation and should be respected. defines the terms of the business contract, and as long as both parties sign, the agreement is binding. violates the Fair and Balanced Competitive Practices Act.

Answers

Answer:

violates the Foreign Corrupt Practices Act.

Explanation:

A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.

There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, etc.

The Foreign Corrupt Practices Act (FCPA) is a federal law of the United States of America that explicitly prohibits its citizens and business firms from engaging in bribery of foreign of foreign government officials in order to gain favors or profit their business. This Act was enacted by the 95th US Congress and signed into law by President Jimmy Carter on the 19th of December, 1977.

In this scenario, a United States firm recently won a large contract to provide Malayalam government officials with American cars and a promise of additional monetary gifts. Hence, this procedure clearly violates the Foreign Corrupt Practices Act of 1977.

EJ Corp bond carries a 9 percent coupon, paid semi-annually. The par value is $1,000, and the bond matures in 12 years. If the bond currently sells for $905. 50 (PV), what is its yield to maturity?

Enter PV as a negative number. Calculate equal 24 payments ($1,000*. 09/2) and enter.

Remember the last payment is the return of principal plus PMT. Use IRR(cash flows).

Time Payment Periods Cash Flow

Today 0 Pv>= ?

1 ?

2 ?

3 ?

4 ?

5 ?

6 ?

7 ?

8 ?

9 ?

10 ?

11 ?

12 ?

13 ?

14 ?

15 ?

16 ?

17 ?

18 ?

19 ?

20 ?

21 ?

22 ?

23 ?

Add FV to PMT= 24 ?

IRR=> ?

The YTM is 2*IRR===> ?

Answers

Answer: is

2

Explanation:creo question es

2

As an entrepreneur, jill spends the majority of her time on the more 'glamorous' activities of running a business rather than the administrative
duties.
OA.
True
OB.
False

Answers

It is false that an enterprenuer, jill will spends the majority of her time on the more 'glamorous' activities of running a business rather than the administrative duties.

Who is an enterprenuer?

An entrepreneur is an individual who Identifies a gap or problem and creates a new business around it.

The persons bears most of the risks attached to the business and is more dedicated to the activities, planning and administrative work of the business.

Therefore, It is false that an enterprenuer, jill will spends the majority of her time on the more 'glamorous' activities of running a business rather than the administrative duties.

For more information on entrepreneur kindly check https://brainly.com/question/1394707

Which allowable deduction can be claimed in arriving at an individual’s adjusted gross income?

Answers

The allowable deductions that can be claimed in arriving at an individual’s adjusted gross income are standard deduction and itemized deductions. Standard deduction is the amount the Internal Revenue Service allows taxpayers to deduct from their taxable income based on their filing status.

Itemized deductions are deductions that can be claimed based on specific expenses, such as medical expenses, state and local taxes, mortgage interest, and charitable donations.

In most cases, taxpayers choose between the standard deduction and itemized deductions to reduce their taxable income.

The adjusted gross income (AGI) is the amount of an individual's gross income that is used to determine how much they owe in taxes. Deductions are subtracted from gross income to calculate AGI. The deductions are usually allowed by the IRS to encourage individuals to invest in specific expenses or take advantage of certain tax benefits.

Standard deduction is a fixed amount that can be deducted from an individual's AGI based on their filing status. The IRS establishes standard deduction each year. Standard deduction is taken by most taxpayers because it is usually easier and less time-consuming than itemizing deductions.

The standard deduction for 2020 tax returns is $12,400 for single taxpayers and $24,800 for married couples filing jointly. Itemized deductions are specific expenses that can be claimed by a taxpayer to lower their AGI. Some of the itemized deductions include mortgage interest, state and local taxes, charitable contributions, medical expenses, and casualty losses. Itemized deductions are usually for taxpayers who have a lot of expenses to claim that are not covered by the standard deduction. However, the taxpayer must have records or receipts of their expenses to claim itemized deductions.

The allowable deductions that can be claimed in arriving at an individual’s adjusted gross income are standard deduction and itemized deductions. Standard deduction is a fixed amount that can be deducted from an individual's AGI based on their filing status while itemized deductions are specific expenses that can be claimed by a taxpayer to lower their AGI.

To learn more about Standard deduction visit:

brainly.com/question/30833649

#SPJ11

Nafar wants to buy a house. Which type of credit is she most likely to use?
O Mortgage
O Limited
O Service credit
O Unsecured credit card

Answers

Answer: Mortgage

Explanation:

Answer:

Mortgage is the correct answer got it right

Explanation:

answer? i dont know what this is..

answer? i dont know what this is..

Answers

Men on right side is selling a new productHis product is a computerSales are slower than expectedPrices often drop as a result of a fall in overall demand. Reduced government expenditure, stock market declines, consumer desire to save more money, and tighter monetary regulations are some of the factors contributing to this shift (higher interest rates).It increases public awareness of your business, your brand, and your goods. There cannot be business without awareness.It can be used as substitute for portable laptop or notebook laptop

What is law of demand?

A basic tenet of economics is the law of demand, according to which there is an inverse connection between price and quantity requested.

What is deflation?

Deflation is a drop in the average level of prices for goods and services. When the rate of inflation is lower than 0%, deflation takes place.

To know more about deflation refer

https://brainly.com/question/13562161

#SPJ9

A management strategy of giving separate organization units the responsibility to design and administer their own compensation systems is _____.

Answers

It should be noted that management strategy of giving separate organization units the responsibility to design and administer their own compensation systems is decentralized responsibility.

In a decentralized responsibility, there is a room for every team of the organization to carried out specific task.

In this strategy there is allocation of responsibility which is designed to be carried out by each part.

Therefore, dcentralized responsibility is a management strategy of giving separate organization units different responsibility.

Learn more about decentralized responsibility at:

https://brainly.com/question/13453381

Why are increasing returns to scale and fixed costs important in
models on international trade and imperfect competition?
Why is it that if an industry is operating under conditions of
internal scale

Answers

Increasing returns to scale and fixed costs are important concepts in models of international trade and imperfect competition. They help explain the behavior of firms, the competitiveness of industries, and the dynamics of markets. By understanding these concepts, we can gain insights into how different factors affect trade patterns and market outcomes.

The concepts of increasing returns to scale and fixed costs are important in models of international trade and imperfect competition because they help explain the behavior of firms and industries in these contexts.

1. Increasing returns to scale: This concept refers to the situation where an increase in inputs leads to a more than proportionate increase in output. In other words, when a firm or industry experiences increasing returns to scale, it becomes more efficient as it expands its production. This can happen due to factors such as specialization, division of labor, and economies of scale.

2. Fixed costs: Fixed costs are expenses that do not vary with the level of production. They include costs like rent, salaries of management staff, and certain types of equipment. Fixed costs are incurred regardless of the amount of output produced.

In models of international trade, these concepts are important because they can affect the competitiveness of firms and industries in different countries.

- Increasing returns to scale can give certain industries a competitive advantage. When an industry experiences increasing returns to scale, its production costs decrease as it expands its output. This can lead to lower prices and higher profits, making it difficult for other industries or countries to compete. In this case, the industry may become a dominant player in international trade.

- Fixed costs also play a role in international trade models. When fixed costs are high, firms need to produce a large amount of output to spread these costs over a larger base. This can make it difficult for small firms or countries to enter the market or compete with larger players. It can also lead to the concentration of production in a few countries or industries.

In the context of imperfect competition, these concepts are important because they affect market dynamics and firm behavior.

- Increasing returns to scale can lead to the existence of monopolistic or oligopolistic markets, where a few firms dominate the industry. This can result in higher prices and reduced consumer welfare.

- Fixed costs can act as a barrier to entry, making it difficult for new firms to enter the market and compete. This can result in less competition and higher prices for consumers.

In conclusion, increasing returns to scale and fixed costs are important concepts in models of international trade and imperfect competition. They help explain the behavior of firms, the competitiveness of industries, and the dynamics of markets. By understanding these concepts, we can gain insights into how different factors affect trade patterns and market outcomes.

To know more about economies visit

https://brainly.com/question/951950

#SPJ11

What is a best practice to follow when sending instant messages at work?

A.
Message your coworkers whenever it’s convenient for you.
B.
Whenever possible, use abbreviations to save time.
C.
Use instant messages for personal conversations, such as making dinner plans.
D.
Keep your messages brief and work-related because the recipients may be busy.

Answers

If I'm correct, the answer should be D.

It's the most likely answer.

what is identify if customers needs are being met​

Answers

The process of determining which and how a customer desires a product to perform is known as customer needs identification. Customer needs are non-technical and reflect the customers' perception for the item rather than the actual design specifications, though they are frequently related.

Customer needs are a customer's motivations for purchasing a product, brand, or service, or the features of a product, brand, or service that entice them to buy. And it is these customer needs which every company or organisation strives to meet.

A target market is an assortment of prospective customers to whom you intend to sell goods or services. Each group is subdivided into smaller sections. Age, location, income, and lifestyle are commonly used to categorise segments.

Learn more about customer, here:

https://brainly.com/question/31192428

#SPJ1

If you are buying a home, it is usually best to choose a fixed mortgage __________________.

A: If you plan to rent it out
B: If you plan to stay there a short time before moving again
C: If you plan to stay there many years
D: If you plan to have a large family

Answers

It’s C. “If you are planning to stay in your home for at least 5-7 years, and want to avoid the potential for changes to your monthly payments, a fixed-rate mortgage is right for you.”

blc records the same amount of depreciation each month it uses its equipment. using the appropriate dashboard filter, identify the account that will allow you to determine how many months has blc used its equipment from the time it was first acquired until now. using that account’s balance, calculate the number of months the equipment has been used so far.

Answers

No Transaction General Journal-

1 A   Deferred Revenue - Debit 1,000

To Service Revenue 1,000 - Credit ($3,000 - 2,000)

What is transaction record in general journal?

Financial transactions are documented in a general journal entry. The transactions are recorded in the order in which they happened. Often, general notebooks include details on transactions like cash receipts and payments. They may also include sales, acquisitions, and inventory balances.

Asset sales, depreciation, interest income and expense, and stock sales are a few examples of transactions that are recorded in the general diary.

Thus, no Transaction General Journal.

For more information about  transaction record in general journal, click here:

https://brainly.com/question/28346233

#SPJ1

ergonomics is a field that studies how to make technology financially affordable for end users. group of answer choices true false

Answers

The statement ergonomics is a field that studies how to make technology financially affordable for end users is true. Business process outsourcing (BPO) is a method of conducting business in which a company hires an outside service provider to carry out a crucial duty or task.

End-user computing is the use of computers for both professional and domestic purposes. Users no longer need to remember which command to type to complete a task when using a computer's graphical user technology. Newspaper ads for PCs typically feature fully functional end-user systems. An end user is a person or other entity who consumes or utilises the products that businesses produce.

To learn more about technology, click here.

https://brainly.com/question/28528716

#SPJ4

MY FINAL QUESTION 80 POINTS! TAKE your time :) Look at image below
Task3
Your Blog
Evaluate your blog using the data analytics provided in the blog-hosting service. Then, create a report that summarizes your blog activities.

Investigate and analyze your blog activities. You will understand how blogs can be effective and what are the challenges involved in creating effective blogs and social media platforms. Use graphics, charts, and other forms of visual data to analyze your blog activities.

MY FINAL QUESTION 80 POINTS! TAKE your time :) Look at image below Task3Your BlogEvaluate your blog using

Answers

Explanation:

Understand your audience. ..Create your blog domain. ...Customize your blog's theme. ...Identify your first blog post's topic. ...Come up with a working title. ...Write an intro (and make it captivating). ...Organize your content in an outline. ...Write your blog post!

this is the guidence how to make blog

I hope u find this helpful

What is the difference between limited liability and unlimited liability

Answers

Answer:

Limited liability means the business owners' liability for debts is restricted to the amount they put into the business. With unlimited liability, the business owner is personally responsible for any loss the business makes.

Explanation:

An investment offers to pay you $7,300 per year for five years. If your discount rate is 15%, what is the present value of this investment?

Answers

The present value of this investment, given a discount rate of 15%, is approximately $42,827.33.

We can apply the formula for calculating an annuity's present value to get the investment's present value.

The following equation determines an annuity's present value:

PV = \(C \times (1 - (1 + r)^(^-^n^) / r\)

Where:

PV = Present Value

C = Cash flow per period

r = Discount rate

n = Number of periods

Given:

Cash flow per period (C) = $7,300

Discount rate (r) = 15%

Number of periods (n) = 5 years

Plugging these values into the formula, we can calculate the present value (PV):

PV = $7,300 × (1 - (1 + 0.15)⁻⁵ / 0.15

= $7,300 × (1 - 1.8693) / 0.15

= $7,300 × (-0.8693) / 0.15

= $42,827.33 (rounded to the nearest cent)

To know more about present value, refer:

https://brainly.com/question/15404102

#SPJ4

For both articles, what can you tell me about the values of Harvard and Entrepreneur?

Answers

The article referenced is "If you want to be an entrepreneur, don't go to Harvard.

What are the values of the Harvard Graduate viz a- viz that of the Entrepreneur?

Regardless of the size of the organization, "Core Values" should be prioritized. Values direct the path of business, influencing strategy and decision making. Essentially, basic principles serve as the foundation around which we develop our firm. Core Values provides several advantages to the firm.

Students at Harvard have access to classes, research institutions, and faculty mentors from around the university. It's the ideal location to explore your favorite and yet-to-be-discovered academic interests, with world-renowned teachers, cutting-edge resources, and personalized training.

Learn more about entrepreneurship:
https://brainly.com/question/31087040
#SPJ1

What did the Emergency Banking Relief Act?

Answers

The Emergency Banking Act of 1933 was legislation passed during the Great Depression that took way to stabilize and restore confidence in the American banking system.

The Emergency Banking Act amended the Trading with the Adversary Act of 1917 and handed for banks to be restarted after four days out and for the Treasury to check banks.

The new law allows twelve Federal Reserve banks to issue fresh currencies on good means, allowing the reopening of banks to meet any licit demand. The new currency will be transferred to all corridor of the country by the Bureau of Engraving and Printing.

Question:

What does the Emergency Banking Relief Act do?

To know more about Emergency Banking Relief Act,

brainly.com/question/12833353

#SPJ4

What is the main function of a business?​

Answers

Manufacture of specific goods or the supply of specific services

Ahrends Corporation makes 70,000 units per year of a part it uses in the products it manufactures. The unit product cost of this part is computed as follows: Direct materials $ 17. 80 Direct labor 19. 00 Variable manufacturing overhead 1. 00 Fixed manufacturing overhead 17. 10 Unit product cost $ 54. 90 An outside supplier has offered to sell the company all of these parts it needs for $48. 50 a unit. If the company accepts this offer, the facilities now being used to make the part could be used to make more units of a product that is in high demand. The additional contribution margin on this other product would be $273,000 per year. If the part were purchased from the outside supplier, all of the direct labor cost of the part would be avoided. However, $8. 20 of the fixed manufacturing overhead cost being applied to the part would continue even if the part were purchased from the outside supplier. This fixed manufacturing overhead cost would be applied to the company's remaining products. How much of the unit product cost of $54. 90 is relevant in the decision of whether to make or buy the part?

Answers

The relevant portion of the unit product cost of $54.90 is $27.70

In the decision of whether to make or buy the part, only the relevant costs should be considered. Relevant costs are the costs that will be affected by the decision and will differ between the alternatives being considered.

In this scenario, the relevant costs of making the part are the direct materials, variable manufacturing overhead, and the portion of fixed manufacturing overhead that would be avoided by buying the part from the outside supplier. The direct labor cost of the part is not relevant because it would be avoided regardless of whether the part is made or bought.

Therefore, the relevant portion of the unit product cost is:

Direct materials + Variable manufacturing overhead + (Portion of fixed manufacturing overhead that would be avoided)

= $17.80 + $1.00 + ($17.10 - $8.20)

= $27.70

So, the relevant portion of the unit product cost of $54.90 is $27.70.

Learn more about product cost

https://brainly.com/question/31414638

#SPJ4

Capital Chemicals Corp. recently faced a legal hassle after which many of its process operators resigned voluntarily. Thereafter, the company faced a shortage of efficient and experienced process operators. Which of the following kinds of turnovers does this scenario exemplify?A) Dysfunctional turnover.
B) Reactive turnover.
C) Regressive turnover.
D) Functional turnover.

Answers

Answer: Dysfunctional turnover

Explanation:

Which of the following would be the best way for you to promote your pressure washing business?
O a. free sample
O b. discount coupon
O c.contest
d. gift with purchase

Answers

Answer:

B. I would say a discount copoun would help Since they are essentially a form of marketing, coupons function similarly to print ads. ... Once they have brought those people into business establishments, coupons begin to help businesses make money, because consumers will be motivated to spend more than the incentive cost of the coupon in their purchases

Explanation:

Other Questions
When an organism reproduces it makes another organism of thesame Evaluate the following definite integral. 3/4 I co S cos x dx 0 Find the antiderivative of cos x dx. S cos x dx = Evaluate the definite integral. 3/4 S cos x dx = 0 please help pick the right square Select the correct location on the image. Objects A and B are brought close to each other. Object A will soon become positively charged. Identify the charge that must transfer for this situation to occur. What is the relationship between the 5s in 345,502 Was Romeo's punishment fair or unfair? Was he justified in his revenge? Is revenge ever justified? A child has received the diagnosis of developmental coordination disorder. You would expect that he would have a problem:A)expressing himself in speech.B)reading a sentence from a book out loud.C)buttoning his shirt and dressing in general.D)listening to a teacher explain how to do a mathematics problem. How did the war change the balance of power between the state government and the federal government Informal alternative dispute resolution (ADR) may result in a __________ agreement, whereby one party agrees to a payment in exchange for the other party's promise not to sue.settlement Which statement best describes how Wells conveys his purpose with this excerpt?He creates powerful visual images.He appeals to the reader's intellect.He shares an expert opinion.He defines key terms. a box has a volume of 56 cubic inches, and the base of the box is 4 inches by 4 inches. how many half inch cubes can fit in the box? 16. What is the estimated costs to study at a university or university of technology for one year. Give two examples, life orientation Choose the question that has only one possible answer.A. How tall are you? B. What are the lengths of the lizards in your backyard? C. What are the heights of the people in your class PLEASE HELP I may just need the Element name and I can figure out the rest!!!! At the store you can buy a bag with red and green apples in it. If 60% of the bag is red apples and there are 36 red apples, how many total apples are in the bag?Group of answer choicesA. 58B. 60C. 62D. 54 Read this sentence. The table was given to Lexi by her grandmother. Which of the following revises this sentence to include another prepositional phrase? The table was given to Lexi by her beloved grandmother. The wooden table was given to Lexi by her grandmother. The table was given to Lexi by her grandmother Ruth. The table in the kitchen was given to Lexi by her grandmother. (show ur work) You spend $40 on 5 pounds of concrete. What is the unit rate in dollars per pound?answer choices$8 per pound$35 per pound$5 per pound$0.125 per pound why does Wladek gets very weak and sick? Why didn't Antek bring food everyday? if recombination results in random integration of a dna sequence, so that it produces a nonhomologous region, the recombination is What was the Chisholm Trail?1. A way for easterners to drive wagons to settle in the West2. An underground railroad route3. A railroad route connecting east and west4. A route for driving cattle north from Texas find the 95% prediction interval for rolling distance when a child riding the bike weighs 106 lbs. (round to 4 decimal places) < y