Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 6 points question 14 on june 1, ava, inc. borrowed

6 points Question 14 On June 1, Ava, Inc. borrowed $500,000 cash from Broadway Bank...

50.1K

Verified Solution

Question

Accounting

image
6 points Question 14 On June 1, Ava, Inc. borrowed $500,000 cash from Broadway Bank under a six month noninterest-bearing note, with a 6% dincount rate. Interest was payable at maturity a. (2 pts) i Ava makes an adjustment for the June monthly financials, what oumal entry will be recorded? Prepare the adjusting entry in the proper format b. (pt) After Ava records the adjustment, what is the remaining liability on the note? Give the answer and show how you calculated this amount c. (2 pt) What is the effective interest rate on the note? Give the answer and show your calculation, For the toolbar, press ALT:10PC) ALTINFO Mad BIVS Paragraph Aria 1408 T. F 9 H ( V 9

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

you are opening a food truck. Your overhead inculdetruck $250 per monthEquipment for making...you...

Accounting
Q

Combustion analysis of a 13.42-g sample of the unknown organic compound (which contains only carbon, hydrogen,...

Chemistry
Q

In the following circuit the AC source is an ideal voltage source What is the...

Physics
Q

Apr 18 8 00 14 PM Given the circle below with secant VUT and tangent...

Geometry
Q

There are many cell phone case options on the market. This discretionary item comes in...

Basic Math
Q

The Greensboro Performing Arts Center (GPAC) has a total capacity of 9,100 seats: 2,500 center...

Accounting
Q

Exercise 10-10 (Part Level Submission) Whitmore Company issued $534,500 of 5-year, 9% bonds at 95...

Accounting
Q

Engineers want to douignes comercial to that they are wide enough to los falus (Accommodating...

Accounting
Q

a) Due to a change in Pusiga Ltds production plans, an item of machinery with...

Accounting
Q

A company is thinking about changing its credit policy to speed up its cash collections....

Finance
Q

if net sales is 5000 and cost of goods sold is 3300 how much is...

Accounting
Q

Please Answer. Thank You! Toinpany reports the following for the month of October:...

Accounting