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lara31 [8.8K]
2 years ago
14

Kohl Company lent $49,587 to Hemingway, Inc, accepting Hemingway's 2-year, $60,000, zero-interest-bearing note. The implied inte

rest rate is 10%. Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $60,000 at maturity.
Business
1 answer:
Nostrana [21]2 years ago
3 0

Answer:

Date     Account Titles                            Debit         Credit

            Notes Receivable                      $60,000

                   Discount on Notes Receivable             $10,413  

                   Cash                                                        $49,587  

             Discount on Notes Receivable  $4,959

                    Interest Revenue                                    $4,959  

             Discount on Notes Receivable $5,454

             ($49587+$4959)*10%  

                     Interest Revenue                                    $5,454

              Cash                                           $60,000

                     Notes Receivable                                   $60,000

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<u> Explanation: </u>

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2 years ago
Abe receives a check from Bea for fixing Bea's car. Bea's bank is Bank B. Abe deposits the check into his bank, Bank A. Select a
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Answer:

Bank A increases its reserves at the Federal Reserve Bank by more than the amount of the check.

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Total reserves in the banking system remain unchanged.

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1 year ago
Nola and Charles both own party planning firms in the small town of Trident, IA. Because they are the only party planners in tow
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Answer:

Nola and Charles Collusion at Trident, IA.

Helping or Impeding Scenarios:

Helping Scenarios:

4. Nola and Charles are regulars at the same coffee house. They talk regularly

5. Charles and Nola both charge a fixed per person price for a party

Impeding Scenarios:

1. Charles develops a signature appetizer that becomes the must have in Trident

2. A party planning school opens and the new graduates are ready to plan!

3. Nola lowers her price on national television

6. Nola's marginal cost is lower than Charles's.

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Nola and Charles can only enter a collusion agreement secretly because it is illegal.  Since the agreement is secret, it is not enforceable in the court of law.  The tendency for Nola and Charles to be entangled in the prisoner's dilemma is very high.  It is also not possible for them to protect their collusion for very long because they have different cost bases and core competencies that derail collusion on a sustainable large scale.  Graduates of party organization and other market participants, including the large firm that hosts most of the parties in the area will end the collusion before long.

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Answer:

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For option A:-

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