Hernandez Carpets Company buys a building for $115,000, paying $30,000 cash and signing a 30-year mortgage note for $85,000 at 11%. Prepare the journal entry for the purchase

What will be an ideal response


Building 115,000
Mortgage Payable 85,000
Cash 30,000

Business

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The transaction to record unearned revenue results in an increase to an asset account

a. True b. False Indicate whether the statement is true or false

Business

Mungo Pet Supplies makes cat trees for several pet store chains. They order rolls of carpet (used to cover the trees) from a supplier. Mungo’s management has decided to use an EOQ model. The annual demand for carpet is estimated to be 1,000 rolls. The purchase price per roll is $20 and estimated inventory carrying cost rate is 25%. The cost to place an order from the supplier is $30. What is the maximum inventory amount that Mungo can expect to hold at any one time?

a. 54.7 b. 1000 c. 109.5 d. 500

Business

Aggravated damages are extra money awarded to punish intentionally bad behavior

Indicate whether the statement is true or false

Business

A third-country national is an expatriate who is transferred to an additional country while working abroad.

Answer the following statement true (T) or false (F)

Business