[The following information applies to the questions displayed below.]Seattle Company issued a $90,000 face value discount note payable to First Federal Bank on September 1, Year 1. The note had a 4% discount rate and a one-year term.What is the amount of interest expense appearing on the Year 1 income statement?
A. $1,200
B. $7,200
C. $3,600
D. $2,400
Answer: A
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Gift Shops Unlimited's unadjusted Merchandise Inventory at December 31, 2019 was $7,600. The cost associated with the physical count of inventory on hand on December 31, 2019 was $7,350. In addition, Gift Shops Unlimited estimated approximately $800 of merchandise sold on account will be returned with a cost of $450. Assume a perpetual inventory system is used.
Requirements: 1. Journalize the adjustment for inventory shrinkage. Omit explanation. 2. Journalize the adjustment for estimated sales returns. Omit explanation.
Hundreds of years ago, a handshake was used in many cultures to determine whether a person was holding a weapon.
Answer the following statement true (T) or false (F)
FASB's financial reporting model identifies which specific financial statements?
A) Statement of Shareholder's Equity B) Statements of Net Income and Comprehensive Income C) Statement of Financial Position D) All of these choices
Two percent of the parts produced by a machine are defective. Twenty parts are selected at random. Use the binomial probability tables to answer the following questions. a.What is the probability that exactly 3 parts will be defective?b.What is the probability that the number of defective parts will be more than 2 but fewer than 6?c.What is the probability that fewer than 4 parts will be defective?d.What is the expected number of defective parts?e.What is the variance for the number of defective parts?
What will be an ideal response?