Crowley Corporation purchased a building on January 2 by signing a long-term $600,000 mortgage with monthly payments of $5,500 . The mortgage carries an interest rate of 10 percent. The entry to record the mortgage will include a
a. debit to the Mortgage Payable account for $600,000.
b. credit to the Cash account for $600,000.
c. debit to the Cash account for $600,000.
d. credit to the Mortgage Payable account for $600,000.
D
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If equipment costing $90,000 with accumulated depreciation of $75,000 is sold for $17,000, the entry to record this sale would include a
a. credit to Accumulated Depreciation, $75,000; b. debit to Cash, $90,000; c. credit to Gain on Sale of Equipment, $2,000; d. debit to Loss on Sale of Equipment, $15,000; e. none of these
Chris is gathering information about the general economic environment in Nepal. In doing so, he will look for information about the general economic environment, market size and population growth rate, and
A. culture. B. airport capabilities. C. political status. D. real income. E. religious institutions.
Use the following information from the current year financial statements of a company to calculate the ratios below:(a) Current ratio.(b) Accounts receivable turnover. (Assume the prior year's accounts receivable balance was $100,000.)(c) Days' sales uncollected.(d) Inventory turnover. (Assume the prior year's inventory was $50,200.)(e) Times interest earned ratio.(f) Return on common stockholders' equity. (Assume the prior year's common stock balance was $480,000 and the retained earnings balance was $128,000.)(g) Earnings per share (assuming the corporation has a simple capital structure, with only common stock outstanding).(h) Price earnings ratio. (Assume the company's stock is selling for $26 per share.)(i) Divided yield ratio. (Assume that the company paid $1.25 per share in cash
dividends.)Income statement data:?Sales (all on credit) $1,075,000Cost of goods sold575,000Gross profit on sales $ 500,000Operating expenses305,000Operating income$ 195,000Interest expense20,400Income before taxes$ 174,600Income taxes74,000Net income$ 100,600Balance sheet data:?Cash$ 38,400Accounts receivable120,000Inventory56,700Prepaid Expenses24,000Total current assets$239,100Total plant assets708,900Total assets$948,000Accounts payable$ 91,200Interest payable4,800Long-term liabilities204,000Total liabilities$300,000Common stock, $10 par480,000Retained earnings168,000Total liabilities and equity$948,000 What will be an ideal response?
Explain the role that power, importance and fascination play in contemporary American law