On October 1, 2017, Carlos, Inc. borrowed $225,000 by signing a nine-month, 8% note payable. Interest was accrued on December 31, 2017. Prepare the journal entry July, 1, 2017, the date the note was paid
What will be an ideal response
Notes Payable 225,000
Interest Expense [($225,000 x 8%) x 6/12] 9,000
Interest Payable [(225,000 x 8%) x (3/12 )] 4,500
Cash 238,500
Business
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Which of the following is not a reason for two companies to file separate tax returns?
a. The parent owns 68 percent of the subsidiary b. They have no intra-entity transactions c. Intra-entity dividends are tax-free only on separate returns d. Neither company historically has had an operating loss
Business
In high tech firms, the group most likely to be responsible for the success of a product development process is:
A) scientists and engineers. B) marketing. C) consumers. D) accounting/finance.
Business