It is false that eligible tuition paid from tax-exempt scholarship income does not qualify for the education tax credit.
What is education tax credit.The education deduction helps pay for higher education by reducing the amount of tax you pay on your tax return. If your deductions bring your taxes below zero, you can get a refund. Two education credits are available: American Opportunity Tax Credit (AOTC) and Lifelong Learning Credit (LLC)
What is a tax exempt grant?Grantees must be full-time students at a college, school, or other educational institution. This allowance does not apply to scholarship income.
How can tuition tax credit be calculated?To calculate your student tax credit, multiply the total amount of tuition paid (found on the receipt or form you received from the university) by the federal tax credit rate.
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under a licensing agreement, a licensor grants intangible property rights to the licensee. this would include: a. infrastructure b. human resources c. machinery d. copyrights e. company stock
Under a licensing agreement, a licensor grants intangible property rights to the licensee. this would include copyrights.
A licencing agreement is a formal, written agreement between two parties that grants one party the right to utilise another party's trademark, brand, or patent. An end-user licence agreement, often known as an EULA, is a binding legal agreement between a software vendor and a client or end-user, typically made available to the client through a store serving as an intermediary. The rights and limitations that apply to using the software are spelled out in detail in the EULA. The benefits of licencing agreements include growing market share, lowering capital requirements, improving return on investment, and lowering risk to the business's finances and legal standing.
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which of the following assets are classified as section 1231 assets? (check all that apply.) multiple select question. inventory sold in a trade or business that was purchased within the last two months land held more than a year that is used in a trade or business land held more than a year for investment purposes equipment used in a trade or business that was purchased within the last six months apartment buildings held more than a year a machine held more than a year that is used in a trade or business
Buildings, equipment, land, wood, other natural resources, unharvested crops, cattle, livestock, and leaseholds with a minimum of one year remaining are all considered Section 1231 assets.
What is a Section 1231 asset?Real estate or depreciable business equipment kept for more than a year is referred to as section 1231 property. When a property is sold, a section 1231 gain is taxed at the lower rates for capital gains as opposed to the rate for ordinary income. The 1231 gain will not really actually apply if the property was held for less than a year when it was sold.
Section 1231 of the United States Internal Revenue Code defines the type of property known as "1231 Property." Depreciable assets and real estate (such as buildings and equipment) utilized in a trade or business and kept for more than a year are both considered to be 1231 property.
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57. At its profit-maximizing output, a pure nondiscriminating monopolist achieves:A.neither productive efficiency nor allocative efficiency.B.both productive efficiency and allocative efficiency.C.productive efficiency but not allocative efficiency.D.allocative efficiency but not productive efficiency.
Option A is correct. At its profit-maximizing output, a pure nondiscrimination monopolist achieves neither productive efficiency nor allocative efficiency.
Different consumers will be charged different prices by a discriminating monopolist, while all consumers will be charged the same price by a nondiscriminating monopolist. Demand drives pricing for a non-discriminating monopolist, and ultimately, consumers decide what they are willing to pay.
A non-discriminating monopolist seeks to maximize profit by establishing a flat rate for all clients. They will raise the price of the goods to increase their profit when there is inelastic demand. Beyond a particular output level, they won't continue to generate.
The demand curve of a nondiscriminating pure monopolist is above its marginal revenue curve. Because any price reduction applies to all units sold, the marginal revenue curve for an imperfectly competitive firm is below the demand curve.
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treasury bonds paying an 12.0% coupon rate with semiannual payments currently sell at par value. what coupon rate would they have to pay in order to sell at par if they paid their coupons annually? (hint: what is the effective annual yield on the bond?) (round your
The coupon rate they would pay in order to sell at par if the coupons are paid annually is 12.36%.
Current Yield= Bond's Value*(1+semi-annual interest rate)^n
In the present case, we have
bond's value = $1,000 (we select the value)
semi-annual interest rate = 12% / 2 = 6%
n = 2 semi-annual coupons
current yield = $1,000 x (1 + 6%)² = $1,000 x 1.1236 = $1,123.6
In order for a bond that pays an annual interest to be sold at the same value, it must yield the same return = ($1,123.6 - $1,000) / $1,000 =12.36%
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kevin o'leary and damon john own businesses that are right next to each other. each business also has its own parking lot. kevin offers damon a discount on purchases from kevin's business if damon agrees to not tow the cars of kevin's customers who park in damon's lot. damon's forbearance from towing the cars of kevin's customers who park in damon's lot is legally sufficient consideration
Damon's forbearance from towing the cars of kevin's customers who park in damon's lot is legally sufficient consideration Because it is a promise of something of value.
What are the four guiding principles of thought?Which are: That consideration is the cost associated with the promisor's promise; That the promisee or an agent acting on their behalf must be the party who has paid for the promise in order to be able to enforce it; that the promisor is not required to receive payment for the consideration.
Are verbal agreements enforceable in court?A court will not enforce a promise or statement made by one party if it results in another party placing undue reliance on it and suffering financial harm as a result.
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if a finra-registered person does not fulfill the continuing education requirements by the appropriate date: A. He is not permitted to be employed by the member firm and is considered suspended. B. He is permitted to function in a registered capacity, but may only transact business under the direct supervision of a registered principal. C. He may stay employed, but is not permitted to function in a registered capacity. D. The member firm is required to update the person's Form U4 immediately
Option C "employed but not permitted to registered capacity" is the appropriate response to the posed question.
He is still allowed to work, but he cannot hold a registered position.
Negative repercussions apply in FINRA if the Regulatory Element is not finished within 120 days of the registered person's anniversary date. In this situation, a registered person is not permitted to carry out their obligations as a registered person in relation to carrying out securities transactions or investment banking activities. This circumstance is referred to by FINRA as CE Inactive. In order to fulfill the CE requirement, the person may work for the member firm, but only in a non-registered capacity.
In order to protect investors and defend the integrity of the market, the Financial Industry Regulatory Authority, also known as FINRA, is a non-profit organization that has received government approval.
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a budget balance could be a result of fluctuations in the economy as a result of automatic stabilizer.
By design, automatic stabilisers increase budget deficits during economic downturns and decrease them during economic upturns. Stabilizers' increased budget deficits during recessions are intended to boost the economy's overall demand and lessen economic losses.
People's reactions to recessions are tempered by automatic stabilisers , which also help them survive if they lose their employment or their businesses suffer. As they increase aggregate demand when it lags, they also play a crucial macroeconomic function in reducing the length and severity of downturns. Automatic stabilisers are components of government budgets that, without the approval of lawmakers, raise spending or lower taxes when the economy weakens.
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Below is a graph of the Murphys' annual expenses. If the Murphys' gross annual household income is $85,420, how much will they pay in federal taxes?
a. $3,559.17
b. $8,542.00
c. $20,500.80
d. $29,897.00
The Murphys will pay $20,500.80 in federal taxes on an annual gross household income totaling $85,420. Thus, the correct answer is C.
Individual federal income tax rates in the United States are progressive, which means that as taxable income rises, so will the tax rate. Federal income tax rates vary from 10% to 37% and are levied at various income levels. Tax brackets are the income ranges within which the rates apply. Income in each tax group is taxed at the associated rate.
The federal tax rate is 24%, as shown in the pie chart (see the attachment). While the annual gross household income for the Murphys is $85,420. Hence, the amount that the Murphys will pay for federal taxes is:
= [tex]\frac{24}{100}[/tex] x $85,420 = $20,500.80Hence, the correct answer to this question is C.
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after selling property how long do i have to invest the money into another property without paying taxes
The regulation permits what's called a 1031 trade, which allows you to shop for new belongings with the proceeds of your sale. if you want to try this, you need to be near a brand new property within one hundred eighty days after you close up the sale on your old assets. as long as you do that, you could keep away from the tax hit.
Assets are any item that someone or a business has felony identity over. property may be tangible gadgets, together with homes, cars, or appliances, or it can confer with intangible objects that bring the promise of future well-worth, including stock and bond certificates.
Actual belongings may be classified consistent with their general use as residential, business, agricultural, commercial, or special purpose. so that it will recognize if you have the proper to sell your property, you need to recognize which rights you own—or do not own—inside the belongings.
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one shortcoming of appreciative inquiry is that it does not engage people from outside an organization, such as customers or clients, partners, and other stakeholders, in a change process.
One shortcoming of appreciative inquiry is that it does not engage people from outside an organization, such as customers or clients, partners, and other stakeholders, in a change process. its false.
A approach called appreciative inquiry (AI) aims to involve stakeholders in self-determined transformation. AI "revolutionized the field of organization development and was a precursor to the rise of positive organization studies and the strengths based movement in American management," claims Gervase Bushe, professor of leadership and organization development at the Beedie School of Business and an expert on the subject. Beginning with a 1987 article by David Cooperrider and Suresh Srivastva, it was created in the organizational behavior department at Case Western Reserve University. They believed that the overuse of issue solving prevented any form of social advancement and that new research techniques were required to produce fresh concepts and organizational structures.
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credit cards are not a form of money because group of answer choices money needs to be tangible (not virtual). credit card balances are in fact counted as money. credit cards just extend a loan. credit cards just relate to an account.
Credit card are not a form of money because, credit cards just extend a loan.
A credit card is a type of payment card that is given to customers (cardholders) to allow them to pay a merchant for products and services based on the amount of debt they have. accumulated. The credit card issuer creates a revolving bank and gives a line of credit to the user, wherein the cardholder can borrow more money for payments to a retailer or as a payday loan. A sort of credit agreement offered by banks is a credit card, which enables users to borrow money up to a which was before credit limit. Consumers can use it to transact in the procurement of products and services.
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Subaru is described in the video as an automobile manufacturer. Which of the following types of consumer products, as outlined in the chapter, best describes what Subaru sells?
An automobile is a wheeled motor vehicle. The majority of definitions of vehicles state that they are generally used on roadways, have four wheels, seat one to eight people, and are primarily used to carry people
as opposed to products. The Benz Patent-Motorwagen, created by German inventor Carl Benz, was first patented in 1886, which is recognized as the year the automobile was born. Throughout the 20th century, cars were increasingly accessible. The 1908 Model T, an American automobile produced by the Ford Motor Company, was one of the first vehicles that the average person could purchase. In the US, where they quickly supplanted animal-drawn carriages and carts, cars were embraced. [Reference required] The demand for cars did not pick up until after World War II in Europe and other areas of the world.
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TRUE/FALSE when using a cost-based price, the denominator in the calculation always includes the costs included in the base plus the desired profit.
when using a cost-based price, the denominator in the calculation always includes the costs included in the base plus the desired profit- True
cost-based price
A pricing range is frequently determined by a corporation, including floor and ceiling prices. These are the lowest and highest prices that a vendor would accept for a product or service. The seller then chooses the ultimate selling price based on the market circumstances. Cost-based pricing assists a company in determining the floor price. The following are the advantages or benefits of this pricing method: This strategy assures that a corporation is constantly profitable. However, for this to occur, the mark-up must be adequate to cover all expenditures. Furthermore, sales must meet or exceed objectives.
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which of the following is not a common event that leads to manufacturing overhead being recorded? multiple choice question. preparing financial statements for which work-in-process needs to be assessed completing a job accumulating actual direct materials and labor
The events that leads to manufacturing overhead being recorded is "accumulating actual direct materials and labor."
Factory overhead, often referred to as manufacturing overhead, work overhead, or factory burden in American English, is the total cost of maintaining all production facilities for a manufacturing firm that cannot be directly tied to a product. Typically, indirect expenses and indirect labour are impacted.The depreciation of equipment, wages paid to factory workers, and power required to run the equipment are typically included in manufacturing overhead expenses. Variable and fixed costs are the two categories into which manufacturing overhead may be divided.Production overhead, factory overhead, and factory burden are further terms for manufacturing overhead. It comprises of all operating costs for the business, except direct materials and labor/payroll costs.Thus the correct option is D.
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A tariff differs from a quota in that a tariff is?
Answer:
Tariffs are taxes that governments place on imported goods of a specific type. Quotas are import limits that prevent more than a set amount of a specific good from being imported into a country.
Quotas are restrictions, but tariffs are levies. While quotas limit the amount of possible imports, tariffs increase the cost of imported items. Tariffs may be placed on a particular good or a certain nation of origin.
What do you mean by Tariff?A tariff is a tax that a government imposes on goods and services that are imported from other nations in order to raise prices and reduce the appeal of imports, or at the very least their competitiveness, compared to domestic products and services.
Governments impose charges known as tariffs on certain imports of a particular kind. Quotas are upper restrictions on the amount of a certain commodity that can be imported into a nation.
Quotas are restrictions, but tariffs are levies. While quotas limit the amount of possible imports, tariffs increase the cost of imported items. Tariffs may be placed on a particular good or a certain nation of origin.
Therefore, Tariffs are taxes, while quotas are limits.
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Prepare The Journal Entry To Record Tamas Company's Issuance Of 5,600 Shares Of $100 Par Value, 8% cumulative preferred stock for $102 cash per share.
The journal entry to reflect Tamas Company's issuance of 5,600 shares of 8% cumulative preferred stock with a par value of $100 for $102 in cash each .Dividend paid=[tex]4480[/tex].
The dividend payout ratio can be calculated as the yearly dividend per share divided by the earnings per share (EPS), or equivalently, or divided by net income dividend payout ratio on a per share basis.
Dividend paid=Prefer shares *per value*divided rate
=[tex]5600*100*8%=4480[/tex]=[tex]4480[/tex]
Dividends are payments a company makes to share profits with its stakeholders. The dividend payout ratio can be calculated as the annual dividend per share divided by the earnings per share (EPS), or equivalently, or divided by net income dividend payout ratio on a per share basis. They are one of the ways investors profit from stock investments because they are paid on a regular basis.
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When price discrimination is practiced, a company sells and charges compared to what it would do without practicing price discrimination. a larger output; higher prices a larger output; a greater range of prices a smaller output; higher prices a smaller output; a greater range of prices
When price discrimination is practiced, a company sells higher output and charges a great range of prices.
Price discrimination is a sales strategy that charges customers different prices for the same product or service based on what the salesperson believes the customer can agree with. In pure price discrimination, sellers charge the highest price each customer will pay.
Why price discrimination?The purpose of price discrimination is generally to capture consumer surplus in the market. This surplus occurs because in a market with a single liquidation price, some customers (segments with very low price elasticity) are willing to pay more than the single market price.
What Factors Affect Price Discrimination?Price discrimination is possible under the following conditions:The seller has some control over the delivery of the product. Such monopoly power is necessary to differentiate on price. Sellers must be able to divide their market into at least two (or more) submarkets.
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Which of the following measures assesses the ratio of the firm's total profits from new products to its total expenditures?
A. Return on innovation
B. Average cycle time of the innovation
C. Percent of development projects meeting deadlines
D. Percent of development projects within the estimated budget
The correct response is A. Return on innovation. Return on innovation measures assesses the ratio of the firm's total profits from new products to its total expenditures.
Innovation is the application of concepts in a way that results in the creation of new products or services or enhances the provision of existing ones. Innovation is described as "a new or altered entity realizing or dispersing value" in ISO 56000:2020. Others have different definitions, but they all place an emphasis on the novelty, development, and dissemination of concepts or technologies. The creation of more efficient goods, procedures, services, technology, works of art, or business models, which innovators then make available to consumers, governments, and society as a whole, is a common way that innovation occurs. Innovation and invention are connected, but they are not the same thing. Innovation is more likely to involve the practical application of an invention to have a significant impact on a market or society. When a technical or scientific problem needs to be solved, technical innovation frequently takes the form of an engineering solution. Exnovation is the reverse of innovation.
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select all that apply which of the following statements about the statement of cash flows are correct? (check all that apply.) multiple select question. it is a detailed disclosure of cash flows. in certain circumstances, it can replace the statement of retained earnings. the purpose is to report cash receipts and cash payments during a period.
The statement of cash flows are correct is the purpose is to report cash receipts and cash payments during a period.
The coins that go with the flow announcement include coins made via the enterprise through operations, funding, and financing—the sum of that's called internet cash drift. the primary segment of the coins drifts statement is cash go with the flow from operations, which includes transactions from all operational commercial enterprise activities.
Cash flows refer to the internet balance of cash moving into and out of a business at a selected point in time. coins are constantly stepping into and out of a commercial enterprise. for example, while a retailer purchases stock, money flows out of the enterprise toward its providers.
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managers should understand the diversity wheel because it
Managers must comprehend how these attributions are created since they have a significant impact on organizational behavior.
Diversity Wheel: What is it?I recently made a discovery and became familiar with the Diversity Wheel paradigm while looking for useful, reflecting methods to deal with diversity. I became quite enthusiastic about it. A summary of the dimensions of diversity that are present and active in one's job or environment is provided by the diversity wheel. Each of us processes stimuli, information, and experience through one of four layers of diversity (personality, internal, external, and organizational levels). By using the model, we can uncover our own presumptions and behavioral tendencies, study differences but also commonalities from various angles.
Personality (1st layer) (1st layer)
Internal measurements (2nd layer)
External measurements (3rd layer)
Organizational characteristics (4th layer)
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potential profits of two producers of bottled water. each has two strategies available to it: a high price and a low price. the nash equilibrium is: table: payoff matrix for ozarka and deer park deer park high price low price ozarka high price ozarka's profit
Potential profits of two producers of the bottled water payoff matrix for Ozarka and deer park high price low price Ozarka high price Ozarka's profit.
Profitability indicates a company's ability to make more money in future business or commerce. I call it monetizing the entire ability to generate revenue.
Determining profit potential includes all costs associated with producing a product. Factors considered in calculating product-related risks include manufacturing and service costs, administrative costs, insurance and local license fees, and advertising costs.
Profit is a company's income minus expenses. Profitability is important for a company because profitability affects a company's ability to secure bank funding, attract investors to finance its operations, and grow its business. A company cannot continue to operate without making a profit.
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Last year Lawn Corporation reported sales of $230,000 on its income statement. During the year, accounts receivable increased by $24,000, and accounts payable increased by $29,000. The company uses the direct method to determine the net cash provided by (used in) operating activities on the statement of cash flows. The sales revenue adjusted to a cash basis for the year would be:
(a) $201,000.
(b) $225,000.
(c) $206,000.
(d) $235,000.
$206,000. On the cash flow, the sales revenue for the year converted to the a cash basis would be operational activities.
What does sales revenue refer to?Before any costs are subtracted, sales revenue is the income from goods and services. It is typically calculated over a specific time frame, such a fiscal year or quarter.
What do sales and revenue mean?Before any costs are deducted from the computation, revenue is the total money a business derives from its core operations. Sales are the money a business makes from offering products or services to clients.
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What is organizational change ?; What is organizational innovation ?; What is organizational change and what are two major areas of change in organizations ?; Why do we need change in organization?
The organizational change is Change in shape or acts of organization.
The required details about organizational change is mentioned in below in below paragraph.
-Product extrade and era extrade organizational change refers back to the movements wherein a enterprise or commercial enterprise alters a first-rate factor of its organization, including its culture, the underlying technology or infrastructure it makes use of to operate, or its inner processes. Organizational change management is the procedure of guiding organizational extrade to a a hit resolution, and it normally consists of 3 important phases: preparation, implementation, and follow-through.Many elements make organizational extrade necessary. Some of the maximum not unusualplace confronted via way of means of managers include:
New management on the helm of the enterprise or inside its departments
Shifts withinside the organizational group shape
The implementation of recent era
The adoption of recent commercial enterprise models.
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Winstar is a large-scale manufacturer with more than a hundred partners across the globe. When making decisions concerning distribution and channel optimization, the company invites members from its channel partners to be part of its advisory committee. This helps the company maintain harmony with its partners. Which of the following conflict resolution techniques is Winstar using? A) diplomatic counselling B) mediation C) arbitration D) co-optation E) joint membership
D) co-optation
Co-optation conflict resolution techniques is Winstar using.
When the producer wants to maintain control over the service level and outputs offered by the resellers it most likely will use distribution?For this, you can use one of three ways. Below is a discussion about them. Specified Distribution It entails drastically reducing the number of middlemen. When the producer wishes to keep a tight grip on the outputs and service level provided by the resellers.
The promotion and sale of goods directly to customers outside of a set retail location is known as direct selling. A third party that provides intermediation services between two trading partners is known as an intermediary (or "go-between").
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management must consider many factors when choosing the predicted level of activity. these factors include all of the following
Management must consider many factors when choosing the predicted level of activity. These factors includes:
condition of equipmentproduction demandschedulingWhat is a predicted level of activity?Also known as a Budgeted level of activity, involves a system that records, researches, and analyzes activities that lead to costs for a company. Every activity in organization that incurs cost ate scrutinized for potential ways to create efficiencies and the budgets are developed based on these results.
This budgeting activities is an alternative budgeting practice while the traditional methods are more simplistic and adjusting prior period budgets to account for inflation or revenue growth.
An activity-based budgeting are more rigorous than the traditional budgeting processes which tend to merely adjust previous budgets to account for inflation or business development.
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The expected average rate of return for a proposed investment of $619,800 in a fixed asset with a useful life of 4 years, straight-line depreciation, no residual value, and an expected total net income of $236,360 for the 4 years, is :
- 45%
- 22.5%
- 11.3%
- 5.5%
The expected average rate of return for a proposed investment of $619,800 in a fixed asset with a useful life of 4 years, straight-line depreciation, no residual value, and an expected total net income of $236,360 for the 4 years, is 22.5%.
Average Annual Return = (Total Net Income - Total Depreciation) / Investment
Average Annual Return = (236,360 - 154,950) / 619,800 = 0.225
Step 3: Calculate the average rate of return on the fixed asset.
Average Rate of Return = Average Annual Return x 100
Average Rate of Return = 0.225 x 100 = 22.5%
Therefore the correct option is b.
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justin corp. issues 10,000 shares of $1 par value common stock for $5 per share. the journal entry to record this transaction will include which of the following?
The record of the issuance of the stock is debit to cash for $50,000, credit to common stock for $10,000 and credit to excess of common stock of $40,000.
How to record journal entry for the following transactions?A. Entries of the stock
1. Account(cash)
Cash=10,000 shares at $5 per share
Cash=10,000×5=$50,000
Cash to Debit=$50,000
Credit this account=$0
2. Account (common stock)
Common stock=10,000 shares at $1 per value common stock
Common stock=10,000×1=$10,000
Credit account=$10,000
Debit this account=$0
3. Account (Paid-in Capital in Excess of Par - Common Stock)
Paid in capital in excess of par-common stock=50,000-10,000=$40,000
Credit this account=$40,000
Debit this account=$0
This can be written as;
Account Debit ($) Credit ($)
Cash (10,000 shares×$5 price) 50,000
Common Stock (10,000 shares×$1 par) 10,000
Paid-in Capital in Excess of Par - Common Stock 40,000
The record of the issuance of the stock is debit to cash for $50,000, credit to common stock for $10,000 and credit to excess of common stock of $40,000.
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At the beginning of the current year, a company issued stock for $200,000 and borrowed $75,000 from the bank. By the end of the year, the company had provided services of $85,000 for cash, paid employee salaries of $38,000, and paid utilities of $15,000. Determine the amount of financing cash flows the company will report in the current year. (Cash outflows should be indicated with a minus sign.) Financingcashflows
The company will record $275,000 in financing cash flows for the current year.
Define Financing cash flows."Financing cash flow," commonly referred to as "cash flows from financing," is the collective term for the net cash flows used to finance a company's capital. Financing activities include actions like the issuing of debt and shares as well as dividend payments.
Cash influx, which might originate from sales, investments, or finance, is money that enters a firm. A cash influx, or money entering a business, is the opposite of a cash outflow. To calculate your cash flow from financing activities, add your dividend payments to the cash received from the sale of shares or debt and subtract the sum. In a cash flow statement, they are also included.
Financing cash flows = Issued stock + Borrowed money from bank
Financing cash flows = $200,000 + $75,000
Financing cash flows = $275,000
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. Unethical business practices typically involve the _______ cooperation of others and reflect the values, attitudes, and behavior patterns that define the operating culture of the organization.
A. select
B. complete
C. explicit
D. tacit
Unethical business involves the tacit, if not direct, cooperation of others and reflects the values, attitudes, beliefs, language, and behaviors that define the organizational culture.
Ethics is therefore both an organizational and a personal matter. A company must be run ethically for several reasons:
To maintain a good reputation; Retain existing customers and attract new ones; Avoid lawsuits; Reduce employee turnover; Avoid state interference; and please customers, employees, and society at the greatest management level.Failure to develop a written code of ethics is considered a red flag that an organization may ignore or even encourage unethical behavior. management problem to achieve competitive advantage. Business ethics refers to nothing but the application of ethics in business.
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on november 1, bahama cruise lines borrows $5 million and issues a six-month, 6% note payable. interest is payable at maturity. determine the financial statement effects of (1) the issuance of the note and (2) the adjusting entry for interest owed by december 31, the end of the reporting period.
The issuance of a six-month note payable is being recorded. To document the period's interest expense.
The accounting entries are a debit to the Cash account for the cash received and a credit to the Note Payable account to establish the liability in the accounts. On November 1, Bahama Cruise Lines borrowed $3.5 million and issued a six-month, 9% note payable. In order to adhere to the accrual concept and the matching principle of generally accepted accounting principles, Bahama Cruise Lines shall accumulate interest on the Note Payable for 2 months for the ending. According to the accrual foundation of accounting for transactions, costs must be recorded as they are incurred rather than when money is exchanged. For the entire year, the interest will be $52,500 ($3.5 million * 9%)/12 * 2.
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