Business, 06.06.2021 23:20 kalo1023

On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker’s business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $600,000 to its supplier using a 12-month, 11% note. Required:
Record the following transactions for Shoemaker Corporation.
1. The loan of $600,000 and acceptance of the note receivable on April 1, 2021.
2. The adjustment for accrued interest on December 31, 2021.
3. Cash collection of the note and interest on April 1, 2022.

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Answer from: jasminevargasolea

Date Account title Debit Credit

April 1, 2021 Note receivable $600,000

Cash $600,000

Date Account title Debit Credit

Dec 31, 2021 Interest receivable $49,500

Interest revenue $49,500

Working:

From the date of the loan to December is 9 months so interest must be calculated for these 9 months so that the interest for 2021 is known:

= 600,000 * 11% * 9/12 months

= $49,500

Date Account title Debit Credit

April 1, 2022 Cash $666,000

Interest receivable $49,500

Interest revenue $16,500

Notes receivable $600,000

Working

Interest revenue:

Calculated on the remaining 3 months of the loan:

= 600,000 * 11% * 3/12 months

= $16,500

Answer from: Quest

Via: "if you are found to be supplying or dealing drugs, the punishment is likely to be tough. supplying drugs doesn’t just apply to dealers. if police suspect that you intend to share drugs with your friends, this is still considered to be supplying.

being suspected of supplying drugs means you are much more likely to be charged. the amount of drugs found on you, and whether you have a criminal record, will be taken into account when a punishment is being decided.

decisions to prosecute are taken by the public prosecution service. the maximum sentences for intent to supply drugs are:

- up to life in prison or an unlimited fine (or both) for a class a drug- up to 14 years in prison or an unlimited fine (or both) for a class b or class c drug."sorry if this was a school question, you didnt supply options so i assumed it was a personal question, which if it is, reconsider selling or having possesion of any drugs at all. i wish you the best!

Answer from: Quest

Answer; administrator;

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On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty...

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