Return to Blackboard JS Niloo Sntermaniote chrmsentsting. 16e Helo I g this earn

Question

Return to Blackboard JS Niloo Sntermaniote chrmsentsting. 16e Helo I g this earn points based on the I Policy set by your Point to earn Maxcimum Points for this que this attempt, and any s you will earn Potential policy set by your instructo Answer the following questions. (Round interest rate to 0 decimal places, e.g. 7%.) (1) If the note has been outstanding 3 months, what is the annual interest rate on that note? Annual interest rate (2) If the company paid $18,000 in salaries and wages in 2017, what was the balance in Salaries and Wages Payable on December 31, 20167 Balance in Salaries and Wages Payable sistance, you will learn while you earn points based on the Point Potential Policy set by your instructor rch

Explanation / Answer

1. Calculation of interest rate-

Notes payable outstanding - $14000

Interest outstanding for 3 months - $420

Interest rate - interest outstanding/notes payable *4

= $420/$14000 *4

= 12 p.a.

2. Balance of salary and wages on 31 Dec 2016:-

As the unadjusted balance on the 31 dec 2017 is 0 and during the year they paid $18000 and the current years unadjusted salary and wages are $14700 means the opening balance was $3300.

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