On September 1, 2018, Able Company purchased a building from Regal Corporation by paying $580,000 cash and issuing a one-year note payable for the balance of the purchase price. Interest on the note is stated at an annual rate of 11% and is paid at maturity. In its December 31, 2018, balance sheet, Able correctly presented the note and interest payable as follows: Interest Payable: $ 19,800

Notes Payable, 11% due September 1, 2019 $540,000

1. How much must Able pay Regal Corporation on September 1, 2019, when the note matures?

2. What is the amount of the interest expense Able will recognize on this note in 2019?

3. What is the total cash (including interest) paid for the building purchased by Able?

4. The company's annual payroll-related expenses amount to approximately?

1. Able must pay Regal Corporation $599,400 on September 1, 2019, when the note matures.

2. The amount of Interest Able will recognize on this Notes Payable is39,600

3. The total cash (including interest) paid for the building purchased by Able is $1,179,400

4. Payroll related expense does not come into picture in this question. So it is not answered.

Explanation:

1. According to the given data we have the following:

Rate of Interest = 11%

Therefore:      

Year                      AmountInterest      

September 1, 2018       $540,000      

December 31, 2018            $19,800      

September 1, 2019                     $39,600      

Total                      $540,000     $59,400

Therefore, Total Payable=Notes payable+Interest540000      Total Payable= $540,000+$59,400

Total Payable=$599,400

Able must pay Regal Corporation $599,400 on September 1, 2019, when the note matures.

2. The amount of Interest Able will recognize on this Notes Payable is39,600

3. To calculate The total cash paid for building purchased by Able including interest we have to make the following calculation:

Total cash paid for purchase of building=Cash paid at the time of purchase of building+Notes payable+Interest

Total cash paid for purchase of building=$580,000+$540,000+$59,400

Total cash paid for purchase of building=$1,179,400

The total cash (including interest) paid for the building purchased by Able is $1,179,400

4. Payroll related expense does not come into picture in this question. So it is not answered.

contributions made after 1986. after-tax contributions to employer plans made after 1986 are recovered pro rata with taxable amounts. the remaining $80,000 is from pre-tax contributions, employer matching dollars, and earnings on those amounts.

the answer choices are:

provides online banking

provides automatic payment services

provides home loans by using saving accounts

accept tax return refunds

hopefully someone can answer the question now lol