Natalie is thinking of repaying all amounts outstanding to her grandmother. recall that cookie creations borrowed $2,000 on november 16, 2017, from natalie's grandmother. interest on the note is 9% per year, and the note plus interest was to be repaid in 24 months. recall that a monthly adjusting journal entry was prepared for the months of november 2017 (1/2 month), december 2017, and january 2018. (a) calculate the interest payable that was accrued and recorded to january 31, 2018. round to nearest dollar. (b) calculate the total interest expense and interest payable from february 1 to august 31, 2018. prepare the journal entry at august 31, 2018, to bring the accounting records up to date. round to nearest dollar. (c) natalie repays her grandmother on september 15, 2018-10 months after her grandmother extended the loan to cookie creations. prepare the journal entry for the loan repayment.

Fanning company is considering the addition of a new product to its cosmetics line. the company has three distinctly different options: a skin cream, a bath oil, or a hair coloring gel. relevant information and budgeted annual income statements for each of the products follow. skin cream bath oil color gel budgeted sales in units (a) 110,000 190,000 70,000 expected sales price (b) $8 $4 $11 variable costs per unit (c) $2 $2 $7 income statements sales revenue (a × b) $880,000 $760,000 $770,000 variable costs (a × c) (220,000) (380,000) (490,000) contribution margin 660,000 380,000 280,000 fixed costs (432,000) (240,000) (76,000) net income $228,000 $140,000 $204,000 required: (a) determine the margin of safety as a percentage for each product. (b) prepare revised income statements for each product, assuming a 20 percent increase in the budgeted sales volume. (c) for each product, determine the percentage change in net income that results from the 20 percent increase in sales. (d) assuming that management is pessimistic and risk averse, which product should the company add to its cosmetics line? (e) assuming that management is optimistic and risk aggressive, which product should the company add to its cosmetics line?