Suppose you buy a home and borrow $176,000 using a 30 year mortgage with an annual interest rate of 3.20% (compounded monthly). You recall your FI 302 professor talking about how increasing your monthly payment can save you both time and money. You decided to pay 10% more each month than what the bank suggests your payment should be. Given this, in how many years will you pay off the loan
Answer:
Explanation:
Rate of interest = 3.2 / 12 = .266667
No of terms = 12 x 30 = 360
amount = 176000
PMT = $ 761.14
Now the instalment is increased by 10% so
the instalment becomes = 761.14 + 76.11
= #837.25
No of years required from table
= 25.74 years.
Peace Company began the accounting period with a $14,000 debit balance in its accounts receivable account. During the accounting period, the company recorded revenue on account amounting to $44,000. The accounts receivable account at the end of the accounting period contained a $8,000 debit balance. Based on this information, the cash collected from accounts receivable during the period is
Answer:
$50,000
Explanation:
Based on this information, the cash collected from accounts receivable during the period is $50,000. This can be calculated in the following way. Since the Company started the period with a $14,000 debit balance and ended that period with only $8,000 it means that $6,000 was used. Since it was used, it means that it was deducted from the actual collected total. Therefore to find this total we add these $6,000 to the revenue for that period which was $44,000. This totals up to $50,000.
Informal organization suggests that cliques and other social groups can affect employee behavior.a. Trueb. False
Answer:
false
Explanation:
the answer is false.
Another bank is also offering favorable terms, so Rahul decides to take a loan of $14,000 from this bank. He signs the loan contract at 9% compounded daily for four months. Based on a 365-day year, what is the total amount that Rahul owes the bank at the end of the loan’s term? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.)
Answer: $14,426.43
Explanation:
At the end of 4 months and assuming a 12 months and 365 days in a year, the formula to be used to calculate how much Rahul owes is;
We use the formula:
Amount owed = Present Value ( 1 + rate/365 ) ^ 365 * time period
Amount owed = 14,000 * ( 1 + 0.09/365 ) ^ (365 *4/12 )
Amount owed = $14,426.43
Lynette Company's Inventory balance at 12/31/04 was $200,000 and was $188,000 at 12/31/05. Its Accounts Payable balance e at 12/31/04 was $80,000 and was $84,000 at 12/31/05, and its cost of goods sold for 2005 was $720,000. The company's total amount of cash payments for merchandise in 2005 equals: A) $704,000. B) $712,000. C) $720,000. D) $728,000. E) $736,000.
Answer:
A) $704,000.
Explanation:
For computing the cash payments we need to calculate the following amounts which are as follows
Total purchases = cost of goods sold + ending inventory - opening inventory
= $720,000 + $188,000 - $200,000
= $708,000
Now cash payment to merchandise is
= Beginning account payable balance + purchased made - ending account payable balance
= $80,000 + $708,000 - $84,000
= $704,000
Hence, the correct option is A. $704,000
Which of the following can generally be found in a bond's indenture agreement?
I. Terms of repayment
II. Names of registered shareholders
III. Protective covenants
IV. Total amount of the bond issue
Answer:
I, III and IV
Explanation:
The bond indenture agreement is an agreement which is made between the issuer of the bond the bondholder. It involves terms and conditions that represent the maturity date, interest payment timing, their calculations,repayment terms, total amount of the bond issuance, and the protective covenants i.e. used for locating the restrictions imposed
Therefore in the given case, the I, III and IV are to be involved and the same is to be considered
Peace of Mind, Inc. (PMI) sells extended warranties for durable consumer goods such as washing machines and refrigerators. When PMI sells an extended warranty, it receives cash up front from the customer but later, it must cover any repair costs that arise.
An analyst working for PMI is considering a warranty for a new line of big-screen TVs. A consumer who purchases the 2-year warranty will pay PMI $210. On average, the repair costs that PMI must cover will average $106 for each of the warranty's 2 years.
If PMI has a cost of capital of 7%, should it offer this warranty for sale?
Answer:
Yes
Explanation:
The computation of the Internal rate of return and the net present value is shown below:
Year Particulars Cash flows PVIF at 7% Present value
0 Initial cost 210 1 210
1 Year 1 cash inflows -106 0.934579439 -99.06542056
2 Year 2 cash inflows -106 0.873438728 -92.5845052
IRR 0.63%
NPV $18.35
The IRR and the NPV is 0.63% and $18.35 so it should be accepted as the NPV comes in a positive amount
Sales returns related to sales on account were $400. All returns were made before payment. One-half of the remaining sales on account were paid within the discount period. The company treats all discounts and returns as contra-revenues. What amount will be reported on the income statement as net sales? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Answer:
Net sales to be reported on the income statement is $18,098
Explanation
Computation of Net sales
Particulars Amount
Sales revenue $18,900
($8,400 + $10,500)
Less: Credit card discount (a contra revenue) $252
($8,400 * 3%)
Sales Discount (a contra revenue) $50
($10,500 - $500) * 1/2 * 0.01
Sales returns and allowances (a contra revenue) $500
Net sales $18,098
Note: Kindly find attach the complete question while $400 sales return is changed to $500.
The federal backing for the money in the United States comes from: Group of answer choices providing sufficient quantities of precious metals such as gold and silver to cover the amount of paper money in circulation. pledging physical assets, such as land, natural resources, and public buildings as collateral for outstanding currency. control over the money supply designed to keep the value of money relatively stable over time. protecting checkable deposits at financial institutions with deposit guarantees.
Answer:
control over the money supply designed to keep the value of money relatively stable over time.
Explanation:
The Federal Reserve System (the 'Fed) was created by the Federal Reserve Act, passed by Congress in 1913. The Fed began operations in 1914. It was founded by President Woodrow Wilson under the Federal Reserve Act, which was aimed at backing each banks in order to put a definitive end to the bank panics of the 1800s.
Like all central banks, the Federal Reserve is a government agency that is saddled with the following responsibilities;
I. Regulating banking activities (it has the power to supervise and regulate banks).
II. Providing banking services to all the commercial banks in the country (the Federal Reserve is the "lender of last resort).
III. Controlling the issuance of currency in United States of America (it facilitate and enhances public goals such as low inflation, economical growth, and the smooth running of financial markets).
Hence, the federal backing for the money in the United States comes from control over the money supply designed to keep the value of money relatively stable over time through the implementation of monetary policies.
The monetary policy of the "Fed" helps to maintain the purchasing power of money by making it relatively scarce.
What is the meaning of ledger ?
Answer:
noun
1.
a book or other collection of financial accounts of a particular type.
"the total balance of the purchases ledger"
Similar:
book
account book
record book
register
registry
log
records
archives
books
balance sheet
financial statement
2.
a flat stone slab covering a grave.
Explanation:
Can you please answer this
https://brainly.com/question/17736683
Answer:
a book or other collection of financial accounts of a particular type.
Explanation:
i looked up the definition
A new graduate has taken a job with an annual salary of $60,000. She expects her salary to go up by 2.5% each year for the first five years. Her starting salary is stored in cell A4 of an Excel worksheet, and the salary increase rate is stored in cell B4. Construct a table with years 1 through 5 in cells A6:A10 and her salary in cells B6:B10. Write the formula for her salary in year 2 (in cell B7) that can be copied and pasted correctly in cells B8 through B10.
Enter the formula you used in cell B7 ______.
Answer:
=B6*(1+$B$4)
Explanation:
Note: See the attached excel file for the table constructed as directed by the question.
The cell B6 for the salary in Year 1 is obtained by simply typing =A4*(1+B4) in cell B6; where,
A4 = Annual salary = $60,000
1 = 100%
B4 = Annual percentage salary increase = 2.5%
The cell B7 for the salary in Year 2 is obtained by simply typing =B6*(1+$B$4) in cell B7; where,
B6 = Salary in Year 2
$B$4 = Annual percentage salary increase in which the two dollar signs is obtained by placing the mouse cursor on B4 and then press F4 in order to lock the B4 for the rest of the years = 2.5%
Note that $B$4 allows 2.5% to be multiplied by salary in the previous years for each successive years 2 to 5.
By copying and pasting =B6*(1+$B$4), it will automatically changed to =B7*(1+$B$4), =B8*(1+$B$4), and =B9*(1+$B$4) to obtain salaries in years 3 to 5 respectively.
Therefore, the formula used in cell B7 is =B6*(1+$B$4).
Bourne Inc., a calendar-year end company, had the following select account balances from its unadjusted trial balance at 11/30/19: Credit Cash Supplies Deferred Revenue Debit $4,000 700 $0 The following select transactions occurred during the month of December:
Dec. 1 ---- Purchased $2,000 worth of supplies on account. The "Supplies" account was increased at that time.
Dec. 1 ---- Received $6.000 from a customer for services to be performed evenly over the next six months (beginning in December). The "Deferred Revenue account was increased when the cash receipt was recorded.
Dec. 1 ---- Financed the purchase of land by signing a nine-month, 12%, note payable. The amount financed was $40.000.
Dec 15 - Paid for the Dec 1 purchase of supplies in full.
At the end of December, the following information is also available:
• A physical count of supplies reveals supplies costing $800 are still on hand (unused). Required: In the General Journal which starts on the next page:
• Journalize the four December transactions, and
• Journalize any necessary December 31 adjusting journal entries related to the above transactions in order to properly reflect revenues and expenses for the accounting period. Note: If necessary, round adjusting entry calculations to the nearest whole month and to the nearest whole dollar. Note: Journal entries must be in proper form (ex. debits before credits, indent credits) to receive full credit. Explanations should not be included. Skip a line between each journal entry. Date Account Name Debit Credit
Answer:
Bourne Inc.
Journal entries
Date Account Name Debit Credit
1-Dec Supplies $2,000
Accounts Payable $2,000
1-Dec Cash $6,000
Deferred Revenue $6,000
1-Dec Land $40,000
Notes Payable $40,000
15-Dec Accounts Payable $2,000
Cash $2,000
Adjusting entries
Date Account Name Debit Credit
31-Dec Supplies expense $1,900
($700 + $2,000 - $800)
Supplies $1,900
31-Dec Deferred Revenue $1,000
($6,000/6)
Service Revenue $1,000
31-Dec Interest expense $400
($40,000*12%* 1/12)
Interest Payable $400
Alliance Life Insurance promotes its term life insurance products through commissioned sales representatives, who use aggressive sales tactics to acquire new customers who make monthly premium payments. Alliance is driven to earn profits and instructs its sales representatives to sell, sell, sell, and it trains them that "Everyone needs life insurance." This highlights one of the key differences between sales-oriented firms and marketing-oriented firms, which is _______.
Question options:
a. the organization's use of target marketing to sell its products to those with true needs
b. the organization's external, market-oriented focus
c. the organization's primary goal to achieve profitability through sales volume
d. the organization's mission to satisfy customers by providing products with many benefits to meet their needs
Answer:
c. the organization's primary goal to achieve profitability through sales volume
Explanation:
Sales oriented firms have selling concept disposition/philosophy as opposed to marketing concept. They are focused on maximisation of sales through promotion in order to generate profit. This is the philosophy of Alliance insurance as shown in the question, they are focused on selling using aggressive promotion through their sales representatives in order to maximise profits in this way. Marketing concept oriented firms are focused on satisfying customer needs while selling concept firms are focused on seller's needs
The chart of accounts for the Miguel Company includes the following: Account Name Account Number Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unearned Revenue 24 Common Stock 31 Dividends 32 Fees Earned 41 Salaries Expense 54 Rent Expense 56 Page 5 of the journal contains the following transaction: Description Post. Ref. Debit Credit Salaries Expense 525 Cash 525 What is the posting reference that will be found in the salaries expense account
Answer:
In the salary expense account, the posting reference that will be found is Cash 11.
Explanation:
This posting reference shows that the contra entry was made in the Cash account which has a reference number of 11. The Posting Reference is a field that facilitates cross-referencing (showing the other account involved in the transaction) or interlinking between the journal and the ledger in the posting process. Posting reference columns are present in both the journal and the ledger. It is also known as the Folio. This is because with the double entry system of accounting, each transaction must reflect at least two accounts that are affected on the debit side and the credit side.
What is the most frequent internal motive for a strategic alliance
The most common internal driver for strategic alliance is Part of a resource need.
What is a strategic alliance?A strategic alliance refers to the corporation between the two companies in order to carry down the project. It is an agreement between two businesses to work together on a project that will benefit both parties while maintaining their individual freedom.
Compared to a joint venture, which involves two companies pooling resources to form a new business organization, the arrangement is less intricate and legally enforceable.
For instance, the partnership between the companies is the strategic alliance to fulfill the needs of resources for each other.
Therefore, it can be concluded that Part of a resource need is the most common internal driver of a strategic alliance.
Learn more about strategic alliance here:
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While in India you purchased a hat for $15 U.S. How many rupees would you have to pay if each rupee was .032 U.S. dollars? 48 rupees 213.33 rupees 450.48 rupees 468.75 rupees
Answer:
468.75 rupees
Jessica Salas, president of Salas Products, is reviewing the warranty policy for her company's new model of automobile batteries. Life tests performed on a sample of 100 batteries indicated: (1) an average life of 75 months, (2) a standard deviation of 5 months, and (3) battery life is approximately normally distributed. Approximately 95% of the batteries will last between:______
a. 70 and 80 months
b. 60 and 90 months
c. 65 and 85 months
d. 55 and 95 months
Answer:
c. 65 and 85 months
Explanation:
Life tests performed on a sample of 100 batteries indicated:
(1) an average life of 75 months,
(2) a standard deviation of 5 months, and
(3) battery life is approximately normally distributed.
We create a 95% CI around mean.
If 95% is in the middle, then 5% is in the ends, 2.5% in each end.
Z score at .025 is -1.96, z score at .975 is +1.96
To convert z to battery life:
Z*sd + mean = battery life
-1.96*5 + 75 = 65.2, rounds to 65
+1.96*5 + 75 = 84.8, rounds to 85
Which of the following statements about moneyness is least accurate? When:____.
A. S - X is > 0,a call option is in the money.
B. S - X = 0,a call option is at the money.
C. S > X, a put option is in the money.
Answer:
The answer is C.
Explanation:
Option A is correct because a call option is in the money when the price of the underlying asset(S) is greater than the exercise price (X)
Option B is correct because a call option at the money when the price of the underlying asset(S) is equal the exercise price (X)
Option V is incorrect because a put option is in the money when the price of the exercise price(X) is greater than the underlying price (S). (X -S > 0)
A debit memorandum is: The source document for the purchase of merchandise inventory. The document a seller issues to inform the buyer of a debit made to the buyer's account in the seller's records. Required when a purchase discount is granted. The document a buyer issues to inform the seller of a debit made to the seller's account in the buyer's records. Not necessary in a perpetual inventory system.
Answer:
The document a buyer issues to inform the seller of a debit made to the seller's account in the buyer's records.
Explanation:
A debit memorandum is a notice to a client that a debit change to their accounts has been made, decreasing the amount of the available funds. Bank transactions, incremental billing, or internal offsets are the three primary reasons for issuing a debit memo.
Therefore according to the given option, the correct option is fourth and the same is to be considered
A constraint with a positive slack value:_____.
a. will have a positive dual price.
b. will have a negitive dual price.
c. will have a dual price of zero.
Answer:
c. will have a dual price of zero.
Explanation:
When solving a linear equation with constraint that means not a balanced equation, we introduce a slack variable that is almost equal to zero, in order to balance the equation.
In that case the slack variable can have positive or negative value depending upon equation, but it does equal to almost zero.
Thus, it can have dual shadow value almost equal to zero, as the value is not considered.
Metlock Company in its first year of operations provides the following information related to one of its available-for-sale debt securities at December 31, 2020. Amortized cost $51,000 Fair value 42,000 Expected credit losses 12,550 New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. What is the amount of the credit loss that Metlock should report on this available-for-sale security at December 31, 2020
Answer:
The amount of credit loss that Metlock Company should report on this available for sale security at December 31, 2020 is $9,000.
Explanation:
Available-for-sale securities (AFS) can be described as equity or debt securities that are bought with the aim of reselling them before their date of maturity.
In accounting, available for sale securities are reported at fair value. As a result of this, any difference between amortized cost and fair value will transferred to other comprehensive income.
Therefore, the amount of credit loss that Metlock Company should report on this available for sale security at December 31, 2020 can be determined as follows:
Credit loss = Amortized cost - Fair value = $51,000 = 42,000 = $9,000
Therefore, the amount of credit loss that Metlock Company should report on this available for sale security at December 31, 2020 is $9,000.
Walmart is the largest retailer with both brick-and-mortar stores and a growing internet business. Walmart continues to innovate with its service to shop online and pick up at the store. Walmart has also faced criticism due to its low wages and difficulty for part-time employees to get group health insurance. Many consumers refuse to shop at the store due to their employee policies. Based on this scenario, which criterion for an exchange to occur is missing?
Answer: Each party is willing to consider the other to be a desirable exchange partner.
Explanation:
From the question, we are informed that Walmart is a huge retailer but despite that, it has faced criticism as a result of its low wages and difficulty for part-time employees to get group health insurance and that this has led many consumers refusing to shop at the store due to their employee policies.
The criterion for an exchange to occur that is missing here is that "each party is willing to consider the other to be a desirable exchange partner". In this scenario, the customers doesn't see Walmart as a desirable excange partner due to the way they treat their workers therefore an exchange cannot take place.
Sterling Boat Company makes inexpensive aluminum fishing boats. Production is seasonal, with considerable activity occurring in the spring and summer. Sales and production tend to decline in the fall and winter months. During year 2, the high point in activity occurred in June when it produced 200 boats at a total cost of $720,000. The low point in production occurred in January when it produced 100 boats at a total cost of $450,000. Required Use the high-low method to estimate the amount of fixed cost incurred each month by Sterling Boat Company. Determine the total estimated cost if 150 boats are made.
Answer:
$585,000
Explanation:
Using high-low method
Variable cost = Total cost (high activity) - Total cost (low activity) / Highest activity unit - Lowest activity unit
Variable cost = 720,000 - 450,000 / 100
Variable cost = 270,000 / 100
Variable cost = 270
Variable cost = Cost - Fixed cost
Now 720,000 = (200) * 2,700 - Fixed cost
- FIxed cost = 540,000 - 720,000
- Fixed cost = -180,000
Fixed cost = 180,000
Now Cost for 150 = 2,700 (150) + 180,000
= 405,000 + 180,000
= $585,000
A company had net income of $49,000, net sales of $390,000, and average total assets of $290,000. Its profit margin and total asset turnover were respectively:___________A) 12.56%; 1.34.B) 12.56%; 0.17.C) 1.34%; 12.56.D) 1.34%; 0.17.E) 1.96%; 1.34.
Answer:
Profit margin = 12.56% (Approx)
Total asset turnover = 1.34 (Approx)
Explanation:
Given:
Net income = $49,000
Net sales = $390,000
Average total assets = $290,000
Find:
Profit margin
Total asset turnover
Computation:
Profit margin = [Income / sales]100
Profit margin = [49,000 / 390,000]100
Profit margin = 12.56% (Approx)
Total asset turnover = Net Sales / Average total assets
Total asset turnover = $390,000 / $290,000
Total asset turnover = 1.34 (Approx)
During November, the production department of a process operations system completed and transferred to finished goods 31,000 units that were in process at the beginning of November and 150,000 that were started and completed in November. November's beginning inventory units were 100% complete with respect to materials and 30% complete with respect to conversion. At the end of November, 33,000 additional units were in process in the production department and were 100% complete with respect to materials and 60% complete with respect to conversion. Compute the number of equivalent units with respect to conversion for November using the weighted-average method.
Answer:
200,800 units
Explanation:
Calculation of Equivalent units of Production of Conversion Costs
Method : weighted-average method.
Completed and Transferred (181,000 × 100%) = 181,000
Ending Work In Process (33,000 × 60%) = 19,800
Equivalent units of Production of Conversion Costs = 200,800
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $16,700 Direct labor 26,794 Factory overhead 32,844 Work in process inventory, March 1 17,028 Work in process inventory, March 31 19,382 Finished goods inventory, March 1 23,631 Finished goods inventory, March 31 25,648 a. Determine the cost of goods manufactured.
Answer:
cost of goods manufactured= $73,984
Explanation:
Giving the following information:
Cost of direct materials used in production $16,700
Direct labor 26,794
Factory overhead 32,844
Work in process inventory, March 1 17,028
Work in process inventory, March 31 19,382
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 17,028 + 16,700 + 26,794 + 32,844 - 19,382
cost of goods manufactured= $73,984
The Aust Corporation has gathered the following data on its copy machine costs for the first eight months of the year. Month Number of Copies Total Copy Cost January 46,000 $4,600 February 42,000 $4,400 March 58,000 $5,300 April 64,000 $6,300 May 57,000 $5,000 June 62,000 $5,800 July 68,000 $6,500 August 71,000 $7,300 (a) Incorrect answer iconYour answer is incorrect. Assuming the line intersects the y-axis at $500 and using the July activity levels what is the equation of the line that would be drawn for a scattergraph. (Round variable cost to 3 decimal places, e.g. 15.251 and fixed cost to 0 decimal places, e.g 1,234.)
Answer:
following a linear equation:
y = mx + b
if we use July's data:
y = $0.0882m + 500
where
y = total cost
m = number of copies
the slope = 1 / 11.3333 = 0.0882
Explanation:
Month Number of Copies Total Copy Cost
January 46,000 $4,600
February 42,000 $4,400
March 58,000 $5,300
April 64,000 $6,300
May 57,000 $5,000
June 62,000 $5,800
July 68,000 $6,500
August 71,000 $7,300
y = mx + b
6,500 = 68,000x + 500
x = variable cost per unit = (6,500 - 500) / 68,000 = $0.088235294 per copy ≈ $0.0882 per copy
the equation would be:
y = $0.0882m + 500
the slope = 1 / 11.3333 = 0.0882
A regulatory agency that protects workers is
A. OSHA
B. EPA
C. FDA
D. SEC
Answer- A. OSHA
Answer:Its A
Explanation:
Just took the quiz
Answer: A. OSHA
Explanation: This is the correct answer on Edge 2020 (just took the quiz and made a 100% ^-^).
Can an indifference curve be downward sloping in one section, but then bend backward so that it forms a "hook" at the end of the indifference curveLOADING...? An indifference curve A. cannot form a hook because it then would be upward sloping. B. cannot form a hook because . C. can form a hook as long as it does not intersect other indifference curves. D. can only form a hook if . E. can form a hook as long as it is not thick.
Answer:
A. cannot form a hook because it then would be upward sloping.
Explanation:
As in the case when the indifference curve slopes upward so the consumer would be indifferent that lies between the two bundles that generate more of the consumption goods
Now in case when the curve is hook sloping upward so the preference of the consumer could violate the assumption i.e. the more it is , the better it is
Therefore the option A is correct
Expedia and Priceline compete as online travel agencies. Historically, Expedia has focused more on flights, whereas Priceline has focused on hotel bookings. The following amounts were reported by the two companies in 2015. (in millions) Net Income Total Assets Total Liabilities Total Revenues Expedia $ 723 $ 15,504 $ 10,574 $ 6,672 Priceline 2,551 17,421 8,625 9,224 Required: Calculate each company’s net profit margin expressed as a percent. (Round your answers to 1 decimal place.)
Answer:
Expedia : 10.84%
Priceline :27.66%
Explanation:
Net profit margin is an example of a profitability ratio. It measures he ability of a firm to earn a profit from its assets
Net profit margin = Net income / Revenue
Expedia : $723 / $6,672 = 0.1084 = 10.84%
Priceline : 2,551 / 9,224 = 0.2766 = 27.66%
