Chapter 3 Homework

1. Jim has a credit card with a credit limit of $9000.00. For each of the following monthly balance, calculate the minimum monthly payment. Minimum Balance Work/Reasoning Payment $8.50 $40.00 $550.00 $9120.00 $7862.95

Calculate Little Pear Administration Pty Ltd’s superannuation expense for the month of September using the following information: (Show your workings for superannuation).   For month of September Employee Salary Annual Leave Sick Leave Overtime Allowance Superannuation (Show your workings) David Reed $6,100 $469 $300 $600 $180 dry cleaning   Carol Wright $3,732 - $144 $250 $50 first aid   Debra Foy $2,180 - - $445 -   Michael Green $4,920 $378 - - $250 car allowance   John Mills $11,600 $892 $446   $125 $350 travel allowance   Peter Black $400 - $15 - -   Total

Year 1 General Journal tab - Prepare the Year 2 journal entries related to the notes and accounts receivable of Clark Co. Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries.  Verify that total interest revenue agrees with the trial balance. Dec.   16     Accepted a $14,400, 60-day, 8% note in granting Hao Lee a time extension on his past-due account receivable.     31     Made an adjusting entry to record the accrued interest on the Lee note. Year 2 Feb.   14     Received Lee’s payment of principal and interest on the note dated December 16. Mar.   2     Accepted a $9,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Taylor Co.     17     Accepted a $4,200, 30-day, 10% note in granting Susan Allen a time extension on her past-due account receivable. Apr.   16     Allen dishonored her note. May   31     Taylor Co. dishonored its note. Aug.   7…

Subject: accounting

On April 5, Jessica had a balance due on her credit card of $927.85. From April 5 through May 4, Jessica charged an additional $335.66 and made a payment of $700. Find her new balance due on May 5 assuming the previous balance method is used and the interest rate is 1.8% per month. O A. $580.21 B. $1305.79 C. $227.85 D. $16.70

Lee receives an invoice from Office Depot dated November 2nd, 2018 for $630 with terms 6/6, 3/15, n/28. This invoice was paid on November 22nd, 2018. a. How many days were there between the date of the invoice, and when the invoice was paid? Number of days = b. How much was the amount of the discount? Amount of discount = $ c. How much was paid? days Amount paid = $ (round to the nearest cent) (round to the nearest cent)

K On April 1, Hilda made a $2680 deposit to open a savings account paying 3% compounded daily. She then deposited $200 on May 2 and $630 on May 25. Find the balance on June 30 and the interes earned through that date. Click here to view the 3.5% compound interest table. Click here to view the 3.5% compound interest by quarters table View On June 30, what is the balance in the account? S (Round to the nearest cunt as needed.) - X 3.5% Interest Compounded Daily by Quarter Table 1 Interest by Quarter for 3 % Compounded Daily Assuming 90-day Quarters Number of Quarters. Value of (1+i) 1.008667067 1.017409251 1.026227205 1.035121505 3.5% Interest Compounded Daily Table Number R 1 2 3 4 5 6 7 8 9 10 11 12 13 Values of (1+1) for 3% Compounded Daily Valec of Value of 1.000095890 19 35 (1+1) It (1+i) A 1001823491 37 1.003554076 38 1003650307 56 1003746548 57 1000191790 20 1001919556 1.000287699 21 100201 5631 1.000383617 22 1.002111714 1003842797 1000479544 23 1002207807 41 1003939056 59…

Question Workspace   Check My Work Record the adjusting entry for recording the interest due on a note payable liability. Assume that the company has a $2400 note payable outstanding on which they pay a 5% annual interest rate. Record the adjustment for interest due for one month's worth of interest.

PLEASE SHOW ALL WORK 1. Kendra signed a promissory note for $5,900 at 12% ordinary interest for 180 days. Find the  interest and amount due she will pay when the note is due.2. Find the ordinary interest from November 8 to November 22 on $750 at 9% interest.

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Salim gets an invoice dated September 14th and the good arrives on October 7th. Find the last day he can get the discount if the terms read: 2/10 n/30 ROG. a.October 10 b.September 30 c.September 24 d.October 17

Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Month June July Need Help? Previous Month's Balance (in $) $693.96 Submit Answer $822.08 Read It tA Finance Charge (in $) $18.50 X Purchases and Cash Advances $153.38 $76.59 Payments and Credits $300.00 $120.00 New Balance End of Month (in $) $693.96 X

34 Zeema's financial year ends on 30 September. She sublets part of her premises to Faith at an annual rent of $6600. On 1 October 20-3, Faith owed one month's rent. During the year ended 30 September 20-4, Faith paid rent of $8250. Write up Zeema's rent receivable account for the year ended 30 September 20-4. Balance the account and show the amount transferred to the income statement. a b Prepare a relevant extract from Zeema's income statement for the year ended 30 September 20–4. 5 Mandeep's financial year ends on 30 June. On 1 January 20-4, Mandeep sublet part of his premises to Mahender at an annual rent of $2600, payable quarterly in advance. Mandeep received bank transfers from Mahender representing three month's rent on 1 January, 1 April and 30 June 20-4.

A man borrows $3 000 from a credit union. Each monthhe is to pay $100 on the principal. At the same time, healso pays interest at the rate of 3/4% per month on theunpaid balance at the beginning of the month. What is thetotal payment required at the end of the first month? a. $112.50 b. $115.00 c. $115.25 d. $122.25 e. None of the choices is correct.

On July 28, you get a 7.9% $2,700 furniture loan with monthly payments of $125.  Your first payment is due August 28.  What is the balance after your first payment, assuming the lender receives your payment on September 2?

Calculate the effective annual interest rate if Ahmad opens a charge card account with a department store. In the charge account agreement, the store indicated it charges 2% each month on the unpaid .balance 26.82% O 27% O 23.82% O 2582%

On September 14, Jennifer Rick went to Park Bank to borrow $3,000 at 8.5% interest. Jennifer plans to repay the loan on January 27. Steven Linden met Jennifer Rick at Park Bank and suggested she consider the loan on exact interest. Calculate the loan for Jennifer under this assumption

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Clarisse started a magazine publication called The Good Life. A subscriber pays P100 for one issue. Fifty subscribers made a one year payment on March 1 and another 100 subscribers on August 1 which Clarisse credited to Advances from Subscribers. She sends the magazine to each of these subscribers every month. Required: a. Make the entry to record collections received on March 1 and August 1. b. Assuming no changes in subscribers, compute for the Subscription Revenue that she should report at the end of December and prepare the journal entry to adjust the liability to a revenue account.

Kimberly has a revolving credit account at an annual percentage rate of 15%. Her previous monthly balance is $724.19. Find the new balance if Kimberly's account showed the following activity. (Use the unpaid balance method.)

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On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her checking account at the end of each month, and deposit it into her saving account, where it will earn 5 % annual interest. The account comes to term on December 1. Find the following:   a. Find the future value of Nada’s saving account. b. Find Nada’s total contribution to the account. c. Find the total interest earned on the account. a. a.1899 b.1800 c. 99 BD b. a.1949 b.1900 c. 49 BD c. a.1149 b.1100 c. 49 BD d. a.1829 b.1800 c. 29 BD e. a.2839 b.2800 c. 39 BD

On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her checking account at the end of each month, and deposit it into her saving account, where it will earn 5 % annual interest. The account comes to term on December 1. Find the following:   a. Find the future value of Nada’s saving account. b. Find Nada’s total contribution to the account. c. Find the total interest earned on the account.

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