CNBC reported that one in five consumers who purchase bitcoin do so using their credit card. Melissa Gamez purchased a used RVwith 19,300 miles for $47,200. Originally the RV sold for $71,500 with a residual value of $20,300. After subtracting the residual value,depreciation allowance per mile was $0.89.How much was Melissa's purchase price over or below the book value?Note: Input the amount as positive value.Purchase price wasthe book value byDoes she have any equity that might assist her with purchasing bitcoin?YesNo

Depreciation is the term used to describe the ongoing, gradual reduction in the book value of fixed…

Answered: CNBC reported that one in five…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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A cloud storage engineer purchased a new car for $31,990. Complete the table below to determine the cost of owning the car for the first year of ownership. Assume the car has an average fuel efficiency of 35 miles per gallon and a 4-year loan at an annual interest rate of 3.75% on the purchase price less the down payment. (Round your answers to the nearest cent.) What are the loan payments for 1 year?
CNN reported that higher-income shoppers are the biggest bargain shoppers searching Amazon, clicking on their mobile devices and even querying Alexa looking for the best deals. If Rebecca Johnson purchased a state-of-the-art Biologique Recherche facial machine for her home business for $117,000, with a useful life of 4 years and a residual value of $39,500. What would be the book value of the machine after the first year using the straight-line depreciation method?
A new civil servant is confused about choosing an alternative to procure a motorbike that costs $1287,61, between borrowing money from a bank or credit at a dealer. If the dealer offers a motorbike with a down payment of 5 million and installments of $47,33/ month for 3 years, while the bank offers an interest of 1% / month, A.) it is better for the civil servant to apply for a purchase credit to the dealer or buy cash by borrowing money at the bank (Assume there are no other fees at the bank) bank or credit at a dealer. If the dealer offers a motorbike with a down payment of $348,66 and installments of $47,33/ month for 3 years, while the bank offers an interest of 1% / month
. If a car selling company asked for ₱240,000 as a down payment for a ₱1.2 million worth of the car, how many percent was the down payment?
Annie bought one dozen smartphones for P200,000.00 with a discount of 5%. Shesold half dozen at a price of P18,000.00 per unit. However, a new model of smartphone became available in the market, so she sold the remaining half dozen@ P12,000.00 each unit. What was her profit or loss? Compute the following requirements: a. Gross profit rate b. Operating profit margin rate c. Net profit margin rate d. Return on Investment
The list price of a secondhand van was P300,000 at a local car dealership. However, a customer convinced the dealer to sell the van for P250,000 (the van had cost the dealer P200,000). The amount of revenue that would be recognized as a result of the sale is:
Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $15,300. He put $1,900 down and financed the rest with a 48-month, 8.0% loan. What is his monthly car payment by table lookup? (Use Table 14.2
Annie bought one dozen smartphones for 200,000.00 with a discount of 5%.she sold half dozen at a price of 18,000 per unit.However,a new model of smartphone became available in the market,so she sold the remaining half dozen 12,000 each unit.what was her profit or loss? Compute the following requirements: A.Gross profit rate B.Operating profit margin rate C. Net profit margin rate D. Return on Investment
Amanda Forsythe of Springfield, Missouri, must decide whether to buy or lease a car she has selected. She has negotiated a purchase price (gross capitalized cost) of $38,000 and could borrow the money to buy from her credit union by putting $3,300 down and paying $814.93 per month for 48 months at 6 percent APR. Alternatively, she could lease the car for 48 months at $535 per month by paying a $3,300 capitalized cost reduction and a $350 disposition fee on the car, which is projected to have a residual value of $11,800 at the end of the lease. Use the Run the Numbers worksheet to advise Amanda about whether she should finance or lease the car. Round your answers to the nearest cent.
An engineer bought a second-hand service car and later sold it to a client at a profit of 20%. The said client then resold the car to a trader at a profit of 28%. If the trader paid P30,000 more than it cost the engineer, how much did the engineer paid the car?
A recent university graduate is purchasing a new Honda Civic LX Sedan for $20,345, which includes destination and handling charges. The term of the loan is 5 years (60 months). Payments are made monthly. The interest rate is 5%. The loan is a closed end credit loan. Sales tax is 7% (Indiana) and is included in the loan. Sales tax is owed on the new vehicle price minus the trade-in value. The graduate is trading in their current vehicle, which has a trade-in value of $4,000 and is owned free and clear. The only equity in the transaction is the trade-in vehicle. There currently are no rebate offers or other incentives by Honda on Civics. Why is the interest so much more in the first month than in the last month? Group of answer choices Because in the first month interest is on the original loan amount and in the last month interest is only on the remaining balance of $328.67. Because in the first month interest is on the original loan amount and in the last month interest is only…
Amanda Forsythe of Springfield, Missouri, must decide whether to buy or lease a car she has selected. She has negotiated a purchase price (gross capitalized cost) of $30,000 and could borrow the money to buy from her credit union by putting $2,500 down and paying $645.84 per month for 48 months at 6 percent APR. Alternatively, she could lease the car for 48 months at $370 per month by paying a $2,500 capitalized cost reduction and a $350 disposition fee on the car, which is projected to have a residual value of $12,200 at the end of the lease. Round your answers to the nearest cent. Finance charges (borrowing the car): $ The dollar cost of leasing: $

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