Lee purchased a laptop and promised to pay P2500 every month for 2 years, beginning on the date of purchase. The seller figured interest at 3% compounded monthly. After making 8 payments, Lee wished to discharge his remaining indebtedness by a single payment at the time when the 9th regular payment was due, how much must he pay to the regular payment then due? Show complete solution and formula used. Write it on a piece of paper, don't type it.

Q: Dividends Per Share Internal Insights Inc., a developer of radiology equipment, has stock…

A: Preference shareholder has the right to receive dividend preference over the common stockholder.…

Q: . _______ One of the advantages of an LLC is that owners have ________ liability.a. unlimitedb.…

A: The correct option is given as,

Q: What are the "Reserves" and compare between Contingency reserves and Management reserves? Cite an…

A: A reserve could also be retained earnings secured by an organization to strengthen a company’s…

Q: |2. Auditing an accounting information system requires knowledge and skills in both accounting and…

A: Answer:-  Audit definition:- Auditing can be defined as the systematic inspection or examination of…

Q: The financial statements for Highland Corporation included the following selected information:…

A: The additional paid in capital is calculated as total money raised from share issuance less value of…

Q: Insight Compeny's standard factory overhead rate is $3.86 per direct labor hour (DLH, calculated et…

A: A spending variance is also known as a rate variance, It is the difference between an expense's…

Q: Dept of Agriculture determines an indication that its investment property purchased on Jan 1 2005…

A: When a company helds a property as investment property , as per standard…

Q: Land Bank of the Phil. bought an office equipment for P750,000 on Nov. 25, 2020. The equipment’s…

A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of…

Q: ion is used, a half-year convention, and no expensing election, what is the maximum amount of cost…

A: As per modified accelerated cost recovery system (MACRS) depreciation table, 5 years half year…

Q: True or False 1. Whether or not the contracts and transactions entered into by a corporation…

A: Hi student, you have asked multiple questions in one go which are not inter-linking. According to…

Q: On December 31, 2016, the balance sheet of CDO Partnership is as follows: Cash 15,360 Noncash Assets…

A: 1. Lump-sum liquidation       Assets realized 300,000   Add: Cash 15,360   Total amount…

Q: To maximize profits, firms produce the level of output that: O a. equates total revenue and total…

A: The output levels achieve highest efficiency and peak profits when marginal revenue is on par or…

Q: financing

A: Financing activities are the activities that are related to the movement of cash within the…

Q: At the end of the current year, Jodi Corporation's controller discovers the following items of…

A: The calculation adjustment is given as,

Q: レ %24 B5 Chapter 10 Lab application-A X Bb Chapter 10 Lab application -A X * CengageNOWv2 | Online…

A: Each inventory is valued as per the rule of cost or market. The total inventory value is calculated…

Q: Outline the factors that facilitated the emergence of early bookkeeping.

A:

Q: Financial Ratios 2018 2019 2020 2021 Sales Growth Rate .97% .952% 1.13% EBIT Margin .81% 8.4% 8.4%…

A: In the accounting cycle, the last stage is the "analysis and interpretation" of the…

Q: PhotoGrid Gibson Corporation began fiscal Year 2 with the following balances in its inventory…

A: a) Calculation to compute ending balances: 1) Ending balance of raw material= Beginning balance of…

Q: With this information, how many units and at what cost are in inventory to start February? How many…

A: Introduction Inventory valuation using Last In First Out (LIFO) method assumes that the inventory…

Q: Given the following data, calculate product cost per unit under absorption costing. dir labor:…

A: In absorption costing we consider fixed overhead also as cost of product.

Q: Two pounds of raw materials are needed to produce one product. The desired ending balance of raw…

A: The raw materials purchase budget is prepared to estimate the cost of raw materials to be purchased…

Q: *You want to purchase a common stock at $50 from your broker using as little of your own money as…

A: A corporation's shares are units of equity ownership. Shares exist as a financial asset for some…

Q: On November 1, 2021, Agar-Agar Corporation had a division that met the criteria for discontinuance…

A: Reportable  Income: Payments made to or on behalf of a person that must be "reported" to the…

Q: t whole dollar.)

A: 1) Calculation :   2021 2022 Estimated ending inventory at retail $453,800 $822,800…

Q: 3. On December 1, 2021, Violet Company committed to a plan to dispose of the assets of a business…

A: Pretax loss or profit:- It is the profit or loss which are measured by the companies before paying…

Q: Question 2: Which of the following is the due date for Form 940 when it is submitted without a…

A: Question 2: The deadline to submit Form 940 is January 31. You have until February 10 to file if you…

Q: On Jan. 1, 2021, Sleepy Company entered into a direct financing lease. A third party guaranteed the…

A: Answer- Correct Option is b. 6,200,000.

Q: When should an average amount be used for the numerator or denominator? When the denominator is a…

A: The average amount is used for maintaining the nearest accuracy of the financial ratio. It helps the…

Q: Question 14: Whích copy of the W-2 Form is submitted by the employer to the Social Security…

A: Q13. Which of the given option is true regarding the W-2 Form Correct answer is D. The W-2 Form…

Q: What's the first step in Accounting

A: Accounting is the process of keeping books of accounts for the business transactions, preparation of…

Q: A company has current assets of $92,000 (of which $37,000 is inventory and prepaid items) and…

A: The liquidity ratio indicates the ability of the business entity to pay out its current debt. It…

Q: 3. In the company's interim income statement for the six months ended June 30, 2020, what total…

A: The total amount of expense that should be reported in the interim income statement ended on 30…

Q: Information on Kimble Company's direct labor costs for the month of January is as follows: Actual…

A: Note:We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: National Retail has two departments, Housewares and Sporting. Indirect expenses for the period…

A: Indirect expenses are those expenses which are not related with production and which are not…

Q: 2. On July 1, 2019, XYZ Co. borrowed P2,000,000 and İssued a one-year promissory note. The lender…

A: The notes payable is an agreement where the borrower promises to pay interest and principal at…

Q: and, therefore, has no inventories. The following information is available for the current month:

A: Variances are calculated to compare the financial results of the company year wise. The sales…

Q: Exercise 6.21 FIFO Method, Unit Cost, Valuation of Goods Transferred Out, and Ending Work in Process…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Bit Company owns an office building and normally charges tenants Php3,000 per square meter per year…

A: As per accrued basis of accounting  Income is recognized as and when earned and expense is to be…

Q: An asset (not an automobile) placed in service in June 2021 has a depreciable basis of $35,000 and a…

A: Given : Depreciable Asset in June 2021 = $35000 Recovery Period = 5 years Calculate : what is the…

Q: On November 16, 2019, Clear Glass Company borrowed $20,000 from First American Bank by issuing a…

A: The calculation as,

Q: At what amount should the equipment be measured on December 31, 2021? * 2. Beauty Company accounted…

A: Non-Current Asset held for sale: If the majority of the carrying value of a non-current asset is…

Q: In the case of the adoption of a child who is not a US citizen or resident of the United States, the…

A: It is standardized by the Internal Revenue Service, and credit for eligible adoption expenditures is…

Q: 3. On January 1, 2019, an entity acquired an equipment for P1,000,000 payable in 5 annual…

A: Here discuss about the purchase of the equipment and its payment for the equal installment for the…

Q: y share capital. The investee reported net income of P6,000,000 for 2021. No dividend was declared…

A: Chevy Co  owns 50% of another entity's Pref. Share Capital .  The Pref. Shares are 10%…

Q: Corporate officers are elected by the firm’s stockholders.;True or False

A: The persons who hold high-ranking positions within a corporation are known as corporate officers.…

Q: Problem 8.2A (Static) Recording purchases, purchase returns, purchases discounts, and cash payn for…

A: Journal entries is the act of keeping records of any transaction either economic or non- economic.…

Q: The answer to number 5 is B. Please show the steps to get to this answer. solve it quickly will give…

A: The question is related to cacluation of additonal money over and above the given amount of…

Q: 8. On October 1, 2021, Loving Company approved a formal plan to sell a business segment. The sale…

A: Note 1: Segment revenue=P30,000,000 Segment expenses=P32,000,000 Gross loss=P2,000,000 Note 2:…

Q: Black Bear Bike Corp. manufactures mountain bikes and distributes them through retail outlets in…

A: Solution 1: Annual preferred dividend = 50000*$80*2% = $80,000 Dividend per share = Total dividends…

Q: NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 20X1. The…

A: The question is based on the concept of the financial accounting.

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.