You borrow $21421 to buy a car. You will have to repay this loan by making equal monthly payments for 15 years. The bank quoted an APR of 12%. How much is your monthly payment (in $ dollars)? $.
Q: PLEASE PROVIDE STEP BY STEP SOLUTIONS TO ALL WORK CALCULATIONS! THANK YOU! Sales mix Cellular…
A: Step 1: Calculation of Profits earned in current situation: Particulars Cell…
Q: Pls answer the all questions Explain the Concepts 1. Situs of Taxation 2. Double Taxation 3. Tax…
A: 1.Situs of Taxation Situs of taxation means the place where the subject is to be taxed. Generally ,…
Q: The amount of cash dividends paid during the year would be:
A: Cash dividend paid during the year $24,000
Q: On May 1, 2022, Heineken Company had beginning inventory consisting of 300 units with a unit cost of…
A: There are various methods to calculate inventory methods. The firm may use FIFO - First in first out…
Q: For auditors, the term materiality is important, both at the planning stage of the audit and at the…
A: Materiality is a concept in accounting refers to that all the material facts / items should be…
Q: Shera Company just completed its second year of operations. The comparative income statements for…
A: Income statement can be analyzed using the following two methods:- Horizontal Analysis Vertical…
Q: 25 Which of the following will decrease the home office account of the branch? Group of answer…
A: Head office means from where the company mainly operate and all branches are controlled from that…
Q: Which of the following procedures would an auditor most likely perform in searching for unrecorded…
A: Account payable means the amount owed by business to outsider for the goods received and services…
Q: Completeness Less Receiving report Related parties Representation Understatement Zero
A: Balance Sheet A balance sheet is a financial statement that displays a corporation's assets,…
Q: What is the total relevant cost of reworking the defective units?
A: Answer: a. $2,250
Q: hich of the following statements is false? Group of answer choices Branches generally maintain a…
A: The answer is stated below:
Q: In testing controls over cash disbursements, an auditor most likely would determine that the person…
A: The question is related to Auditingbof Cash disbursement.
Q: Cash at Bank 19272 Work in Progress at Dec 31, 2019 25,000 Direct Expenses 18,900 Direct Wages…
A: Balance Sheet- A balance sheet is a summary of the fiscal balances of an entity or business, whether…
Q: The Income Statement will O indicate how much money the owner invested into their business. indicate…
A: Income statement means the statement which show the cost of goods sold and selling price and give…
Q: Crane Company uses special strapping equipment in its packaging business. The equipment was…
A: Depreciation as per straight line method = (cost - residual value) /usefullife
Q: d. On January 8th of the next year, Yorkshire Company sold the Harris Company stock for $301,000.…
A: A journal entry is an accounting entry that is used to document a business transaction in the…
Q: HaulCo is considering the purchase of a truck. Over its five year life, it will provide revenues of…
A: The answer is stated below:
Q: Calculate the following: 1. Return on Sales 2. Average Total Assets and Return on Assets. Assume a…
A: Solution:- 1)Calculation of Return on sales as follows under:- Return on sales =EBIT or Operating…
Q: The cost per equivalent units of direct materials and conversion in the Roasting Department of…
A: Ending work in process will be based on equivalent units included in ending work in process and cost…
Q: On July 15, 2019, Leo purchased and placed in service a new car that cost $61,800. The business use…
A: MACRS Depreciation In the MACRS depreciation which can be applied in either Half year conversion or…
Q: Sew it Seams carries on a retail business as a sole proprietor in Alberta which is a…
A: In Canada GST is charged at the rate of 5%. There is another method…
Q: Operating activities has a positive cash flow of R752 000; while the Investing activities total…
A: A cash flow financial statement that illustrates how much money comes in and goes out. Include all…
Q: Examining the classifications of obligations either as secured or unsecured, most relate to the…
A: For examination of long term liabilities following is the assertions used by auditor. 1. rights and…
Q: equipment? Sheridan Snowboarding Company Balance Sheet (Partial) Assets Add/Less: 2. Assuming no…
A: Sheridan Snowboarding Company Purchased Equipment on Jan 10,2017 660000 useful life…
Q: The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the…
A: Mecca Company Budgeted Balance Sheet Assets Current Assets: Cash $ 19,400…
Q: Which of the following would best describe a stock acquisition? ABC Company + DEF Company = ABC…
A: Stock acquisition is a process which describe that one company buys most of the shares of another…
Q: 5) The First cost of a passenger bus is P800,000. Its estimated life is 4 years with no salvage…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: On January 1, 2021, the partners decided to wind up the partnership affairs. During the winding up,…
A: It is assumed that liabilities are 40% of the net cash assets with book value.
Q: Which of the following will decrease the home office account of the branch? Credit memo received…
A: Home office account in the books of branch is a credit balance account. Any amount which is to be…
Q: (Statement Presentation of Transactions—Equity Accounts) The following selected account balances are…
A: Net income (NI), also known as net income, is calculated as cost of goods sold minus cost of goods…
Q: Electro Company gives warranties at the time of sale to purchasers of its product. The entity…
A: A warranty refers to a written guarantee which is issued to a purchaser by the manufacturer of a…
Q: guaranteed payments made by a partnership to partners for services rendered to the partnership, that…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Financial information is prese
A: Gross Profit means excess of revenue over cost of direct expenses. To calculate Gross profit, Cost…
Q: Michelin Star Co. decided to lease its Building to Hawker Inc. Which of the following situation is…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Pls answer the all questions with solutions 4. Precio Jewels Corporation produces quality jewelry…
A: Solution Economic order quantity is used to make a ideal order size with minimum cost.
Q: 1. The next three items are based on the following: The bookkeeper of Latsch Company, which has an…
A: a) Answer "Understated by 2100" a) Effect on Profits Effects Amount Understated…
Q: Apply the concept from page 8-9 practice 4 of the VLN: How much could you borrow today if you make…
A: How much could you borrow today if you make monthly payments of $300.00 for the next 5 years with…
Q: X invited Y to a partnership interest in his business. Accounts in theledger of X on January 1,…
A: The adjusted capital of X will be equal to the Fair value of Assets less value of liabilities. The…
Q: The corporate charter of Reilly Corporation allows the issuance of a maximum of 10,000,000 shares of…
A: Common shares stock are the stock issued till date. Treasury stock is considered to calculate the…
Q: You have the following unadjusted trial balance for Rogers Corporation at December 31, 2019:…
A: Financial statements Financial statements are formal records of a company's, individual's, or other…
Q: TRUE OR FALSE. S1: A joint venture is consolidated when preparing consolidated financial statements.…
A: A joint venture is a combination of two or more parties who develop a single company or project for…
Q: On May 15, Holt's Clothiers borrowed some money on a 4- month note to provide cash during the slow…
A: The detailed assumptions made by accountants while compiling a company's income statement, balance…
Q: AA, BB and CC formed a partnership on January 1, 2022. Their capital balances before share in profit…
A: Calculation of opening capital of partners as at 01.01.2022: AA BB CC Closing capital…
Q: Mar, a partner in the MJR Partnership, has a 25% participation in the partnership, Mar's capital…
A: Let the Total Profit of MJR Partnership for the year 2020 be "x" Mar's Share of Profit in…
Q: A company purchased a Wheel Loader 5 years ago with an initial value of $39,500, a salvage value of…
A: Depreciation is a process of reducing the carrying value of asset due to its normal usage. There are…
Q: 6. When you buy a vehicle and take it out of the dealership, it begins to depreciate. Rosa got an…
A: Given, Cost of car=$16,069 Residual value=$1,981 Life of the car=6years
Q: O years if it eams 8% annum
A: Investment is act of allocating resources with the expectations of generating income.
Q: A company with $70,000 in current assets and $50,000 in current liabilities pays a $1,000 current…
A: Current Ratio - Current Ratio shows the liquidity of the company assets. Assets that are convertible…
Q: Question 2 The Wildwood Fund sells Class A shares with a front-end load of 4% and Class B shares…
A: Given that :- Initial investment =$ 10,000 Class A Investment after front-end load=10000-…
Q: The fixed costs incurred by a automotive shop are $200,000 per year. Variable costs are 60% of the…
A: Formula: Annual profit = Total revenues - Total Expenses.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityIf Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?
- Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for 15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?
- Calculating interest earned and future value of savings account. If you put 6,000 in a savings account that pays interest at the rate of 3 percent, compounded annually, how much will you have in five years? (Hint: Use the future value formula.) How much interest will you earn during the five years? If you put 6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after five years?Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five years at 7 percent. Payments, which are made on a monthly basis, are determined using the add-on method. a. How much total interest will Eli pay on the loan if it is held for the full five-year term? b. What are Elis monthly payments? c. How much higher are the monthly payments under the add-on method than under the simple interest method?