You owe $3572.75 in 147 days and have decided to pay off your loan early Your interest rate is 6,52%. What is the size of the cheque that you write today to pay off all of your debt? A) $438133 B) $3481.33 C) $3581.33 D) $3381.33 E) $3814.33

You owe $3572.75 in 147 days and have decided to pay off your loan early Your interest rate is 6,52%. What is the size of the cheque that you write today to pay off all of your debt? A) $438133 B) $3481.33 C) $3581.33 D) $3381.33 E) $3814.33

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

See similar textbooks

Related questions

Q: Kleen Company acquired patent rights on January 10 of Year 1 for $360,000. The patent has a useful…

A: Amortization of the Patent: Amortization of the Patent is the tactic in which the cost of the patent…

Q: Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's…

A: Given in the question: FICA Social Security taxes 6.20% FICA Social Security taxes on…

Q: A bond has a face value of $1,000,000 and matures on 12/31/2050. Which statement is FALSE? O The…

A: The bonds are the financial instruments that are used to raise money from the market or investors.…

Q: Compute the sales level required in both dollars and units to earn $120,000 of target income for…

A: Fixed costs are costs that remains constant and does not change with the change in the number of…

Q: Windham Corporation has current assets of $440,000 and current liabilities of $550,000. Windham…

A: The ability of a company to repay short-term loans or those that are due within a year is assessed…

Q: On January 1, 2020, a foundation made a pledge to pay $15,000 per year at the end of each of the…

A: A business transaction is documented in the accounting records of the company using a journal entry.…

Q: The predetermined overhead rate for Lithian Company is $7, comprised of a variable overhead rate of…

A: Standard total overhead for actual output :— It is calculated by multiplying predetermined overhead…

Q: It's like a professional memo, you have to write in 4 paragraphs The concept of relevant cost in…

A: Relevant cost is a concept used in managerial accounting that refers to the costs that are relevant…

Q: Prepare a horizontal analysis of the income statement. (Negative answers should be indicated by a…

A: Income Statement :— It is one of the financial statement that shows profitability of company during…

Q: #6. On Dec 31, 2021, the following information was provided by the Babson Inc. pension plan…

A: A pension plan is a strategy that offers benefits to investors during their retirement. In…

Q: Lars is a citizen and resident of Belgium. He has a full-time job in Belgium and has lived there…

A: A1) The correct one is meets the definition of a resident alien. 2020; .Lars meets the definition of…

Q: s to 2 decimal places.) ay Social Security Medicare ral income taxes cal insurance deduction…

A: Lets understand the basics. Gross pay is a pay available to employee without considering any…

Q: Jane Binyan is single with one dependent and files as head of household. She is the chief financial…

A: Gross income: Gross income is the sum of all forms of income of the taxpayer before claiming any…

Q: Stockholders' equity of Ernst Company consists of 82,000 shares of $5 par value, 10% cumulative…

A: In case of cumulative Preferred Stock, any amount of dividend will first be paid to preferred stock…

Q: You purchase a home for $436,000 by making a down payment of 15% and financing the remaining amount…

A: Particulars Amount ($) a Value of House 436000 Less: b Down Payment @15% 65400 c…

Q: Required: (1) Compute the operating income or loss (2) What is the company's break-even point in…

A: Break Even Point is that point of sales at which Business Entity earn no profit also suffer no loss.…

Q: These are the selected anaswer provide to select accordingly towards the cash statement: decrease…

A: the cash flow statement is prepared under with the recording of the three activity name the…

Q: Find i m if an amount is invested at 6.00% compounded every 3 months. a. 6.00%, b 3.00%, c 1.50%,…

A: Introduction: In solving time value of money problems, interest rate is given for entire year.…

Q: Prepare a vertical analysis of the balance sheets for Year 4 and Year 3. (Percentages may not add…

A: The vertical analysis compares the results of two different years. The income statement is analyzed…

Q: 8. Bushnell Company has the following equity investments in Cole, Paxton, and Alton. • Cole…

A: Concept of holding and subsidiary has applied, a company becomes a subsidiary company when more than…

Q: ! Required information [The following information applies to the questions displayed below.] Major…

A: 2 Stockholders' equity Common Stock 100000 Preferred Stock 500000…

Q: If the price line of $50 is 30 percent the shirt classification total sales $20,000,000, what are…

A: Company's sales comes from many wide range of products but the each product have own price and own…

Q: elected data from the Carmen Company at year-end are as follows: Total assets Average total assets…

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

Q: Required information Miami Solar manufactures solar panels for industrial use. The company budgets…

A: DIRECT LABOUT BUDGET Direct Labour Budget is the help to Determine the Requirement of Direct…

Q: Calculate Rudolph's return on stockholders' equity for 2002. • Calculate Rudolph's current ratio for…

A: 1. Forrmula = Net income ÷ Average common share holders equity 2. Calculation of Average common…

Q: VII. Polytech Inc. produces a laptop. The selling_price_per unit of the laptop is $500. Data for…

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

Q: Windsor Industries has the following patents on its December 31, 2024, balance sheet. Patent Item…

A: Answer :- solution in step -2

Q: Required information [The following information applies to the questions displayed below.] Sammy's…

A: Stock dividend refers to the amount that is given as payment by the company to the shareholders in…

Q: Prepare journal entries for the transactions listed below and post them to the T-accounts. a.…

A: The foremost reporting of the daily business transactions is to be done in the form of journal…

Q: Grace manufactures and sells miniature digital cameras for $160 each. Sales in May were 2,600 units,…

A: Sales Budget and Production budget :The sales budget is prepared to show the number of units to be…

Q: statement of affairs shows $30,000 of assets pledged to partially secured creditors, liabilities of…

A: Answer:- Correct option is c) $90,000.

Q: Two alternatives, code-named X and Y, are under consideration at Guyer Corporation. Costs associated…

A: Alternative is said to be financial advantageous when the total cost of one alternative is less than…

Q: chine is the current constraint at Jordison Corporation. onstrained resource. Data concerning those…

A: The contribution margin represents the excess of sales revenue over the variable costs. The products…

Q: An entity has 10,000 shares issued and outstanding with a 100 par value. Statement in the book: If…

A: The declaration of dividend (cash or stock dividend) affects the retained earnings of the business.…

Q: Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,300…

A: Production budget :Sales budget is prepared to show the no. of units to be sold in the future period…

Q: how did you get 9,288 for number 7

A: Lets understand the basics. Adjustment entry is required to make to record correct amount of revenue…

Q: Please reconcile The Hylton Enterprise Company bank statement to the cash book as of August 31,…

A: The bank balance under bank reconciliation statement is adjusted with deposit in transit and…

Q: two processing departments (Departments A and B) to manufac- ure its finished product. The cost…

A: Process Costing : Process costing is the costing method which is been used to determined cost…

Q: QUESTION 6 The Millard Division's operating data for the past two years are provided below: Year 1…

A: Solution... Year 2 Net operating income = $360,000 Return in investment = 36% Average operating…

Q: You are thinking about getting a 30 -year $800,000 mortgage loan at 41/8% interest. Find the…

A: Monthly Installment - It includes a portion of principle payment along with Interest. Monthly…

Q: Using the least aggregate deferral method, what year should the partnership adopt?

A: A least aggregate deferral method is the method which is used by the partnership so that the tax…

Q: how can i do jeneral journal for this with 10% GST

A: JOURNAL ENTRIES FOR DA ONE 26.Nov Toys R Uz.....Dr. $39,600 To Ranger's…

Q: 14. Open Skies purchased a portfolio of available-for-sale securities during the year. The cost and…

A: PART a. JOURNAL ENTRIES FOR OPEN SKIES ON THE PURCHASE OF PORTFOLIO DURING A YEAR Eden Rock…

Q: Question : 1. Which strategy will you recommend to management? Why? Explain your recommendation…

A: The concept of cost volume profit (CVP) analysis will be used and applied here. The CVP analysis…

Q: Sam Smith is a citizen and bona fide resident of Great Britain (United Kingdom). During the current…

A: NOTE- IN THIS CASE WE HAVE SAM SMITH IS THE CITIZEN AND RESIDENT OF GREAT BRETAIN U.K. BUT THE…

Q: Wreck and Ralph form a new partnership. Wreck invests P500,000 in cash. Ralph contributes land that…

A: Partnership is the firm which is run by two or more partners on the basis of partnership agreement,…

Q: • Calculate Rudolph's inventory turnover at December 31, 2002. • Calculate the number of days' sales…

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

Q: Johnson Inc. wishes to expand its facilities. The company currently has 6 million shares outstanding…

A: In the present case basic concept of earning per share, price earning ratio and book value has been…

Q: Assume that the company expects sales of each product to decline to 25,000 units next year with no…

A: A contribution margin income statement is a type of statement that shows the total profit obtained…

Q: Service Department Graphics Production Accounting Personnel Cost $200,000 500,000 400,000 Direct…

A: Under Activity based costing method, the cost of each department is based on the consumption of that…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
Gifts Galore Inc. borrowed 1.5 million from National City Bank. The loan was made at a simple annual interest rate of 9% a year for 3 months. A 20% compensating balance requirement raised the effective interest rate. a. The nominal annual rate on the loan was 11.25%. What is the true effective rate? b. What would be the effective cost of the loan if the note required discount interest? c. What would be the nominal annual interest rate on the loan if the bank did not require a compensating balance but required repayment in three equal monthly installments?
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.
Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?
Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?
Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264
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.