Your current net worth is $10,000. The following transactions occur: pay expenses of $1,000 and reduce a student loan principal of $3,000. How much will you be worth after the transactions? a. $12,000 b. $9,000 c. $6,000 d. $7,000
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Subject : Accounting'
Your current net worth is $10,000. The following transactions occur: pay expenses of $1,000 and reduce a student loan principal of $3,000. How much will you be worth after the transactions?
a. $12,000
b. $9,000
c. $6,000
d. $7,000
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- Lecture note page 15-16, 34-37, see Excel version of the example for detail) For projesct Z- year S inventories is estimated to be S00, accounts receivable is estimated to be $400, and accounts payable is estimated to be S100. a. Calculate the working capital for year 5. Answer b if the working capital in year 6 is estimated to be $600, calculate the CHANGE in working capital in year Answer c. Is this a cash outflow or cash inflow? cash outflow cash inflowwner contributed computer costing RO. 9000, inventory worth OR 8000 and in cash OR 32000 . What is his Capital ? Select one: a. OR 49000 b. OR 8000 c. OR 32000 d. OR 39000 Rent revenue received OMR 3500 by cheque . The correct entry--- Select one: a. CASH A/C DR RENT A/C CR b. BANK A/C DR RENT A/C CR c. RENT A/C DR CASH A/C CR d. RENT A/C DR BANK A/C CR If a business has purchased goods for OMR 50000 and 25%was on account . Find out value of account payable? Select one: a. OMR 12500 b. OMR 50000 c. OMR 37500 d. OMR 32500When a company buys equipment for $161,000 and pays for one half in cash and the other one half is financed by a note payable, which of the following are the effects on the accounting equation? a. Total assets increase $161,000 b. Total liabilities increase $161,000 c. Total liabilities decrease $80,500 d. Total assets increase $80,500
- . An amount paid or earned for the use of money. A. interest B. lender C. principal D. term 2. An interest calculated on principal A. simple interest C. future interest B. compound interest D. none of the above 3. An interest calculated on the sum of principal plus accrued interest A. simple interest C. principal B. compound interest D. rate 4. John deposited Php 40,000 in a bank with 0.4% simple interest. How much will be the money of John after years? A. Php 1,280 B. Php 16,000 C. Php 41,280 D. Php 56,000 5. How long will Php 70,000 amount to Php 84,000 with simple interest rate of 4% per annum? A. 0.5 yrs. B. 5 yrs. C. 5.5 yrs. D. 50 yrs.A customer has a balance of $4,000 to be invested in a savings account with 5% interest per year. A. Calculate the Future Value in the account in the 2nd year, 6th year and 10th year? B. From the results found in question A, calculate the amount of interest earned on: first two years (years 1 to 2)the next four years (years 3 to 6)past four years (years 7 to 10) C. From the results obtained in question B, why does the amount of interest earned increase in each subsequent period?Mf3. : An entity took UAH 100,000 loan for 5 at 26% of annual interest rate. Interests are paid annually. A bank is using annuity due scheme. Interest revenue for a bank in period 1 is: An entity took UAH 100,000 loan for 5 at 26% of annual interest rate. Interests are paid annually. A bank is using annuity due scheme. Principal, paid in the fourth period, is: Outstanding loan amount is USD 17,000.00. Annuity is USD 4,315.27, interest rate is 18%. The amount of principal, paid in the given period is: Outstanding loan amount is USD 22,000.00. Annual interest rate is 11%. Interest is paid at the end of each year. In the given period bank received USD 4,300.00 of principal payment. The annuity amount is:
- (Learning Objectives 1, 7: Show how to speed up cash flow from receivables;evaluate liquidity through ratios) Geneva Co., Inc., an electronics and appliance chain,reported these figures in millions of dollars:Net sales .........................................Receivables at end of year...............2019$523,1253,8602018$543,1254,510Requirements1. Compute Geneva’s days’ sales in receivables or days’ sales outstanding (DSO) during2019. (For this exercise, use “net sales” for “net credit sales” when calculating ratios.)2. Is Geneva’s DSO long or short? Kurzwel Networks takes 39 days to collect its averagelevel of receivables. Domarko Freight, the overnight shipper, takes 33 days. What causesGeneva’s collection period to be so different?NOTE: PLEASE STRICTLY CHOOSE FROM THE FORMULA ATTACHED. DONT USE EXCEL! 8. Mrs. Dimayuga deposits P12,000 in a savings account on March 30, 2006. Six months later, she deposited P6,000. If the bank credits at 12% compounded quarterly and no withdrawal has been made, how much is her money on December 30, 2012? 9. Mrs. Delos santos has P75,000. 1/3 of it was invested at 18% compounded semi-annually. 1/4 of the remaining amount was invested at 12% compounded quarterly, and the remaining amount was invested at 12% compounded monthly. Find her total investment in 6 years. 10. Find the compound amount and interest of P29,700 invested for 6 years and 9 months at 18% compounded monthly.A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for interest. The amount reported as a use of cash under cash flows from financing activities is a. $0; this is an investing activity. b. $0; this is an operating activity. c. $73,440. d. $68,000. e. $5,440.
- Which one of the following transactions can immediately decrease the Profit Margin? A Provide services and receive $5,000 cash. B Borrow $60,000 bank loan due in 3 years' time. C Adjust the expired prepaid insurance of $900. D Receive $3,000 cash contributed by the owner. E Pay $2,300 annual insurance premium.(Learning Objectives 1, 7: Show how to speed up cash flow from receivables;evaluate liquidity through ratios) Norfolk Co., Inc., an electronics and appliance chain,reported these figures in millions of dollars:Net sales .........................................Receivables at end of year...............2019$398,5003,8602018$418,5004,110Requirements1. Compute Norfolk’s days’ sales in receivables or days’ sales outstanding (DSO) during 2019.(For this exercise, use “net sales” for “net credit sales” when calculating ratios.)2. Is Norfolk’s DSO long or short? Nico Networks takes 39 days to collect its average levelof receivables. Divencenzo, the overnight shipper, takes 33 days. What causes Norfolk’scollection period to be so different?E1-6 Analyzing Revenues and Expenses and Preparing an Income Statement Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January 2014, you find (for January only) this information: Sales, per the cash register tapes, of $150,000, plus one sale on credit (a special situation) of $2,500. With the help of a friend (who majored in accounting), you determine that all of the goods purchased during January cost $90,000 to purchase. You have $20,000 left in inventory. During the month, according to the checkbook, you paid and consumed $37,000 for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the $900 monthly utilities for January on the store and fixtures. Required: On the basis of the data given (disregard income taxes), what was the amount of net income for January? Show computations. (Hint: A convenient form to use has the following major side captions: Revenue from Sales,…
