Your friend made an investment of P 45,000 for 2 months at 15% simple interest. If withholding tax is 20%, what is the net interest that he will receive at the end of 2 months?
Q: If a company uses a periodic inventory system, which of the following entry or entries are required ...
A: When a physical inventory count is done, a periodic inventory system simply updates the general ledg...
Q: Please see below. Need help with both parts. This is all part of the same question. Victor Mineli, t...
A: Revised depreciation: Typically, an adjustment to the assessed useful existence of a resource or an ...
Q: Based on the above statement, discuss: a) The advantages of auditing done by an independent expert. ...
A: a) The advantages of auditing done by an independent expert. Answer : the main advantages are: 1. Au...
Q: Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by s...
A: Answer 1) Calculation of maturity date of notes payable Maturity date of note = Issue date of note +...
Q: Impact of Improvements and Replacements on the Calculation of Depreciation On January 1, 20-1, two f...
A: Depreciation of simulators A & B on December 31, 20-1 = (cost - salvage value)/ useful life of a...
Q: Units-of-Production Method A light truck is purchased on January 1 at a cost of $35,000. It is expec...
A: Under units of production method, depreciation expense per unit is calculated by dividing depreciabl...
Q: init costs $625 and the cost of carrying one ear is 2% of the unit purchase price. If E rder is $5, ...
A: Ordering costs and Carrying coat of inventory are inversely proportional. If a company orders in sma...
Q: Variable and Absorption Costing Bing Company sells its product for $106 per unit. Variable manufactu...
A: Bing Company Variable Costing Income Statement Particulars Amount Amount Sales (9,000*106) 9...
Q: s Bus Service traded in a used bus for a new one. The original cost of the old bus was $52,000. Accu...
A: It is given that Willis bus sevice trade in an already used bus costing $52000 and it is also seen t...
Q: Explain why accurate accountinginformation and audited financialstatements are important.
A: The importance of accounting information and audited financial statement is as follows:
Q: Amortization schedule must include Interest calculation and a running balance
A: An amortization schedule is to be created for the given data. Amortization of loan has equal monthly...
Q: In the month of June, Jose Hebert's Beauty Salon gave 4,200 haircuts, shampoos, and permanents at an...
A: The questions says : Number of Haircuts , shampoos and permanents = 4200 Average price = $ 40 Fixed ...
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A: A Consolited balance sheet presents the assest and liability of parent company and all its subsidari...
Q: The Chronicle Fabrication Plant had a fire at the beginning of 2019 and most of the records for the ...
A: Variance in Accounting: In budgeting, a variance is the contrast between a planned, arranged, or sta...
Q: Jenny purchased equipment at the beginning of July 2017 for $250,000. Jenny decided to depreciate th...
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...
Q: Straight-Line, Declining-Balance, Sum-Of-The-Years'-Digits, and MACRS Methods A machine is purchased...
A: Depreciation Accounting is the method of debiting the cost of an asset and crediting it to a depreci...
Q: Given the mixed cost function y = $6.50x + $3,000. What does the $6.50 represent? a.Total cost per u...
A: Intercept is the total fixed cost and slope of cost function is the variable cost per unit. And the ...
Q: Salter Mining Company purchased the Northern Tier Mine for $21 million cash. The mine was estimated ...
A: Purchase cost of Northern Tire Mine $2,10,00,000 Less: Residual value -$10,00,000 $2,00,00...
Q: Which of the following statements is correct? Statement 1: Any unrealized profit or loss mad...
A:
Q: Ben and Carla Covington plan to buy a condominium. They will obtain a $224,000, 30-year mortgage at ...
A: Given information, 30-year mortgage at 7.0 percent =$224,000 Payment factor at 7%, 30 years is 6.65(...
Q: Which of the following is an exception for application of IFRS 15? O Pharmaceutical contracts O All ...
A: As Per IFRS 15, An entity shall apply this Standard to all contracts with customers, except the foll...
Q: Which of the following statements is false regarding intangible assets? O a. Intangibles with an ind...
A: Intangible Assets is a non monitory asset with our physical substance, such assets are identifiable ...
Q: Bonita Corporation has 86,000 shares of common stock outstanding. It declares a $2 per share cash di...
A: The journal entries are prepared to keep the record of day to day transactions of the business. The...
Q: On December 31 Y1, the Company ARL develop a Product: Master 3D. The disbursement associate to the P...
A: IAS 38 Many business spend vast amount of funds on research and development, with the intention to d...
Q: on-current Liabilities
A: The non current liabilities as,
Q: Currently, the spot exchange rate is $153E and the three-month forward exchange rate is $1.55/E The ...
A: ANSWER A)INTEREST RATE PARITY IS CURRENTLY WITHHOLDING THE CORRECT ANSWER IS NO EXPLANATION ...
Q: Alex Miller, Inc., sells car batteries to service stations for an average of $30 each. The variable ...
A: Break even level = Total fixed costs / Contribution margin per unit where, Contribution margin per u...
Q: Carla Vista Company purchases a patent for $147,200 cash on January 2, 2021. Its legal life is 20 ye...
A: Intangible assets such as patents, copyright etc are initially recorded at cost.
Q: In what way you can be an advocate to help others be aware of the plight of the workers both from th...
A: The answer is stated below:
Q: The annual report is considered by some to be the single most important printed document that compan...
A: Annual reports are the report which is prepared once in the year,in this report everything is given ...
Q: year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the mach...
A: Solution... Cost = $56,000 Sales value = $42,000 Accumulated Depreciation expense = $32,000
Q: The statement of financial position of XYZ Company on December 31, 2011 is as follows: Assets Liabil...
A: Calculation of fair value of net identifiable assets acquired : Particulars Amount Cash P100...
Q: Furniture costing S68,200 is sold at its book value in 2021. Acquisitions of furniture total $53,700...
A: Please Step 2 for the General Ledger accounts as required.
Q: Jerome's Fashion Dezigns sells a variety of items of clothing including footwear for men and uses a ...
A: Since the FIFO method is used the first inventory to be sold must be from the beginning inventory, t...
Q: When using the Indirect Method of preparing the Statement of Cash Flows, in the operating section, s...
A: Under indirect method , it is one of two accounting treatments used to generate a cash flow stateme...
Q: The film All the Queen's Horses documented a fraud that occurred in the town of Dixon, IL. The film ...
A: The film All the Queen's Horses documented a fraud that occurred in the town of Dixon, 1L. The fim u...
Q: What is the amount of non-controlling interest in net income for 20x2? 54,850 55,200 56,000 55,650
A: Explanation: Peter is the holding company and Simon is the subsidiary. 3/4th of the inventory sold b...
Q: The following are the comparative financial statements for three years for Plastic Works Limited. Yo...
A: Comparative financial statements comprise of financial statements of various organisations at once f...
Q: Since 2005, Modco has a full range of groceries and general merchandise sold through 8,000 retail un...
A: Sustainability reporting is that the disclosure and communication of environmental, social, and gove...
Q: Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (...
A: Income tax- An income tax is a tax obligatory on persons or entities (taxpayers) in admiration of th...
Q: Select the necessary words from the list of possibilities to complete the following statements. Stat...
A: The complete solution is in step 2.
Q: Roth Inc. experienced the following transactions for year 1, its first year of operations: Issued c...
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into debi...
Q: Kyle Struck's filing status is single, and he has earned gross pay of $2,340. Each period he makes a...
A: Medicare tax refers to the tax levied by the government that helps in funding the Hospital Insurance...
Q: Lawrence Industries' beginning-of-year common stockholders' equity was $625,000 and its end-of-year ...
A: Formula: Return on common stock holders equity = Net income available to common share holders / Aver...
Q: Sunland Company owns equipment that cost $81,000 when purchased on January 2, 2021. It has been depr...
A: >Accounting principle states that the cost of the long term assets (like equipment) is to be capi...
Q: The balance in the supplies account on June 1 was $5230, supplies purchased during June were $3480, ...
A: In general, supplies are considered a current asset until they are used. When resources are exhauste...
Q: If the non-cash assets are sold for P700,000 and both partners agree to make up for any capital defi...
A: Solution:- Given, Partners Biore and Selisana each have a P450,000 capital balance Profits and loss...
Q: The assets in value by $billion. (Round your response to one decimal place.) The liabilities in valu...
A: Interest is the return which a depositor or a bank gets from the amount of loan which has been given...
Q: Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made th...
A: Note: Expenses incurred before the beginning of the business are considered start-up costs and organ...
Q: Comprehensive operating budget. Slopes, Inc., manufactures and sells snowboards. Slopes manufactures...
A: Answer to Question(1):- Slopes Inc Pr...
Your friend made an investment of P 45,000 for 2 months at 15% simple interest. If withholding tax is 20%, what is the net interest that he will receive at the end of 2 months?
Step by step
Solved in 2 steps
- An accountant purchases a T-bill with a face value of $5,000 for $4,975. If the term of the T-bill is 115 days, what is the annual simple interest rate (in percent) earned by the client? Round to the nearest tenth of a percent. (Use 360 days in 1 year.)Suppose an individual makes an initial investment of $1400 in an account that earns 7.8%,compounded monthly, and makes additional contributions of $100 at the end of each month for aperiod of 12 years. After these 12 years, this individual wants to make withdrawals at the end ofeach month for the next 5 years (so that the account balance will be reduced to $0). (Roundanswers to the nearest cent.)a) How much is in the account after the last deposit is made?b) How much was deposited in total?c) What is the amount of each withdrawal?d) What is the total amount withdrawn?An accountant wants to withdraw $30,000 from an investment at thebeginning of each quarter for the next 15 years. How much must be depositedoriginally if the investment earns 6%, compounded quarterly?
- An executive invests $22,000, some at 7% and some at 6% annual interest. If he receives an annual return of $1,420, how much is invested at each rate? Pls thanksA person buys a piece of lot for P 100,000 down payment and 10 deferred semi-annual payments of P 8,000 each, starting three years from now. What is the present value of the investment if the rate of interest is 12% compounded semi-annually?If $10,000 is invested in a certain business at the start of the year, the investor will receive $3,000 at the end of each of the next four years. What is the present value of this business opportunity if the interest rate is 4% per year? A. $1,068 B. $890 C. $445 D. $1424
- Ryan invested 56000 in Koy Rural Bank and Soy Rural Bank. Koy Rural Bank pays 8% interest per year, and Soy Rural Bank pays 10% per year.If the total interest earned on the investment is 5560 after one year.How much money was invested in each accountMr. Samal deposits 5,000 php at the end of each month at a product with an interest rate of 8% compounded monthly. How much is the present value of his savings at the end of the 8th month? (A) 40,000 php B)28.733.19 php C)33,314.92 php D)38,826.19 phpAn employee borrows P50,000 for seven months at an interest rate of 12% per year. Find the interest earned and the total amount he has to pay
- Suppose an individual makes an initial investment of $2800 in an account that earns 7.8%. compounded monthly, and makes additional contributions of $100 at the end of each month for a period of 12 years. After these 12 years, this individual wants to make withdrawals at the end of each month for the next 5 years (so that the account balance will be reduced to s0). (a) How much is in the account after the last deposit is made? b) How much was deposited? (c) What is the amount of each withdrawal? (d) What is the total amount withdrawn?Tedros borrowed $2 million and planned to repay the loan by making equal month-end payments over a period of 10 years. The interest rate on the loan is 6%, compounded monthly. (a) Calculate the amount of monthly payment. (b) Of the 60th payment, how much will be used to repay the interest and principal for the month? (c) Tedros plans to pay off the loan immediately after making the 60th payment. What should the size of the lump-sum (pre-)payment be? (d) Immediately after the 60th repayment, the central bank increased the market interest rate and the bank subsequently raised the loan's interest rate to 8% p.a., compounded monthly. If Tedros decides to keep the number of remaining payments unchanged, what is the size of the new monthly repayments? (e) Calculate the total amount of principal repaid and interest paid in the first 60 monthly payments. Assume that the relevant interest rate is still 6%, compounded monthly (that is, not 8%).[Hint: One make-sense way to think about…a customer invests IDR 20 million in the money market and earns 12% compound interest How much money will grow in 10 years and calculate the interest in 10 years if a. Interest is paid annually, semiannually, quarterly and monthly b. Calculate the effective interest rate for the quarterly, quarterly and monthly basis and prove that the interest earned is the same as the answer in number (a)