A customer charges a treadmill at Crane's Sport Shop. The price is $ 9000 and the financing charge is 6% per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 days and a finance charge is added to the customer's account. What is the amount of the finance charge
Answers
Based on the information given the amount of the finance charge is $45.
Using this formula
Finance charge=Price× Finance charge per annum×30days/360 days
Where:
Price=$9,000
Finance charge per annum=6%
Let plug in the formula
Finance charge=$9,000×6%×30/360
Finance charge=$45
Inconclusion the amount of the finance charge is $45.
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Related Questions
QUESTION 4 of 10: In this market research step, data related to the problem are collected and studied:
a) Choose the best solution
b) Analyze data
c) Obtain data
d) Identify the problem
o
Answers
Answer:
b/ because its acurat
Explanation:
Answer:
c … obtain data
Explanation:
thanks me later
Which option is most likely a complementary good for a smartphone?
A. Smartphone headphones
B. Smartphone taxes
C. Smartphone factories
O D. Smartphone online reviews
SUBMIT
Answers
Answer:
A.
Explanation:
A. Smartphone headphone is the correct answer, because complementary goods are goods that sell together so, smartphone and headphones are complementary goods.
For a smartphone, the best complementary good is smartphone headphones. Therefore, Option A is correct.
What are complementary goods?Goods that are best when put together and provide complementary service to the customer that provides more comfort to the customer are termed as complementary goods. In other words, the usage of both the products will provide happiness to the customer.
In the case of smartphones, it is best when the headphones that support the smartphone are also available with it as a complementary product. From the point of view of a customer, when the headphones are available, they will be complementary to them.
Therefore, Option A is correct.
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At the end of the current year, Accounts Receivable has a balance of $3,750,000, Allowance for Doubtful Accounts has a credit balance of $22,750, and sales for the year total $48,400,000. Bad debt expense is estimated at ¾ of 1% of sales. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and (c) the net realizable value of accounts receivable.
Answers
Accounts receivable currently have a $3,387,000 net realizable value.
What is meant by net realizable value?The value at which an asset can be sold less the projected expenses of selling or disposing of the asset is known as a net realizable value or NRV. Accounts receivable or ending inventory value is frequently estimated using the NRV.
Given
Receivable has a balance of $3,750,000
Allowance for Doubtful Accounts has a credit balance of $22,750
sales for the year total $48,400,000
Bad debt expense is estimated at ¾ of 1% of sales
Required to Calculate:
the amount of the adjusting entry for uncollectible accountsthe adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expensesthe net realizable value of accounts receivable.The amount of the adjusting entry for uncollectible accounts can be calculated as follows:
Bad debt expense = ¾ of 1% of sales
= (0.75 / 100) x $48,400,000
= $363,000
To adjust the Allowance for Doubtful Accounts to the required balance, we need to increase the balance by the amount of bad debt expense and decrease the balance by the existing credit balance.
Adjusting entry = Bad debt expense - Allowance for Doubtful Accounts
= $363,000 - $22,750
= $340,250 (debit)
Therefore, the adjusting entry for uncollectible accounts is $340,250 (debit).
The adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expenses can be calculated as follows:
Accounts Receivable = $3,750,000
Allowance for Doubtful Accounts = $22,750 + $340,250 = $363,000 (credit)
Bad Debt Expense = $363,000
Therefore, the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense are $3,750,000, $363,000 (credit), and $363,000, respectively.
The net realizable value of accounts receivable can be calculated as follows:
Net realizable value = Accounts Receivable - Allowance for Doubtful Accounts
= $3,750,000 - $363,000
= $3,387,000
Therefore, the net realizable value of accounts receivable is $3,387,000.
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If I paid 550 dollars every month how much did i pay in the past 7 years?
Answers
Hello!
1 month => 550
1 year = 12months => 550 x 12 =6600
7 year = 6600 x 7 = 46200
The answer is 46200
An informal trade barrier is created by government actions.
Oa. True
Ob. False
Answers
19. If line 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid?
Answers
PLEASE HELP ASAP 10 min left
Answers
Answer: B.
Explanation:
Ensuring mental wellness requires
Answers
Maintaining a healthy diet with food for your mental health wellness
Exercising regularly
Keeping up with regular medical appointments
Practicing some form of meditation
Maintaining positive and heathy relationships
A firm has developed a new kind of knitting needle and they want to know if experienced knitters will see it as an improvement. The firm
should hire a(n).
O standardized marketing firm
O syndicated marketing firm
customized marketing firm
O internal marketing firm
Answers
Answer:
1. This football match is ……..we have ever played.
Marbry Corporation's balance sheet and income statement appear below.
Comparative Balance Sheet
Ending Beginning
Balance Balance
$ 46
49
66
161
480
259
221
$ 382
S 37
56
56
149
460
256
204
$353
Assets:
Current assets
Cash and cash equivalents
Accounts receivable
Inventory
Total current assets
Property, plant, and equipment
Less accumulated depreciation
Ret property, plant, and equipment
Total assets
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable
accrued liabilities
Income taxes payable
Total current liabilities
Bonds payable
Total liabilities
Stockholders' equity:
Common stock
Retained carnings
Total stockholders' equity
Zotal liabilities and stockholders' equity
$ 59
32
51
142
209
251
$ 51
22
51
124
132
256
36
61
50
81
131
$382
97
$353
Income Statement
Sales
Cost of goods sold
Gross margin
Selling and administrative expense
Bet operating income
Gain on sale of plant and equipment
Income before taxes
Income taxes
Bet income
$676
415
261
241
20
15
35
13
$ 22
Cash dividends were $2. The company did not issue any bonds or repurchase any of its own common stock during the year. The net cash provided by fused in) financing activities for the year was:
Multiple Choice
$14
$123
O som
523
Answers
Answer: 382
Explanation:
Compute the future value of $1,640 compounded annually for:
a) 10 years at 5 percent.
b) 10 years at 10 percent.
c) 20 years at 5 percent.
d) Why is the interest earned in part (c) not twice the amount earned in part (a)?
Answers
If the present value is $1,640. The future value are: $2,671.39, $4,253.74, $4,351.41. The reason the interest rate in part c not twice the amount earn part a is : the interest is compounded.
How to find the future value?Using formula to find the future value
FV = PV×(1+r)^t
Where:
FV = Future value
PV= Present value
r = rate
t = time
Let plug in the formula
a. 10 years at 5 percent
FV = $1,640 (1+0.05)^10
FV = $1,640 (1.6288946)
FV = $2,671.39
b. 10 years at 10 percent
FV = $1,640 (1+0.10)^10
FV = $1,640 (2.593742)
FV = $4,253.74
c. 20 years at 5 percent
FV = $1,640 (1+0.05)^20
FV = $1,640 (1.6288946)
FV = $4,351.41
d. The reason why the interest rate in part c not twice the amount earn part a is because the interest is compounded.
Therefore the future value are: $2,671.39, $4,253.74, $4,351.41.
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What are the three types of inherent value money can have?
A. Regulated, market, and face.
B. Intrinsic, market, and commodity.
.C. Intrinsic, market, and face.
D. Face, intrinsic, and commodity.
Answers
The three types of inherent value money can have are Intrinsic, market, and face. Option C
What is inherent value money about?Cash has an asset's value is determined by its intrinsic value. Instead of using the asset's actual market price, this metric is calculated objectively or through the use of a sophisticated financial model.
Other than its current exchange value for goods and services, it has no worth. Something is valuable in and of itself when it has inherent worth. A thing with intrinsic value is a goal in and of itself.
Hence, the value an entity has for what it is, as a goal, or in and of itself is known as intrinsic value.
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Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours 32,300 Total fixed manufacturing overhead cost$581,400 Variable manufacturing overhead per machine-hour$2.00 Recently, Job T687 was completed with the following characteristics: Number of units in the job 10 Total machine-hours 40 Direct materials$630 Direct labor cost$1,260 If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to
Answers
Answer:
See below
Explanation:
Given the above information, first we will calculate the overhead rate
Overhead rate = Cost of manufacturing overhead / Cost driver
= $581,400 / 32,300
= $18
Then,
Predetermined overhead rate = $18 fixed + $2 variable = $20
Now, we will apply this to job machine hours
Job machine hours 40
Overhead: Machine hours x
Predetermined rate = 40 × $20 = $80
Total cost = $630 + $1,260 + $880 = $2,770
The unit cost would be
= Total cost / Units
= $2,770 / 10
= $277
The selling price would therefore be;
Selling price : 40% over product cost
Selling price = Cost + 40% cost
Selling price = $227 + 40%($227)
Selling price = $227 + $90.8
Selling price = $317.8
A client agrees to pay a contractor $15,000 down towards a $45,000 job.
When his accountant is journalizing the transaction, how much should be
posted as accounts receivable?
A. $15,000
B. $0
O C. $45,000
D. $30,000
Answers
Alice wants to use a three-step process to summarize a text she has read. She starts by determining the most important point. What is her second step? including supporting details identifying key words writing a conclusion putting the main idea into words
Answers
Answer:
D
Explanation:
I took the test in Edgenuity. :)
Answer:
D
Explanation:
Got it right on Edge2021
Explain the role of values in the making of business ethics.How these can be incorporated in working out business strategy?
Answers
it helps by making the plan to start everything offExplanation:
Although appealing to more refined tastes, art as a collectible has not always performed so profitably. Assume that in 2015, an auction house sold a statute at auction for a price of $10,605,500. Unfortunately for the previous owner, he had purchased it in 2009 at a price of $12,643,500. What was his annual rate of return on this sculpture
Answers
Answer:
-0.028870144
Explanation:
The computation of the annual rate of return on this sculpture is shown below:
We have to find the compound annual growth rate which is
= (Ending value ÷ Beginning value)^ (1 ÷ time period) - 1
= ($10,605,500 - $12,643,500)^ (1 ÷ 6) - 1
= -0.028870144
The six year comes from
= The Year 2015 - the year 2009
= Year 6
Basically, we applied the above formula so that the annual rate of return could come
Creative and innovative
Answers
A creative innovation is bringing about something unique and different.
What is creativity?Creativity is the ability to imagine something unique or new that have not been in existence.
It could also be a modification to what have been existing before.
Therefore, A creative innovation is bringing about something unique and different.
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Sarah is working on a paper, but the paragraph she is typing doesn't make sense. She needs to delete all of her work and start over. The quickest way to remove the text is to _____.
a.
select all of the text to be deleted and hit Backspace key
b.
hit the Backspace key repeatedly until all of the text is gone
c.
delete the document and begin a new one
d.
hit the Delete key repeatedly until all of the text is gone
Answers
Answer:
a
It's the fastest way
Answer:
Option A.
That is the easiest and quickest way to delete the whole text
In your opinion what do you think is the best anime game and why then put their sales.
Answers
Answer:
nourto 4 is my faveret game in anmie sauske and oboito are my faifret peple in the game
Explanation:
Required information Skip to question [The following information applies to the questions displayed below.] Assume you are the president of High Power Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available: Accounts Payable $ 32,800 Accounts Receivable 10,600 Cash 14,000 Common Stock 59,790 Dividends 2,020 Equipment 86,000 Notes Payable 1,550 Operating Expenses 59,100 Other Expenses 7,920 Sales Revenue 91,200 Supplies 5,700 Required: Prepare an income statement for the year ended December 31.
Answers
The net income for the year ended Dec 31 is $24,180.
The preparation of the income statement is presented below:Sales revenue $91,200
Less: operating expenses $59,100
Operating income $32,100
Less: other expenses $7,920
Net income $24,180
Therefore we can conclude that the net income is of $24,180
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How do direct deposit work?
Answers
Cartwright Brothers preferred stock has an annual dividend of $3.50 per share if the required rate of return on the preferred stock is 12% how much would you be willing to pay for one share of the preferred stock
Answers
Answer:
$29.17
Explanation:
Calculation for how much would you be willing to pay for one share of the preferred stock
Using this formula
Amount willing to pay=Preferred stock annual dividend/Required rate of return on preferred stock
Let plug in the formula
Amount willing to pay=$3.50 per share/0.12
Amount willing to pay=$29.166
Amount willing to pay=$29.17 (Approximately)
Therefore how much would you be willing to pay for one share of the preferred stock is $29.17
Explain how collaboration could improve team performance
Answers
Answer:Why is collaboration important? Collaboration improves the way your team works together and problem solves. This leads to more innovation, efficient processes, increased success, and improved communication
Explanation:Brainliest award
Smith Law Firm specializes in the preparation of wills for estate planning. On October 1, 2021, the company begins operations by issuing stock for $11,000 and obtaining a loan from a local bank for $22,000. By the end of 2021, the company provides will preparation services of $29,000 cash and pays employee salaries of $20,000. In addition, Smith pays $1,700 in cash dividends to stockholders on December 31, 2021.
Answers
Answer: $31,300
Explanation:
The Financing Section of the Cashflow statement deals with any and everything that has to do with the raising of capital for the business and the accounts that are concerned with this. This means that anything to do with the Equity Accounts including dividends as well as the Bond Accounts and long term loans falls under this section.
Out of Smith Law Firm's transactions for 2021 that we are given, the following are therefore classified as Financing Activities.
1. Issuing Stock
2. Obtaining a Loan
3. Dividend Payment.
Remember, inflows increase the cash balance and Outflows reduce it.
The total.amount of Financing Cashflows will therefore be,
= 11,000 (stock issuance which is inflow) + 22,000 (loan acquisition which is an inflow) - 1,700 (dividends are Outflows)
= $31,300
$31,300 is the amount of Financing Cashflows Smith will report in 2021.
This chapter is all about trade--imports and exports and the balance of payments.
Answers
three most difficult responsibility of managing your family
Answers
Answer:
1) to do all the chores
2) to understand and stop family fights
3) to take care of a sick family member
Instruction: Read each question, then select your answer choice.
1. Raw materials, buildings, and machinery are _______
resources.
Answers
Answer:
Physical ResourcersExplanation:
You have been asked to review the December 31, 2024, balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior:
1. An investment of $41,000 is included in current assets. Management has indicated that it has no intention of liquidating the investment in 2025.
2. A $290,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10 equal annual installments with the first installment due on march 31, 2025.
3. Deferred revenue of $93,000 is included as a current liability even though only two-thirds will be recognized as revenue in 2025, and the other one-third in 2026
Answers
Three balance sheet items discussed after completing the review should be classified as:
Investment: $41,000 Long-termInstallment Note: $29,000 Current liabilities; $261,000 Long-term liabilitiesDeferred Revenue: $62,000 Current liabilities; $31,000 Long-term liabilitiesThe balance sheet classification should be made based on the information given. Let's discuss each item we have.
Investment of $41,000 under current assets will not be liquidated in the current year, then should be classified as a long-term investment instead.
A note payable of $290,000 is listed as a long-term liability with 10 equal annual installments. The first installment due on March 31, 2025 should be recorded as current liabilities. The current liabilities amount is:
Current liabilities = $290,000 : 10
Current liabilities = $29,000
Remaining long-term liabilities = Notes payable - current liabilities
Remaining long-term liabilties = $290,000 - $29,000
Remaining long-term liabilities = $261,000
Since only two-third of deferred revenue of $93,000 will be recognized as revenue in 2025, this deffered revenue should be recorded as current liabilities.
Current liabilities = 2/3 x $93,000
Current liabilities = $62,000
Remaining long-term liabilities = $93,000 - $62,000
Remaining long-term liabilities = $31,000
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Complete Question:
Champion Cleaning. After completing your review, you list the following three items for discussion with your superior:
1. An investment of $41,000 is included in current assets. Management has indicated that it has no intention of liquidating the investment in 2025.
2. A $290,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10 equal annual installments with the first installment due on march 31, 2025.
3. Deferred revenue of $93,000 is included as a current liability even though only two-thirds will be recognized as revenue in 2025, and the other one-third in 2026
Determine the approprite classification of each of there items.
(Please refer to the table attached below)
Gelb Company currently manufactures 41,000 units per year of a key component for its manufacturing process. Variable costs are $4.05 per unit, fixed costs related to making this component are $83,000 per year, and allocated fixed costs are $78,500 per year. The allocated fixed costs are unavoidable whether the company makes or buys this component. The company is considering buying this component from a supplier for $3.50 per unit. Calculate the total incremental cost of making 41,000 units and buying 41,000 units. Should it continue to manufacture the component, or should it buy this component from the outside supplier
Answers
Answer and Explanation:
1. The computation of total incremental is shown below:-
Incremental Costs to Make
Relevant Amount Relevant Fixed Total Relevant
Per Unit Costs Costs
Variable Cost
Per Unit $4.05 $166,050
(41,000 × $4.05)
Fixed manufacturing
cost $83,000 $83,000
Total incremental
cost to make $249,050
Incremental Costs to Buy
Purchase Price Relevant Fixed Total Relevant
Per Unit Costs Costs
Purchase Price
Per Unit $143,500
($3.50 × 41,000)
Total Incremental Cost to Buy $143,500
2. The company should buy from the outside supplier as its a lower and the total incremental cost is $143,500