a) Will credit cards help? The average undergraduate student leaves college with a diploma and around $2750 in credit card debt (graduate students; $4800). Suppose you have a credit card with a balance of $2750 and an interest rate of 19.8% APR. The minimum payment is $45.00. The amount of interest due each month is figured as current balance , where r is the rate (decimal form) and n is 12. Fill in the table, making minimum payments. Current balance Month Interest Payment Amount applied to principal 1 $2750.00 $45.38 $45.00 -$0.38
Q: Sparkling Beverages makes one of its products by way of three separate stages. Details of production...
A: Introduction:- Process costing is an accounting method for tracking and collecting direct expenses a...
Q: 6. Answer the Days of Working Capital based on the information below: 2020 2021 Profit for the year ...
A: Days of working capital = Working capital * 365 / Revenue Working capital = Current assets - Current...
Q: At the start of the current year, Violet Company held 30% of ABC Company’s 150,000 outstanding share...
A: Answer: - Dividend Income: - Dividend income is that part of profit which is paid by the company to ...
Q: Stock Dividends and Stock Splits The balance sheet of Castle Corporation includes the following sto...
A: Stock Dividend and Stock Split are two methods by which corporations increases the count of outstand...
Q: 7. Joshua Owen commenced business on 1 September, and had several special transactions during the mo...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Paul Richard has a business named Splash-wear which sells various leather jackets to the market. Dur...
A: Note: A journal entry is a form of accounting entry that is used to report a business transaction in...
Q: Mo's Delicious Burgers Inc. sells food to university cafeterias for $43 a box. The fixed costs of th...
A: The Break-even point indicates that total units are to be sold by the business entity to recover its...
Q: Date Particular Dr Cr May1,2018 Cash A/C 500000 To Capital A/c 500000 ( Being Capita...
A: Ledger accounts are the posting done from journal entries . The balances of ledger accounts are used...
Q: Scrimshander, Inc. is a shipping company, transporting goods using cargo ships. On January 1, 2017, ...
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...
Q: 2. (a) What would be the assessment procedure in case of discontinued business? (b) For accelerating...
A: Here discuss about the taxation system which was involved with the Bangladesh and the assessment pro...
Q: At the beginning of 2021, Gala company purchased equity securities to held for trading for P5,000,00...
A: (Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new que...
Q: Benson Corporation is a manufacturing company that makes small electric motors it sells for $40 per ...
A: The break even sales are the sales where business earns the no profit no loss during the period.
Q: Information asymmetry vs Information Symmetry: What is addressed in Financial Markets? IV. Savers an...
A: Financial market is the market which does not now onwards any more physical existence just because o...
Q: Listed below are six transactions for TUV Company during its first month of operations: 1. Owner inv...
A: Accounting Equation of the business says that total assets in the business must be equal to total li...
Q: Installment Jewelry Company has been in business for 5 years but has never had its financial stateme...
A: Journal entry is a process of recording and classifying business transactions into books of accounts...
Q: Under SFAS 130, Reporting Comprehensive Income, corrections of errors are reported in
A: Correction of error includes rectify the wrong entry recorded in previous year or year before that. ...
Q: Ignore first question and answer only 2
A: Lets understand the basics. For calculating revised net operating income per month, we need to use b...
Q: Sunnyside Solar Consultants provided $196,000 of consulting services to Delton Developments on April...
A: Introduction: The Goods and Services Tax (GST) is an indirect tax (sometimes known as a consumption ...
Q: Liam, a shareholder in Lager, Inc., (a C corporation), would like to sell 800 of his shares of stock...
A: Present market value of 800 shares = $200,000 Value of shares when Liam purchased=800×$95=$7,200 Pro...
Q: New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer...
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the so...
Q: have a 5-year useful life and a $500 salvage valu December 31, Year 1 to recognize expense relate A)
A: A decrease in the value of assets with time is known as depreciation. There are different methods in...
Q: How much money would you need to deposit today at 8% interest compounded quarterly to have $15,000 i...
A: Compounding interest the interest you earn interest on interest amount.
Q: 6. ABC, VAT registered person has the following gross receipts for year 2018: Red Bus has total rece...
A: In Philippines taxation for Vat Registered which has the threshold limit of P 3000000 and below thes...
Q: 4. Statement 1: In the sale of a financial asset measured at fair value through OCI, the difference ...
A: Note Recognition of Financial assets is based on its business model a) for managing the asset and b)...
Q: SELECTION OF DESIGN A company manufactures 1,000,000 units of a product yearly. A new design of the ...
A: Here we can say that the amount that can be paid is the cost that is saved for production. Any incre...
Q: 8. SAN JOSE Company, non vat registered subject to 3% OPT under sec 116, had the follov data in the ...
A: Percentage tax due is the amount of tax which is calculated on gross receipts. It is type of sales t...
Q: 9. Statement 1: Equity investments at FVPL are assessed for impairment. Statement 2: Dividends are r...
A: An impaired asset is one that has a market value that is lower than the value indicated on the compa...
Q: tatement 1: Unrealized gains or losses from financial assets measured at fair value through OCI are ...
A: Note 1. Fair Valu through OCI Other comprehensive income gives unrealized gains and losses for inve...
Q: Silver Ltd. has 35 employees who work 8-hour days and are paid hourly. On January 1, 2020, the compa...
A: the liability to be provided on 2020 is35×8×10×12.90=$36120
Q: Your company declared $13,800 cash dividends on stock. There were $6,400 in dividends payable at the...
A: Formula: Dividends paid = Beginning of the year dividends + Dividends declared - Ending dividends ba...
Q: Explain why an ex-dividend date is a required step in the dividend payout process.
A: The ex-dividend date, generally referred to as the reinvestment date, seems to be an investing phras...
Q: CCT 328, HW 2 Due no later than Mar 13, 2022 11:55 PM:
A: RRSP means Registered Retirement Saving Plan. A taxpay...
Q: Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1....
A: Financial Statement - Financial Statements of the company includes - 1. Income Statement 2. Statemen...
Q: Problem 5. Presented below is the Shareholders' Equity of ligan Water Spring Resort Corporation: Aut...
A: Basic Earnings per share = (net Income - Preferred dividend) / No. of shares outstanding where, No.o...
Q: Surreal Company accounted for non-current assets using the revaluation model. On October 1, 2021, th...
A: Generally the fixed assets are valued at cost plus cost of...
Q: Question 29 Experience rating removes the incentive to _______, the practice whereby insurance comp...
A: An experience rating compares the amount of damage suffered by an insured person to the amount of da...
Q: What are the defenses that someone can take to charges of violations under the 1933 securities act?
A: Defenses are explained below
Q: Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a peri...
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...
Q: Inventory items that belong in the A category include National has 10 different items in its invento...
A: Inventory Item No. of Units Average Unit Cost Total Cost 1 5000 P0.05 P0.05 x 5000 = P250 2...
Q: On 10 July 2021, Pop Music sold CDs to retailers on account and recorded sales revenue of $700,000 (...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Direction: Compute Deposits in Transit and Outstanding Checks.
A: Deposits in Transit and Outstanding Checks can be calculated by comparing Cash Payments and Cash Rec...
Q: 6. Table values are Present value of 1 for 8 periods at 6% . .627 Present value of 1 for 8 periods a...
A: Price of bond is sum of the present value of annual interest payment and present value of the par va...
Q: On January 1, the first day of the fiscal year, a company issues a $700,000, 7%, 10-year bond that p...
A: Formula: Interest amount = Bond amount x Time period x Interest rate
Q: Gage began a defined benefit pension plan on January 1, 2015. During 2015, the service cost was $450...
A: Pension funds are those fundings and contributions related to employees which will be paid either at...
Q: A contribution income statement for the Nantucket Inn is shown below. (Ignore income taxes.) Revenue...
A: A contribution income statement is a tool of cost volume profit analysis. It is used for analyzing s...
Q: On January 1, the first day of the fiscal year, a company issues a $700,000, 7%, 10-year bond that p...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: On January 1, the first day of the fiscal year, a company issues a $700,000, 7%, 10-year bond that p...
A: The journal keeps the record for day to day activities of the business on regular basis.
Q: 1. According to PAS 7, which of the following statement is incorrect? * a. Statement of Cash Flows...
A: The statement of cash flow analyses changes in cash and its equivalents over a period of time. Cash ...
Q: A bond pays a coupon of $39 twice a year. What is the coupon rate? Answer as a percent.
A: Coupon rate = total coupon amount paid in a year/face value of the bond
Q: P21.14 (LO 2, 3, 4) (Lessor Operating Lease) Lewis Machinery Works entered into a lease agreement on...
A: The correct answer calculation for the above mentioned question is given in the following steps.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- f you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 12% APR and the following transactions? 31-day billing cycle 10/1 Previous balance $ 1,177 10/3 Credit $ 66 Credit 10/12 Charge: King Soopers $ 161 10/15 Payment $ 440 Credit 10/25 Charge: Delta $ 334 10/30 Charge: Holiday Fun $ 74 What is the amount owed?You currently have a credit card with a balance of $450. If you have a credit limit of $2,000, what is your credit utilization rate?Round to the nearest percent.2. You owe $2,000 on a credit card that charges 20% interest. You have $2,200 in your savings account that earns 1.69% interest. Your savings account charges $14.50 a month if you keep a balance of less than $1,500 a month. Compare the amount of interest for both to decide what you should do about paying the credit card bill. Consider all factors in the decision. Show your for any calculations you may completed. In a brief paragraph, justify your decision, including a description of all factors that would affect that decision.
- Consider a credit card with a balance of $7000. You wish to pay off the credit card in each scenario. Calculate the following. Round your answer to the nearest cent, if necessary.a. The amount of a monthly payment within the time frame givenb. The total amount paid over the time period12. APR of 17.99% paid off within 1 year APR of 24% paid off within 3 yearsIf you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle $ 1,173 $ 70 cr. 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers $ 157 $ 400 cr. $ 330 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun $ 70If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance $ 1,173 10/3 Credit $ 70 cr. 10/12 Charge: King Soopers $ 157 10/15 Payment $ 400 cr. 10/25 Charge: Delta $ 330 10/30 Charge: Holiday Fun $ 70
- 8. If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Lizzie is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle10/1 Previous balance $ 1,170 10/3 Credit $ 73 cr. 10/12 Charge: King Soopers 154 10/15 Payment 370 cr. 10/25 Charge: Delta 327 10/30 Charge: Holiday Fun 67 Amount owed $If you are trying to build credit by using a credit card, each time you make a purchase with the credit çard, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance 10/3 Credít 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Pun $1,173 70 cr. 157 400 cr. 330 70 Amount owedMatch the following credit terms with the correct description. APR [Choose ] [Choose ] Known as the Annual Percentage Rate. Some credit cards charge these. They can be charged for membership and you may be required to pay them once a year. Credit cards that offer these give you cash or points for purchases you make. Occurs when you don't pay your monthly payment on time. These occur when you transfer your balance to a different card. When you move an existing balance to another credit card or account. The least amount of money you are obligated to pay back on a monthly basis to avoid fees and penalties. [Choose ] [Choose ] [Choose ] [Choose ] Fees Rewards Finance Charges Late fees Balance Transfer Minimum payment
- If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 9% APR and the following transactions? (Round your answer to the nearest cent.) 31 day billing cycle 10/1 Previous balance $1,169 10/3 credit 10/12 Charge: King Soopers 10/15 Payment 10/25 charge: Delta 10/30 Charge: Holiday Fun $74 cr. 153 360 cr. 326 66 Amount owedHomework i Saved If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 9% APR and the following transactions? Note: Round your answer to the nearest cent. 31-day billing cycle 10/1 10/3 Previous balance Credit $ 1,169 $ 74 Credit es 10/12 10/15 Charge: King Soopers $ 153 Payment $ 360 Credit 10/25 Charge: Delta $ 326 10/30 Charge: Holiday Fun $ 66 Amount owedIf you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? Note: Round your answer to the nearest cent. 31-day billing cycle 10/1 10/3 Previous balance Credit $ 1,164 10/12 Charge: King Soopers $ 79 $ 148 Credit 10/15 Payment $ 310 Credit 10/25 Charge: Delta $ 321 10/30 Charge: Holiday Fun $ 61 Answer is complete but not entirely correct. Amount owed $ 1,097.56×