Being unbanked has become an increasingly common situation for many individuals in recent years. An unbanked person is someone who has no financial account with any institution. Individuals may choose to be unbanked for a variety of reasons, including a lack of trust in banks due to poor customer service or a negative experience.
A person may have experienced a bad encounter with a bank employee and choose to leave the bank and seek other banking options. They may also be unable to maintain a minimum balance in their bank account, and banks may impose fees for accounts that fall below a certain amount. It can be inconvenient to have to travel to a bank to withdraw money, especially if the nearest bank is far away. Additionally, the time spent waiting in line at a bank can be tedious, and it can be difficult to fit into a busy schedule.
There are alternatives to traditional banks that may be more convenient and better suit the needs of unbanked individuals. Credit unions, for example, offer similar services as banks but are often smaller and more focused on serving the community. Mobile banking apps have also become increasingly popular, offering services such as depositing checks and transferring money.
The use of prepaid debit cards is another option that allows for the convenience of a card without the need for a traditional bank account. The unbanked may also benefit from budgeting tools and financial literacy resources, which can help them make informed financial decisions and take control of their finances. Overall, being unbanked does not mean that an individual cannot access financial services or manage their money effectively.
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A company has two products: Cakes and Cookies. It uses activity-based costing and has prepared the following analysis showing budgeted costs and activities. Use this information to compute (a) the company's overhead rates for each of the three activities and (b) the amount of overhead allocated to Cakes.
Answer and Explanation:
The computation is shown below:
a. Overhead rate for each of the three activities is
For activity 1
= $60,000 ÷1500
= $40
For activity 2
= $75,000 ÷ 3,000
= $25
For activity 3
= $90,000 ÷ 1,700
= $53
b. The amount of overhead allocated is
= 40 ×700 + 25 × 1500 + 800 × 53
= $28,000 + $37,500 + $42,400
= $107,900
A portfolio manager plans to use a Treasury bond futures contract to hedge a bond portfolio over the next three months. The portfolio is worth $100 million and will have a duration of 5.6 years in three months. The futures price is 112, and each futures contract is on $100,000 of bonds. The bond that is expected to be cheapest to deliver will have a duration of 9.0 years at the maturity of the futures contract. What position in futures contracts is required
Answer: 556
Explanation:
The position in futures contracts that is required will be calculated thus:
= (100,000,000 × 5.6) / (112,000 × 9)
= 560,000,000 / 1,008,000
= 555.5
= 556 approximately
Therefore, based on the calculation, the answer is 556.
Pix Company has the following production data for March: no beginning work in process, units started and completed 25,500, and ending work in process 4,400 units that are 100% complete for materials and 40% complete for conversion costs. Pix uses the FIFO method to compute equivalent units. If unit materials cost is $5 and unit conversion cost is $12, determine the costs to be assigned to the units transferred out and the units in ending work in process. The total costs to be assigned are $476,620.
Answer:
Ending Work In Process Cost = $43,120
Units Transferred out Cost = $433,500
Explanation:
Step 1 : Equivalent units calculation
Materials
Ending Work in Process = 4,400 x 100% = 4,400 units
Conversion
Ending Work in Process = 4,400 x 40% = 1,760 units
Step 2 : Total Costs assigned to Ending Work In Process
Ending Work In Process Cost = Materials + Conversion Costs
= 4,400 x $5 + 1,760 x $12
= $43,120
Step 3 : Total Cost of Units Transferred out
Units Transferred out = Total Unit Cost x Units transferred
= $17.00 x 25,500
= $433,500
1) The company purchased $12,100 of merchandise on account under terms 3/10, n/30. 2) The company returned $1,600 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period. 4) All of the merchandise purchased was sold for $18,200 cash. What is the gross margin that results from these four transactions
Answer:
$8,910
Explanation:
Trading Account for the year
Sales $18,200
Less Cost of Sales
Purchases $12,100
Less Purchases Returns ($1,600)
Less Discounts Received ($12,100 x 10%) ($1,210) ($9,290)
Gross Profit $8,910
Conclusion :
thus, the gross margin that results from these four transactions is $8,910.
Assume you are a hiring manager selecting between two finalist candidates, Candidate A and Candidate B. The successful candidate will earn an annual salary of $250,000. Candidate A will generate $500,000 in revenue with 85% probability and $300,000 in revenue with 15% probability. Candidate B will generate $500,000 in revenue with 50% probability and $250,000 inrevenue with 50% probability.a.What is the expected net revenue of Candidate A
Harrington Corporation produces three products, A, B, and C. Pertinent information on these products is as follows: ProductSelling Price per UnitVariable Cost per UnitFixed Costper UnitDL Hoursper UnitA (Anchor bolts)$4.00 $1.00 $2.00 2 B (Bearings)$3.50 $0.50 $2.00 2 C (Castings)$6.00 $2.00 $3.00 3 There are 150 direct labor hours available. Machine-hour capacity allows 100 anchor bolts, only; 50 bearings, only; 40 casters, only; or any combination of the three that does not exceed the capacity. The direct labor hour constraint for Harrington's linear programming model is: ___________
Answer:
Labour hours constraint : 2a + 2b + 3c ≤ 150
Explanation:
Linear programming is a mathematical model that is used to solve a problem when a firm wants to maximize profit in the midst of multiple resource constraints.
The following steps should be followed:
Step 1: Define the variables
a= the units of product Anchor
b= the units of product Bearing
c= the units of product Casting
Step 2: Define the constraints:
The constraints represent the limitations which could be resource; in this case machine hours and direct labour hours. Since the constraint in focus is labour hours , so we only consider it.
Subject
Constraints: Labour hours : 2a + 2b + 3c ≤ 150
Non-negativity constraints a, b , c ≥ 0
Since the total available labour hours is 150 hours then the total consumption hours can either be equal to or less than 150, but can never be higher than 150.
The labour hours constraint is represented by 2a + 2b + 3c ≤ 150
In previous years, Cox Transport reacquired 2 million treasury shares at $24 per share and, later, 1 million treasury shares at $27 per share. If Cox now sells 2 million treasury shares at $29 per share and determines cost as the weighted-average cost of treasury shares, by what amount will Cox’s paid-in capital - share repurchase increase?
Answer:
the increase in the paid in capital is $4 million
Explanation:
The computation of increase in paid in capital is shown below:
The weighted ratio is 2:1 i.e. 66.67%, 33.33%
Now weighted average price is
= (0.6667 × $24) + (0.3333 × $27)
= $25
Now the increase in paid in capital is
= ($29 - $25) × 1 million
= $4 million
Hence, the increase in the paid in capital is $4 million
A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned $500 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals:
Answer: $2376
Explanation:
Based on the information given in the question, the amount of the cash paid on July 8 will be calculated as the difference between the net sales and the discount.
Net sales = $2900 - $500 = $2400
Discount = $2400 × 1% = $24
Therefore, The amount of the cash paid on July 8 will be:
= $2400 - $24
= $2376
One of the biggest differences between men and women consumers is that men tend to stay loyal to a store. Women are much more ready to shop around-- perhaps because they demand more from their products than men. Andrea purchased a copy of Fit magazine because it contained an article about selecting the right jogging suit. The enduring belief that it is a person:______.
Answer:
Since marketing is the process of creating, communicating and delivering products to customers with the aim of satisfying their needs, the purpose of a marketing philosophy is to identify and fulfill those needs, as well as wants and demands.
Rupali’s financial advisor tells her that she needs a personal balance sheet. Rupali has no idea what this is. What should the financial advisor tell her about a personal balance sheet?
a) Her bank can print one out for her if she requests it.
b) Emergency expenses are listed at the top of this document.
c) It ultimately will show her what her net worth totals.
d) It describes her cash flow situation over the past few months.
Answer:
d) It describes her cash flow situation over the past few months.
Explanation:
Balance sheet is a statement of account of an individual, which showcases the cash flow situation of that particular individual. That is, the debt and the credit associated with the bank account statement of the individual in question.
It is used to keep track of the financial growth and net-worth which helps in making a balanced decision. In her case, assuming she is applying for a loan, the cash flow situation of hers would enable the financial advisor in a bank to be clear on the actual amount she could eligible to get as a loan.
Answer:
It ultimately will show her what her net worth totals.
Explanation:
Correct for Gradpoint
This year Randy paid $28,900 of interest on his residence. (Randy borrowed $462,000 to buy his residence, and it is currently worth $512,000.) Randy also paid $2,800 of interest on his car loan and $4,650 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances
Answer:
a. Interest Deductible = $31,100
b. Interest Deductible = $28,900
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
This year Randy paid $28,900 of interest on his residence. (Randy borrowed $462,000 to buy his residence, and it is currently worth $512,000.) Randy also paid $2,800 of interest on his car loan and $4,650 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances?
a. Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.
Interest Deductible $.......
b. Randy had no investment income this year, and his AGI is $75,000.
Interest Deducttible $.......
The explanation of the anwer is now given as follows:
a. Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.
Randy may choose to deduct the interest of $28,900 on his residence as an itemized deduction.
The $2,800 of interest on his car loan is a nondeductible personal interest.
The $2,200 interest income received can be regarded as an investment income.
The $4,500 margin interest to his stockbroke is likely investment interest. But since Randy has only $2,200 interest income, his deduction is limited to the $2,200.
Therefore, we have:
Interest Deductible = Interest on his residence + $2,200 = $28,900 + $2,200 = $31,100
b. Randy had no investment income this year, and his AGI is $75,000.
Since there is no investment income, Randy can only dedcut the interest of $28,900 on his residence based on the explanation in part a above.
Therefore, we have:
Interest Deductible = $28,900
Suppose that Nevada Co., a US-based MNC, makes regular, monthly purchases of materials from a German supplier named Spicurity. These regular payments are typically in the amount of 300,000 euros. Last month the exchange rate was $1.93 per euro. Nevada Co. only has cash reserves in dollars, while Spicurity only has cash reserves in euros. Suppose both companies use the same bank.
In order to conduct this transaction last month, Nevada Co.
Required:
a. $_____ to pay for the materials. Thus, the bank handling the transaction reduced Nevada’s account by this amount, denominated in
b. __________( euros OR dollars). The bank then converted this amount to c. ___________ d. ________________( euros OR dollars). and credited it to Spicurity’s account.
Answer:
In order to conduct this transaction last month, Nevada Co.
Required:
a. $_579,000____ to pay for the materials. Thus, the bank handling the transaction reduced Nevada’s account by this amount, denominated in
b. __dollars___( euros OR dollars). The bank then converted this amount to c. ___euros________ from d. ______dollars_____( euros OR dollars). and credited it to Spicurity’s account.
Explanation:
a) Data and Calculations:
Importer = Nevada Co., a US-based MNC
Exporter = Spicurity, a German supplier
Amount of regular payments = 300,000 euros
Exchange rate = $1.93 per euro
Amount in dollars = $579,000 (300,000 euros * $1.93)
b) To convert to dollars from euro, when the exchange rate is $1.93 per euro, we multiply the euro-based amount by the exchange rate. To convert the dollars to the euro, we divide by the exchange rate. To multiply or divide depends on which currency has a higher value (e.g. euro vs dollars).
You are on a TV game show and can choose one of the following. Which would you
take?
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:
Bushard Company
DATE TRANSACTIONS
2019
Feb. 10 Purchased merchandise for $5,000 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30.
13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1980, dated February 10.
19 Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. Schmidt, Inc.
DATE TRANSACTIONS
2019
Feb. 10 Sold merchandise for $5,000 on account to Bushard Company, Invoice 1980, terms 1/10, n/30.
13 Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1980, dated February 10.
19 Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.
Required:
Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc.
Answer:
Bushard Company (buyer) and Schmidt, Inc. (seller)
Journal Entries:
Bushard Company
Feb. 10 Debit Inventory $5,000
Credit Accounts payable (Schmidt, Inc.) $5,000
To record the purchase of goods on account, via Invoice 1980, terms 1/10, n/30.
13 Debit Accounts payable (Schmidt, Inc.) $200
Credit Inventory $200
To record the return of damaged goods and received Credit Memorandum 230.
19 Debit Accounts payable (Schmidt, Inc.) $4,800
Credit Cash $4,752
Credit Cash Discounts $48
To record the payment on account and discounts.
Schmidt, Inc.
Feb. 10 Debit Accounts receivable (Bushard Company) $5,000
Credit Sales revenue $5,000
To record the sale of goods on account, Invoice 1980, terms 1/10, n/30.
13 Debit Sales returns $200
Credit Accounts receivable (Bushard Company) $200
To record the return of damaged, issuing Credit Memorandum 230.
19 Debit Cash $4,752
Debit Cash Discounts $48
Credit Accounts receivable (Bushard Company) $4,800
To record the receipt of cash from customer, including discounts.
Explanation:
a) Data and Analysis:
Bushard Company
Feb. 10 Inventory $5,000 Accounts payable (Schmidt, Inc.) $5,000, Invoice 1980, terms 1/10, n/30.
13 Accounts payable (Schmidt, Inc.) $200 Inventory $200 Credit Memorandum 230, damaged merchandise.
19 Accounts payable (Schmidt, Inc.) $4,800 Cash $4,752 Cash Discounts $48
Schmidt, Inc.
Feb. 10 Accounts receivable (Bushard Company) $5,000 Sales revenue $5,000, Invoice 1980, terms 1/10, n/30.
13 Sales returns $200 Accounts receivable (Bushard Company) $200 Credit Memorandum 230, damaged merchandise.
19 Cash $4,752 Cash Discounts $48 Accounts receivable (Bushard Company) $4,800
What is strategic relationship management?
O A. Avoiding conflicts between direct stakeholders and indirect
stakeholders
O B. Building and maintaining ongoing contact between parties that is
beneficial to both
O C. Managing change processes to achieve strategic growth for a
profit-seeking organization
O D. Ending relationships between parties that have conflicting needs
and interests
Answer:
its B
Explanation:
Jim is a manager of a restaurant. He is very concerned with efficiency and goal accomplishment as well as very intent on making employees happy through lots of participation and open-mindedness. Whats the answer?
A. Jim is a high-high style leader.
B. Jim is low in initiating structure and high in consideration.
C. Jim is an impoverished leader.
D. Jim is a compromiser.
Answer:
A. Jim is a high-high style leader.
Explanation:
As in the given situation it is mentioned that Jim would be very concerned with the efficiency and the accomplishment of the goal so this means he is a high-high style leader as these type of leaders would try to collaborate and cooperate in order to motivate for work in an efficient manner so that the company goals could be achieved
hence, the first option is correct
Alex has saved $30 per week to buy a new Blu-Ray player. He compares two different models: a Panaview that is priced at $130 and a Zony model that is priced at $140. Alex decides to purchase the Zony Blu-Ray player for $140 Identify what role money plays in each of the following parts of the story. Hint: Select each role only once.
Role of Money Medium of Exchange Unit of Account Store of Value
Alex can easily determine that the Panaview model has a lower price than the Zony model.
Alex saved $30 per week.
Alex pays $140 for the Blu-Ray player
Answer and Explanation:
The classification is as follows:
Alex could easily measured that Panaview have the less price - Unit of account as the money represent the measurement of unit of price
Alex saved $30 per week - Store of value as Alex is saving for use the money in near future
Alex pays $140 - Medium of exchange. In this alex would pay the money to purchase the Blu-ray
Which is not true of strategic alliances?
Question Completion with Options:
a. Strategic alliances refer to cooperative agreements between potential or actual competitors.
b. A firm that enters long-term alliances is expanding its strategic flexibility by committing to its alliance partners.
c. Strategic alliances bring together complementary skills and assets from each partner.
d. Joint venture is not a type of strategic alliances.
Answer:
d. Joint venture is not a type of strategic alliances.
Explanation:
A Joint venture is one of the strategic alliances that companies can form. Other forms of strategic alliances include equity and nonequity strategic alliances. In the first place, a strategic alliance is a corporate arrangement that enables two or more companies to undertake some mutually beneficial projects. With the alliance, each company still retains its independence, knowledge and resources are shared, and new products and markets are developed.
What macroeconomic goal is Real GDP used to measure for?
Answer:
"Economic growth " would be the correct answer.
Explanation:
Throughout a particular year, real GDP tests the overall production as well as commodities of the economy, including light of the price adjustments.People should measure or equate GDP throughout the year as inflation would be factored into the equation which would be a fair predictor about wherever the market cycle goes.Thus the above is the right answer.
Biarritz Corp. is growing quickly. Dividends are expected to grow at a rate of 29 percent for the next three years, with the growth rate falling off to a constant 6.3 percent thereafter.
If the required return is 15 percent and the company just paid a dividend of $2.90, what is the current share price?
Biarritz Corp. now has a share price of $84.55.
The dividend will grow by 29 percent yearly over the following three years. the following dividends will be paid throughout the first three years:
Dividend for year 1 equals $2.90 times (1 + 29%) to equal $3.75.
Dividend for year 2 equals $3.75 x (1 + 29%) = $4.84
Dividend for year 3 equals $4.84 times (1 + 29%), which equals $6.25.
The rate of dividend growth will eventually slow to a steady 6.3% after three years. the dividend growth formula can be used to determine the dividend for the upcoming year.
Dividend for year 4 equals $6.25 times (1 + 6.3%), or $6.65. The dividend will increase at a 6.3 percent annual pace after the fourth year. The dividend for year five will therefore be $6.65 times (1 + 6.3%) = $7.08
Dividend for year 1 divided by year 2 divided by dividend for year 1 divided by dividend for year 2Dividend for year n+1 = (1 + r) + 2 +...n+1 ÷ (r - g) Where,g = the dividend growth rate and r = the needed rate of return
Dividends for the first year were $3.75,
The second was $4.84, the third was $6.25, and the fourth was $8.00. Dividend for year 5 is $7.08, with r = 15%g = 29% for years 1 through 3 and 6.3% after that.
Consequently, the share price of Biarritz Corp. is currently $84.55.
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One of Shanice's team members is not happy with their performance review and refuses to accept the rating she gave. What should Shanice do?
Shanice should aim to resolve the issue through open communication, active listening, and a willingness to address the team member's concerns.
Listen and understand: Shanice should create an open and safe space for the team member to express their concerns. She should actively listen and seek to understand their perspective. This demonstrates empathy and shows that she values their input.
Provide clarity: Shanice should provide a clear explanation of the performance review process, including the criteria used to evaluate performance and the specific examples that led to the assigned rating. This can help address any misunderstandings or misconceptions.
Address concerns and offer feedback: Shanice should address the team member's specific concerns and provide constructive feedback. She can highlight areas for improvement and offer guidance on how to enhance performance. It's important for Shanice to focus on specific behaviors and outcomes rather than personal attacks or generalizations.
Seek input and involve the team member: Shanice can ask the team member for their suggestions on how to improve their performance or address their concerns. Involving them in the process can foster a sense of ownership and encourage collaboration.
Consider a reevaluation: If Shanice believes there may have been an oversight or if the team member presents compelling evidence, she can consider a reevaluation of the performance review. This may involve gathering additional feedback or revisiting the evaluation criteria.
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The Bradford Company issued 12% bonds, dated January 1, with a face amount of $87 million on January 1, 2021. The bonds mature on December 31, 2030 (10 years). For bonds of similar risk and maturity, the market yield is 14%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: 1. Determine the price of the bonds at January 1, 2021. 2. to 4. Prepare the journal entries to record their issuance by The Bradford Company on January 1, 2021, interest on June 30, 2021 and interest on December 31, 2021 (at the effective rate).
Answer:
1. $77,783,220
2. Jan-21
Dr Cash $ $77,783,220
Dr Discount On Bond $9,216,780
Cr Bond Payable $ $87,000,000
Explanation:
1. Calculation to Determine the price of the bonds at January 1, 2021.
First step is to calculate the Present Value Of Annual Interest
a Semi-annual Interest Amount $5,220,000
($87,000,000*12%/2)
b PV Annuity Factor for (20 Years,14%/2=7%) 10.5940
c Present Value Of Annual Interest (a*b) $ $55,300,680
($5,220,000*10.5940)
Second step is to calculate Present Value Of Redemption Amount
a Redemption Value $ $87,000,000
b PV Factor Of (20 Years,7%) 0.25842
c Present Value Of Redemption Amount (a*b) $ $22,482,540
($87,000,000*0.25842 )
Now let Determine the price of the bonds at January 1, 2021.
Intrinsic Value ( Price ) Of The Bond = ($55,300,680+$22,482,540)
Intrinsic Value ( Price ) Of The Bond =$77,783,220
Therefore the price of the bonds at January 1, 2021 is $77,783,220
2. Preparation of the journal entries to record their issuance by The Bradford Company on January 1, 2021,
Jan-21
Dr Cash $ $77,783,220
Dr Discount On Bond $9,216,780
($87,000,000-$77,783,220)
Cr Bond Payable $ $87,000,000
(Being to record issuance of bond)
3. Preparation of the journal entries to record their issuance by The Bradford Company on ion June 30, 2021
Jun-30
Dr Interest expenses $ 53,82,240
Discount On Bond payable $ 2,22,240
Cash $5,220,000
4.Preparation of the journal entries to record their issuance by The Bradford Company on
December 31, 2021
Dec-31 Interest expenses $ 53,97,797
Discount On Bond payable $ 2,37,797
Cash $5,220,000
( to record interest payment)
University Printers has two service departments (Maintenance and Personnel) and two operating departments (Printing and Developing). Management has decided to allocate maintenance costs on the basis of machine-hours in each department and personnel costs on the basis of labor-hours worked by the employees in each. The following data appear in the company records for the current period:
Maintenance Personnel Printing Developing
Machine-hours — 1,800 1,800 5,400
Labor-hours 650 — 650 2,600
Department direct costs $4,000 $14,000 $15,900 $12,600
Required:
Use the direct method to allocate these service department costs to the operating departments. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations.)
Maintenance Personnel Printing Developing
service dept. costs
maintenance allocation
personnel allocation
total cost allocation
Answer:
Maintenance $0
Personnel $0
Printing $19,700
Developing $26,800
Explanation:
Calculation to allocate these service department costs to the operating departments Using the direct method
Particulars Allocation Basis Maintenance Personnel Printing Developing
Cost as per primary data
$4,000 $14,000 $15,900 $12,600
SERVICE DEPARTMENT COSTS:
Maintenance allocation (S)
$0 $0 $1,000 $3,000
Personnel allocation (S)
$0 $0 $2,800 $11,200
Total Costs Allocated
$0 $0 $19,700 $26,800
Computation for the allocation of costs:
Maintenance = $4,000 *1,800/(1,800+5,400)
Maintenance = $4,000 *1,800/7,200
Maintenance =$1,000
Personnel = $14,000 *650/650+2,600
Personnel=$14,000 *650/3,250
Personnel=$2,800
Maintenance = $4,000 *5,400/(1,800+5,400)
Maintenance = $4,000 *5,400/7,200
Maintenance = $3,000
Personnel = $14,000 *2,600/650+2,600
Personnel = $14,000 *2,600/3,250
Personnel = $11,200
Therefore allocation of these service department costs to the operating departments Using the direct method will be :
Maintenance $0
Personnel $0
Printing $19,700
Developing $26,800
The management of Gibraltar Brokerage Services anticipates a capital expenditure of $26,000 in 2 yr for the purpose of purchasing new computers and has decided to set up a sinking fund to finance this purchase. If the fund earns interest at the rate of 11%/year compounded quarterly, determine the size of each (equal) quarterly installment that should be deposited in the fund. (Round your answer to the nearest cent.)
Answer:
$2,949.91.
Explanation:
The size of the quarterly installment can be determined by finding the (Payment) PMT amount using tie value of money principles.
Here I used a financial calculator to set my values and calculate PMT as :
PV = $0
N = 2 x 4 = 8
P/yr = 4
I = 11 %
FV = $26,000
PMT = ?
Therefore the (Payment) PMT is $2,949.91. The size of each (equal) quarterly installment should be $2,949.91.
You have big plans for your first year of business, and you estimate you will need to borrow and spend approximately $1.5 million before your baseball shop becomes self-supporting. You have a friend who started her business with the help of loans guaranteed by the U.S. Small Business Administration (SBA), which of the following statements are true?
a. Not all SBA programs provide for $1.5 million in loans.
b. If you cannot get a bank loan with reasonable terms, the SBA has many different lending programs for which your business might be eligible.
c. If you cannot get a bank loan, the SBA guarantees that you will get a loan through one of its programs.
d. The maximum amount available to your business will depend on the specific SBA program for which your business qualifies.
Answer:
a. Not all SBA programs provide for $1.5 million in loans.
This statement is correct since not every business is the same, some types of business will require larger amounts than others.b. If you cannot get a bank loan with reasonable terms, the SBA has many different lending programs for which your business might be eligible.
This is true, and the business loans have different amounts and requisites that fit into different categories.d. The maximum amount available to your business will depend on the specific SBA program for which your business qualifies.
This statement is correct since not every business is the same, some types of business will require larger amounts than others.Explanation:
Marcy wanted to buy Lucy's land and use it to breed small pigs to be kept as pets. Marcy told Lucy that having water on the property was very important. Lucy assured her that a spring ran through one corner of the property. Therefore, Marcy agreed to buy the farm. Although she did not ask Lucy anything about it, Marcy, who loved pigs, assumed that the neighbors would be pleased with the pigs being in the area. In a separate contract, Lucy also agreed to sell Marcy a used truck for $5,000. After the contract for the land sale was entered into, it was discovered that actually the spring did not run through the corner of Lucy's property. The area in which the spring ran actually belonged to a neighbor. Additionally, when Lucy brought Marcy the used truck, Marcy said, "That's not the truck!" It was discovered that Lucy, who had two trucks, thought that Marcy had bought the older truck when Marcy thought she had purchased the newer truck. Marcy was also surprised when she received a petition signed by all surrounding landowners objecting to the presence of the pigs and threatening to sue Marcy for nuisance. Which of the following would be the result if Marcy attempts to rescind the contract and recover damages only on the basis of the neighbors' objection to a pig farm?
1) Marcy may rescind the contract and recover damages because Lucy made an implied misrepresentation.
2) Marcy may rescind the contract, but she may not recover damages because the situation involved a mutual mistake.
3) Marcy may recover damages, but she may not rescind the contract because Lucy made an implied misrepresentation.
4) Marcy may not rescind the contract or recover damages because Marcy made a unilateral mistake.
5) Marcy may rescind the contract, but she may not recover damages because Marcy made a unilateral mistake.
Answer:
5. Marcy may rescind the contract , but she may not recover damages because the situation involved unilateral mistake.
Explanation:
In the given situation marcy could be able to rescind the contract but she could not claim for the damages as the given situation represent the unilateral mistake that means one party mistake. If the mistake is of both the parties than she is able to recover the damages
But in this case this would cant be happen
hence, the last option is correct
On 20/07/2019, "ABC" Company sold goods to customer "X" with a total value of $120.000 The customer pad
40% cash, and signed a 80 days, 10% note for the reaming balance.
Instructions:
Based on the above given information answer the following questions, assuming the company has a fiscal year
ending 31/8:
1)
What is the amount of sales revenue that "ABC" Company must record on August 10 2019
2) on 31/8/2020 « ABC » company must a note
receivable with an amount on statement of
financial position?
Help me with these two questions please
Answer:
1) total sales revenue = $120,000
this amount holds regardless of how much money was collected in cash or if an account/note receivable was recorded
2) the company must recognize interest revenue:
principal = $72,000
interest revenue = $72,000 x 10% x 40/360 days = $800
Dr Interest receivable 8000
Cr Interest revenue 800
Windsor, Inc. purchased a delivery truck for $32,000 on January 1, 2022. The truck has an expected salvage value of $4,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 16,600 in 2022 and 13,100 in 2023. (a1) Calculate depreciable cost per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciable cost
Answer:
Depreciable cost per mile= $0.28
Explanation:
Giving the following information:
Purchase price= $32,000
Salvage value= $4,000
Miles= 100,000
To calculate the depreciable cost per mile under the units-of-activity method, we need to use the following formula:
Depreciable cost per mile= (original cost - salvage value)/useful life of production in miles]
Depreciable cost per mile= (32,000 - 4,000) / 100,000
Depreciable cost per mile= $0.28
Quaker State Inc. offers a new employee a single-sum signing bonus at the date of employment. Alternatively, the employee can receive $10,000 at the date of employment plus $40,000 at the end of each of his first two years of service. Assuming the employee's time value of money is 9% annually, what lump sum at employment date would make him indifferent between the two options
Answer:
$80.364.45
Explanation:
The lump sum that would make the employee indifferent can be determined by calculating the present value of the annuity
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow in year 0 = $10,000
Cash flow in year 1 = $40,000
Cash flow in year 2 = $40,000
I = 9%
PV = $80,364.45
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
As a manager, you are planning to write an annual report on various activities of your organization, write three steps that will consider before your write-up
Answer:
Three activities that a manager should carry out before presenting the report:
1. Meeting with the leaders of each of the divisions of the organization, in order to get information about the general results that the division achieved, and also in order to discuss the most pressing matters in each of them.
2. Obtaining the main financial data. This data should be summarized and displayed in a meaningful and attractive way.
3. Preparing the order of the report, its contents and its presentation.