A man borrowed P2,000.00 from his friend and agreed to pay the at the end of 6 months. His friend discounted the loan and gave him P1,920.00 in cash.
Q: Alcantara is planning to withdraw from the partnership of Alcantara, Mariano, and Reyes on Jan. 1,…
A: Alcantras Capital A/c 70000 To Reyes Capital A/c 70000 (Being transfer of…
Q: Kingcade Corporation keeps careful track of the time required to fill orders. Data concerning a…
A: Delivery cycle: The period between the order acceptance and actual delivery is termed as delivery…
Q: Rocky Company has these account balances at the end of the year. Land Accounts Receivable Buildings…
A: Total assets It refers to the sum of the book values of all assets owned by the company, or…
Q: A worker completes a job in a certain number of hours. The standard time allowed for the job is 10…
A: Rowan Premium Plan was introduced by James Rowan. Under this method, the standard time and the…
Q: Lecture Example 2. Accounting for Debenture Issue A company issues a prospectus for the issue of…
A: As per the guidelines, in the case of two or more independent questions, the solution to the first…
Q: Teach Gear Inc. produces 3 types of office equipment; Bronze, silver and Gold and uses an…
A:
Q: Administrative expenses, which include depreciation of R600 per month, are payable in the month…
A: Cash Budget A money budget is a forecast or schedule of anticipated cash inflows and outflows for…
Q: You invest $2500 in an account to save for college. Account 1 pays 6% annual interest compounded…
A: The concept of time value of money will be used in this case. We will first of all have to find the…
Q: in 2023 (for 2022 tax returns filed in 2023), Taxpayer X and Taxpayer Y each agree to pay their tax…
A: Tax Preparer: A tax preparer is a person or organization responsible for preparing tax returns of…
Q: Boar Brand Corporation is a domestic corporation engaged in the manufacturing of milk products. Boar…
A: When a value has been added over multiple phases of product distribution, from the acquisition of…
Q: An cashflow has a first payment of P 1,000 and increases by P 100 each period until payments reach P…
A: PRESENT VALUE Present Value is the today value of Future Cash Flows. Present Value is Computed…
Q: Current Position Analysis PepsiCo, Inc., the parent company of Frito-Lay snack foods and Pepsi…
A: The current ratio is a measure of liquidity that shows the position of a company's current assets…
Q: (b) Question 1 Tika Bhd has three production departments, Dept A, B, C, and service department…
A: Activity based costing is used to allocate overhead allocation. This is simplest method of overhead…
Q: The Velvet partnership has the following capital balances at the beginning of the current year along…
A: Partners' Capital means the equity in the net assets of Unincorporated Ventures of all the partners…
Q: broker secured a contract on property he previously sold he advised the buyers they did not need to…
A: According to Chapter 4 7-5 of the Florida Statutes, a broker is required to advise a prospective…
Q: Individual H received eligible dividends totaling $15,000 in the current year. What is the amount of…
A: The Federal Dividend Tax Credit is designed to reduce the amount of taxes an individual pays on a…
Q: Thomas Jefferson and Aaron Burr are equal partners in a partnership which received the following…
A: a. Thomas net income for tax purposes is $59,800 and Aaron's is 54,800 is the correct answer.
Q: A LONG TERM ASSET IS ONE THAT:- 1) HAS BEEN ACQUIRED FOR HSE BY BUSINESS OVER MULTIPLE YEARS OR…
A: Long-term assets are those a business can expect to use, replace and/or convert to cash beyond the…
Q: The maximum amount of error in a population that the auditor is willing to accept is referred to as…
A: Acceptable risk is the auditor’s level of risk that they are willing to accept to release an…
Q: How should inflation expectations be included in analysis of capital projects?
A: Inflation expectations should be included in the analysis of capital projects by factoring in the…
Q: Question 1 Laduan Co is the parent company of a group undergoing rapid expansion through…
A: Introduction A group of accounting rules called International Financial Reporting Standards (IFRS)…
Q: In assessing sample risk, alpha risks relate to the Efficiency of the audit Selection of the…
A: Sampling Risk: The risk of sampling is that the items chosen for a sample are not truly…
Q: A corporation, with a December 31, 2021 year-end, purchased manufacturing equipment for $60,000 on…
A: Capital cost allowance (CCA) is an amount that can be deducted or claimed in the year of purchase of…
Q: A manufacturing company that produces a single product has provided the following data concerning…
A: In managerial and cost accounting, period costs refer to costs that are not tied to or related to…
Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660…
A: Balance sheet is one of the financial statements that is prepared by the company for the purpose of…
Q: Raven Corp has a checking account balance of $150,000, a bank overdraft of $40,000 on a different…
A: In the balance sheet of any corporation, the cash and cash equivalents are shown as current…
Q: 9. Acc Company incurred the following expenditures for 2022: Purchase of Land Land survey Fees for…
A: When additions and enhancements are performed on a particular land area to increase its usage…
Q: Nas daily Company has a standard price of P5.50 per pound for materials. August’s results showed an…
A: Standard quantity is the estimated quantity for materials. It is estimated in order to make the…
Q: The shareholders of X Ltd. are unhappy about the top manager's performance. While the manager's…
A: Remuneration - An employee's overall compensation is known as their remuneration. It covers not just…
Q: A, B, C and D are partners sharing profit and losses in the rate of 4 : 3:3:2. Their respective…
A: Rectification of errors is referred to as the procedure of revising mistakes made in recording…
Q: Decker has a $1,000 loss from an activity in which he materially participates. He has $500 of basis…
A: The taxpayer is required to pay tax on the taxable income, however, the taxpayer is also allowed to…
Q: Based on the following financial data, calculate the ratios requested. (Enter all answers as…
A: DEBT EQUITY RATIO Debt Equity Ratio is the ratio between total Long Term Debt or Shareholders…
Q: Practice Set At the end of 2018, the Zedo Company has $100,000 in accumulated depreciation and…
A: Financial statements of the company refers to the statements which states the financial position as…
Q: Minimum required rate of return Return on investment (ROI) Sales Turnover (on operating assets) What…
A: Introduction:- Net operating income denotes the capability of a property to produce an income from…
Q: During this year, Weaver sold some equipment for $18 that had cost $30 and on which there was…
A: Cash flow statement The statement that prepares after the finalization of balance sheet and profit…
Q: Direct Materials Work In Process Finished Goods Direct Materials purchased Direct Labor Indirect…
A: The question has asked to prepare the COGS, and income statement for Snowy Owl Company on December…
Q: ABC Inc. Balance Sheet as at December 31, 2015 and 2016 ($ thousands) Current Assets Cash Accounts…
A: Cash flow statement is the financial statement that records the inflow and outflow of cash…
Q: A niche car manufacturer obtains tyres from a single supplier. Demand is constant and the target is…
A: Lets understand the basics. Economic order quantity level is a level at which ordering cost and…
Q: Morganton Company makes one product, and has provided the following information to help prepare the…
A: 4. Opening stock + Production = Sale + Closing stock (22,000×20%) + Production = 22,000 +…
Q: Key comparative figures for both Apple and Google follow. Numbers shown are reported in millions of…
A: In case of multiple subparts, we are allowed to solve only the first 3 subparts. If you want other…
Q: You are evaluating your company's recent operating performance and are trying to decide on the…
A: The income statement provides information on a company's operating performance over a given period…
Q: A new small business is preparing its first tax statement and is uncertain as to how to report the…
A: According to the lower of cost or market (LCM) technique, a company's inventory is valued and…
Q: Romantic Company owns a fleet of motor vehicles. In 2020, one of the cars which was acquired at a…
A: A company provides various types of benefits to its employees except the normal compensation that is…
Q: 10. A RM200 petty cash fund has cash of RM20 and receipts of RM170. The journal entry to replenish…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: The company's variable overhead costs are driven by machine-hours. What would be the total budgeted…
A: Introduction:- Fixed costs are remain constant irrespective volume of activity. Variable costs ae…
Q: a) Assume a bank only has three assets listed below and plans to liquidate these assets. We list…
A: This student has asked multiple questions but as per Bartleby's policy we are allowed to solve only…
Q: You are the plant accountant for a company that makes a popular brand of basketball shoes.…
A: Break even point is the point of sale where no profit no loss situation. At this point profit would…
Q: Financial statements of Rukavina Corporation follow: Comparative Balance Sheet Assets: Cash and cash…
A: Operating activities of a business includes the principal revenue producing activities. All the…
Q: You are working with a client, Donna, who has come to you letting you know she has no income t…
A: Taxes - Taxes are compulsory payments made by a government organization, whether local, regional, or…
Q: A company that produces a single product had a net operating income of $87,000 using variable…
A: The difference in the net operating income of variable costing and absorption costing occurs only…
Choose the best answer and provide a solution.
From problem 25, what was the rate of interest?
Problem 25:
A man borrowed P2,000.00 from his friend and agreed to pay the at the end of 6 months. His friend discounted the loan and gave him P1,920.00 in cash. What was the rate of discount?
Step by step
Solved in 3 steps
- G. A Man borrowed P5,000 from a bank and agreed to pay the loan at the end of 9 months. The bank discounted the loan gave him P4,000 in cash. CO2 16. What was the rate of discount? a. 2% Б. 12% C. 13% d. none of the above Co2 17. What was the rate of interest? a. 25% CO2 18. What was the rate of interest for one year? a. 3% Co1 19. It is the rate of interest for the same period b. 22% c. 23% d. none of the above b. 34% c. 33% d. none of the above d. none of the above а. d b.r Co1 20. It is measured in today's pesos of a present amount of P. b. PC a. FC c. F d. none of the aboveChoose the best answer and provide a solution. A man borrowed P2,000.00 from his friend and agreed to pay the at the end of 6 months. His friend discounted the loan and gave him P1,920.00 in cash. What was the rate of discount? A. 3% B. 4% C. 4.5% D. 5%4. What is the purpose of a bridge loan? 5. Distinguish between bank discount and simple interest.6. Differentiate between a stated rate of interest and an effective rate of interest. 7. What is the significance of finding the internal rate of return (IRR)? 8. Jill Kramer borrowed $25,000 to pay for a startup business. Jill must repay the loan at the end of five months in one payment with a 6 percent simple interest rate.What is the total amount that Jill must repay in five months?How much interest does Jill repay?9. Joe Jones went to his bank to find out how long it will take for $1,000 to amount to $1,350 at 9 percent simple interest. Solve Joe's problem.
- =t K A friend asks to borrow $54 from you and in return will pay you $57 in one year. If your bank is offering a 6.1% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $54 instead? b. How much money could you borrow today if you pay the bank $57 in one year? c. Should you loan the money to your friend or deposit it in the bank? a. How much would you have in one year if you deposited the $54 instead? If you deposit the money in the bank today you will have $ b. How much money could you borrow today if you pay the bank $57 in one year? You will be able to borrow $ today. (Round to the nearest cent.) c. Should you loan the money to your friend or deposit it in the bank? From a financial perspective, you should end of year. in one year. (Round to the nearest cent.) (Select from the drop-down menu.) ▼ as it will result in more money for you at theA friend asks to borrow $48 from you and return will pay you $51 in one year. If your bank is offering a 6.5% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $48 instead? b. How much money could you borrow today if you pay the bank $51 in one year? c. Should you loan the money to your friend or deposit it in the bank? DA friend asks to borrow $54 from you and in return will pay you $57 in one year. If your bank is offering a 5.7% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $54 instead? b. How much money could you borrow today if you pay the bank $57 in one year? c. Should you loan the money to your friend or deposit it in the bank? a. How much would you have in one year if you deposited the $54 instead? If you deposit the money in the bank today you will have $ in one year. (Round to the nearest cent.)
- A friend asks to borrow $53.00 from you and in return will pay you $56.00 in one year. If your bank is offering a 5.7% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $53.00 instead? b. How much money could you borrow today if you pay the bank $56.00 in one year? c. Should you loan the money to your friend or deposit it in the bank? a. How much would you have in one year if you deposited the $53.00 instead? If you deposit the $53.00 in the bank today, you will have $ in one year. (Round to the nearest cent.)5. Distinguish between bank discount and simple interest.6. Differentiate between a stated rate of interest and an effective rate of interest. 7. What is the significance of finding the internal rate of return (IRR)? 8. Jill Kramer borrowed $25,000 to pay for a startup business. Jill must repay the loan at the end of five months in one payment with a 6 percent simple interest rate.What is the total amount that Jill must repay in five months?How much interest does Jill repay?9. Joe Jones went to his bank to find out how long it will take for $1,000 to amount to $1,350 at 9 percent simple interest. Solve Joe's problem.A man borrowed P300,000 from a bank and agreed to pay the loan at the end of a month. The bank discount the loan and give him P250,000. What is the rate of discount?
- A friend asks to borrow $45 from you and in return will pay you $48 in one year. If your bank is offering a 5.7% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $45 instead? b. How much money could you borrow today if you pay the bank $48 in one year? c. Should you loan the money to your friend or deposit it in the bank? a. How much would you have in one year if you deposited the $45 instead? If you deposit the money in the bank today you will have in one year. (Round to the nearest cent.) b. How much money could you borrow today if you pay the bank $48 in one year? You will be able to borrow $ today. (Round to the nearest cent.) c. Should you loan the money to your friend or deposit it in the bank? (Select from the drop-down menu.) From a financial perspective, you should as it will result in more money for you at the end of the year.Determine the interest to be deducted in advance if P 50 000 is due after 6 months with a discount rate of 6 1/2%. A. P1 625 B. P1 725 C. PI 825 Answer: Find the exact interest on P 105 000 at 5% simple interest for 90 days. A. PI 294. 50 B. P1 294. 52 C. P1 294. 54 Answer: Chichi borrowed P 50 000 from a bank. He paid an interest of P1 500 for 5 months, at what rate was the interest charged? A. 7.5% B. 7.2% C. 7% Answer:A woman went to the Beneficial Loan Company and borrowed S10,000. She must pay S323.53 At the end of each month for the next 60 months. A. What is the Monthly Interest rate she is paying? What is the Nominal Interest rate? С. What is the Effective Interest rate? Make your cash flow diagram and solve. B.