Jessica's Auto Service has had to close their doors for business while they try to get a loan so they can pay their bills. They receive a notice from their electric company for last month's electric bill payment. What type of expense is this? Variable expense Fixed expense Direct expense
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- These are Time value of Money questions: QUESTION 1 Marina had an accident with her car and the repair bill came to $900. She didn't have any emergency fund money and no extra money in her monthly budget, so she ended up borrowing from a pay-day loan company. As long as she can pay the loan back at the end of the 30 day period she won't be charged any interest, technically. However, she did have to pay an $17 processing fee per $100 that she borrowed. If she were to consider the processing fee to represent interest paid in her formula, what would she discover to be the annual interest rate she was charged on her short term loan? QUESTION 2 The end of the month has arrived and Marina was only able to save up a portion of the money she owed so far. This means she will have to delay paying off on the remaining amount. Besides the delayed payment fee that she is charged, she will now have to pay interest on the remaining amount until it is paid off. The APR (annual percentage rate) is…Jackie owns a temporary employment agency that hires personnel to perform accounting services for clients. During the year, her expenses for her clients include the following: Cab fare to and from restaurants Gratuity at restaurants Meals Cover charges All expenses are reasonable. Required: a. How much of these expenses can Jackie deduct? b. How is the deduction classified? Required A Complete this question by entering your answers in the tabs below. Required B Cab fare to and from restaurants Gratuity at restaurants Meals Cover Charges Total deduction How much of these expenses can Jackie deduct? Note: Leave no cells blank. Enter "0" wherever required. $ 450 400 4,500 350 Answer is complete but not entirely correct. $ $ $ $ $ 450✔ 200 x 2,250 X 175 X 3,075 Xwhat will happen if in case during the term of your life insurance, you suddenly became unemployed?(no budget for monthly premiums) what will happen? will it be automatically closed? what about the money you invested in, can you still claim it?
- A) What is the APR for purchases made using this credit card? B) What is the maximum amount that Marcus can put on this credit card? C) Did Marcus pay off the entire balance of his credit card last month? D) Suppose Marcus pays the minimum payment due this month, what will his new balance be, after this payment is processed and assuming he makes no additional purchases?Mr. Smith did not pay his full credit card balance on June 5th, the due date each month for payment. The unpaid balance was $800. He purchased a new washing machine on credit on June 30 for $1,000. If interest is charged at a rate of 18%, compounded daily, what would be the interest charge on his next credit card bill using the average daily balance method? a) $26.63 b) $21.77 c) $14.79 d) $13.32Jane James owns an appliance store. She usually receives $50,000 worth ofappliances per month. She does not like to owe people money and alwayspays her bills on the day she receives the invoice. Someone told her thatif she delayed payment, she could actually increase her profit because themoney would be earning interest in her account. She went through her billsand found that she actually had an additional 10 days, on average, to payher invoices. She also found that she was earning 2 percent interest on themoney she had in her money market savings account.a. If she delayed payment by the 10 days, how much additional interest wouldshe earn for the year?b. Explain how this problem represents a disbursement float.
- Flower opened a credit card account. During the first month she purchased new cloths that totaled $1,550.00 and then put the card in a desk drawer and didn’t use it again. The structure of the minimum monthly payment is the interest charge plus an additional 3.0% of the remaining balance. If Flow only makes the minimum monthly payment, how long will it take for the remaining balance to be half the amount of her original purchases?Jackie owns a temporary employment agency that hires personnel to perform accounting services for clients. During the year, her expenses for her clients include the following: Cab fare to and from restaurants Gratuity at restaurants Meals Cover charges All expenses are reasonable. Required: a. How much of these expenses can Jackie deduct? b. How is the deduction classified? Complete this question by entering your answers in the tabs below. Required A Required B $ 520 470 4,850 420 How much of these expenses can Jackie deduct? Note: Leave no cells blank. Enter "0" wherever required. Cab fare to and from restaurants Gratuity at restaurants Meals Cover Charges Total deductionKindly assist with the question below. If the entire balance is not paid off by the due date, simple interest is charged from the posting date until the due date. a) Joseph bought a stereo system on his credit card which is due on May 14 for 2759.43. He doesn't make a payment until May 27. The interest rate is 19%. How much interest will be charged until his due date? b) what is his new balance? c) How much does he owe in interest?
- and ends UD overdrawing on her account, AI the end of every two weeks. she Rachelle loves using her debit card! She often forgets to balance her checkboo DEBIT CARD TRANSACTIONS 2/1 Groceries = $42.50 2/1 Gas = $77.85 2/2 Rent = $1,180 2/5 Paycheck = $1,100 2/5 Dinner out = $48.80 Collects all her receipts and sits down to determine her balance. Date Debit/Credit Balance 2/6 Groceries = $140.92 2/7 Clothing = $240.76 2/7 Drug Store = $15.32 2/8 Refund = $12.43 2/8 New Shoes = $84.23 2/8 Groceries = $115.66 2/10 Gas = $40.02 2/11 Movies = $26.24 2/11 Dinner out = $92.63 2/12 Paycheck = $1,100 2/12 Groceries = $55.78 2/13 Gas = $34.29 2/14 Flower Shop = $30 2/14 Refund = $52.70 $1,234.,80 2/14 New Clothes = $93 -h Did Rachelle ever drop below $0 in her account? Explain whether this is possible in real situations. 2 Explain why it is important to keep track of your expenses. 3 Whenever Rachelle's balance drops below $0, she is charged a $35 insufficient funds fee. What would her new…Jamie Lee wants to determine if she can afford the monthly payments for all of her purchases before she completes the applica process. Use the information below to determine her debt payment-to-income ratio. Current Financial Situation Assets: Income: Checking account $1,900 Savings account $7,400 Gross monthly salary Net income $2,850 $2,195 Emergency fund savings account $2,900 Monthly Expenses: IRA balance $430 Rent obligation $370 Car $3,000 Utilities/Electric $80 Liabilities: Utilities/Water $50 Student loan $11,000 Utilities/Cable $75 (Jamie is still a full-time student, so Food $135 no payments are required on the loan Gas/Maintenance $140 until after graduation) Credit card payment $0 Acme Home Goods (Washer/dryer $1,650 Acme Home Goods $41 and refrigerator) Local Home Furnishings (Sofa $1,750 Local Home Furnishings $46 set) Big Box Store (52" LED HDTV) $1,150 Big Box Store $29 Automobile, Education, Personal, and Installment Loans Financial Institution or Account Number…Cynthia Roberts has a credit card account at Harry's Hardware, which uses the unpaid-balance method of computing finance charges. The periodic rate is 1.5 percent. Ms. Roberts's previous balance is $178.85, and she had payments and credits of $74.00. If she has new purchases of $98.74, what is her new balance? O $305.39 O $206.64 O $205.16 O $156.42