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ACC305: Intermediate Accounting | (BBE2420A) e — ravravey | Now compute the estimated bad debt allowance for each year and the total. (Use the present value and future value tables, the formula method, a financial calculator, or a spreadsheet for your calculations. If using future and present value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round intermediary currency computations and your final answer to the nearest cent, $X.XX.) Projected Cash Flow Year Losses 2023 $ 833333 2024 20,276.06 2025 5715.59 N 2026 22,418.41 N Total $ 56,743.39 What is the estimated bad debt allowance at December 31, 20227 (Round your final answer to the nearest cent, $X.XX.) The estimated bad debt allowance at N December 31, 2022 is $ 56,743.39 Get more help - CTry again) G
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Related Questions
For each case, provide the missing information. Assume payments occur at the end of each period. (Use the present value and future value tables, the formula method,
financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places
X.XXXXX. Round all final answers to the nearest cent, $X.XX, and round the loan maturity date to the nearest whole year.)
(Click the icon to view the cases.)
Future Value of $1 table Future Value of an Ordinary Annuity table Future Value of an Annuity Due table
Cases
Amount borrowed
Interest rate
Number of periodic payments per year
Maturity (in years)
Periodic payment
(1)
(a)
4%
4
10
$ 10,354.90
(2)
$ 675,000 $
4%
2
10
(b)
S
CO
(3)
456,000
6 %
1
(c)
81.685.59
(4)
$ 750.000
12 %
T
(d)
I
X
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Take me to the text
Fill in the blanks for each of the following independent scenarios (A-D).
Do not enter dollar signs or commas in the input boxes.
Round all answers to the nearest whole number.
Scenario
Annual Net Cash Flow
Discount Rate
Number of Payments
Present Value of Annuity Factor
Present Value of Annuity
$
A
$20,000.00 $
10%
4.3553
B
%
2
1.6901
$82,814.90 $
C
$21,000.00
6%
7.3601
D
$8,000.00
9%
4.4859
$35,887.20
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principal, r is interest rate, n is number of compounding periods per year, t is time, in years, and A is account balance.
Use the compound-interest formula to find the account balance A, where P
P
compounded
1
$55,716 4-%
Quarterly
85
The account balance is approximately $
(Simplify your answer. Type an integer or decimal rounded to two decimal places as needed.)
esc
80
F2
F3
F4
F10
FII
F12
@
2#
$
%
&
*
2
4
5
6
7
Q
W
E
R
Y
P
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Consider the following amortization schedule:
Payment #| Payment Interest Debt Payment
Balance
1
966.45
750.00
216.45
149, 783.55
2
966.45
748.92
217.53
149, 566.02
3
966.45
With the exception of column one, all amounts are in dollars. Calculate z. Give your answer in dollars to the
nearest dollar. Do not include commas or the dollar sign in your answer.
arrow_forward
Use the compound-interest formula to find the account balance A, where P is principal, r is interest rate, n is number of compounding periods per year, t is time, in years, and A is account balance.
P
r
compounded
t
1
1
$53,530
Quarterly
22
C
The account balance is approximately $.
(Simplify your answer. Type an integer or decimal rounded to two decimal places as needed.)
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If a credit card you are interested in has an APR of 16%, what would the Daily Periodic Rate (DPR) be? (express
your answer as a percent and as a decimal)
O.0438% = .000438
O 000438% = .0438
O.16% = .0016
O 1.33% = 1.33
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ok
D
Int
=
Print
Compute the annual dollar changes and percent changes for each of the following accounts. (Decreases should be indicated with a
minus sign. Round percent change to one decimal place.)
0
ferences
#
Short-term investments
Accounts receivable
Notes payable
Percent Change =
Short-term investments
Accounts receivable
Notes payable
Type here to search
Esc
fo
F1
1
X
F2
$
Current Year
$ 378,252
100,583
@
2
0
Horizontal Analysis - Calculation of Percent Change
Numerator:
1
Current Year
F3
20
#m
Prior Year
$ 236,897
104,503
91,702
3
378,252 $
100,583
F4
0
S4
Prior Year
$
236,897
104,503
91,702
F5
$
%
5
Denominator:
Dollar Change
F6
111,355
(3,920)
(91,702)
DELL
F7
A
Percent Change
29.4 %
(26.7) %
(100.0) %
6
F8
&
7
0
F9
*
a
8
F10
9
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Suppose you deposit $1,030.00 into an account 4.00 years from today. Exactly 13.00 years from today the account is
worth $1,677.00. What was the account's interest rate?
Submit
Answer format: Percentage Round to: 3 decimal places (Example: 9.243%, % sign required. Will accept decimal format
rounded to 5 decimal places (ex: 0.09243))
Show Hint
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P1 and P2 have a default setting of 1.00, meaning only the first payment is analyzed. Scroll down to the balance after the first payment, amount paid
toward principal, and amount paid toward interest.
BAL
= $443,963.80
PRN = $56,036.20
INT
= $40,000.00
To examine the last payment, change P1 and P2 to 7 and review the amortization output:
What is the remaining balance?
How much of the final payment goes toward repaying principal?
How much of the final payment goes toward paying interest?
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What is the APR if the monthly rate of interest a credit card company charges on outstanding balances is 1.62%?
Select one:
O a. APR =(1.0162)^12) -1 = 0.2127, and APR = 21.27%
O b. APR = ((1.0162)^7) - 1 = 0.1191, and APR = 11.91%
O C. APR =((1.0162)^52) - 1 = 1.3063, and APR = 130.63%
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Suppose you deposit $1,016.00 into an account 4.00 years from today. Exactly 13.00 years from today the account is
worth $1,741.00. What was the account's interest rate?
Submit
Answer format: Percentage Round to 3 decimal places (Example: 9.243%, % sign required. Will accept decimal format
rounded to 5 decimal places (ex. 0.09243))
arrow_forward
In cell D7, enter a formula without using a function that multiples the Monthly_Payment (cell D6) by the Term_in_Months (cell D5) and then subtracts the Loan_Amount (cell B8) from the result to determine the total interest.
In cell D8, enter a formula without using a function that adds the Price (cell B6) to the Total_Interest (cell D7) to determine the total cost.
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Consider the following amortization schedule: Payment # Payment 1 966.45 2 966.45 3 966.45 Interest Debt Payment 750.00 748.92 X 216.45 217.53 Y Balance 149, 783.55 149,566.02 2 With the exception of column one, all amounts are in dollars. Calculate . Give your answer in dollars to the nearest dollar. Do not includo ar or the dollar sign in your answor
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Answer the following questions correctly and show your Complete Solution.
a. 3 1/5% is equivalent to
b. Find the actual time and approximate time from October 5, 2020 to June 30, 2021
c. Which of the following are NOT true?I. Principal is the money given or paid invested in the origin dateII. Origin date is a date on which money is paid by the borrower.III. Interest is an amount or earned for the use of the moneyIV. Simple Interest is an interest that is computed on the principal and then added to it.
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N. Saving... V
O Search (Alt+Q)
ngs Review View Help Grammarly
The balance on a credit card, that charges a 28.5%
APR interest rate, over a 1 month period is given
in the following table:
Days 1-3: $150 (initial balance)
Days 4-20: $200 ($50 purchase)
Days 21-30: $50 ($150 payment)
What is the finance charge, on the average daily
balance, for this card over this 1 month period?
Hint: First, calculate the balance for the 30 days. To do this,
take the number of days and multiply it by the balance.
What was the balance for the first 3 days?
3($[?]) +
($200) +
($50)
Enter
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In Set’ Dec. 31, 2020 statement of financial position, how much should be the accounts payable?
*see attached
a. P 1,410,000b. P 1,485,000c. P 1,462,500d. P 1,425,000
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41. After conducting a rate-sensitive analysis, a bank finds itself with the following
amounts of rate-sensitive assets and liabilities (RSAS and RSL) and fixed-rate assets
and liabilities (FRAs and FRLs); the rate of return and cost rates on the accounts are
also given:
Assets
RSAS @ 4.25%
FRAS @ 5.15%
NEA
Total
Amount
(Million $)
S 322
S 700
S 120
$1,142
Liabilities
& Equity
RSLS @ 3.11%
FRLS @ 4.95%
Equity
Total
If the bank wishes to set up a swap to totally hedge the interest rate risk, the bank
should
A. pay a variable rate of interest and receive a fixed rate of
interest.
B. pay a fixed rate of interest and receive a variable rate of
interest.
Amount
(Million $)
S 200
$ 800
S 142
$1,142
C. pay a variable rate of interest and receive a variable rate
of interest.
D. pay a fixed rate of interest and receive a fixed rate of
interest.
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Based on this financial data, calculate the Savings Ratio.
$7470
Net Worth
Liquid Assets
$ 4610
Monthly Credit Payments
$720
Monthly Savings
$ 640
Gross Income
Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89,
1.02, 0.09, etc.
Do not include a comma or"$" sign in your response.
Liabilities
Current Liabilities
Take-home Pay
$ 77300
$2000
$ 3150
$ 4890
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Calculate the credit given for the partial payment and the net amount due on the invoice (in $). (Round your answers to the nearest cent.)
Amount ofInvoice
Terms ofSale
PartialPayment
Credit forPartial Payment
NetAmount Due
$8,303.00
2/10, n/30
$2,400
$
$
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Make a table of computation for this if the given is:
Amount Borrowed: 76,779.00
Periods: 60 months
Rate is 0.1
Payment: 1,282.91
Zoom in the excel or the table and make sure it is readable
arrow_forward
Solve for the missing item in the following. (Do not round intermediate calculations. Round your answer to the nearest cent.)
Principal
Interest Rate
Date Borrowed
Date Repaid
Exact Time
Interest
Maturity Value
$1,200
12%
July 7
Jan 10
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Solve for the missing item in the following. (Do not round intermediate calculations. Round your answer to the nearest cent.)
Principal
Interest Rate
Date Borrowed
Date Repaid
Exact Time
Interest
Maturity Value
$585
9%
June 05
Dec 15
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The following loan was paid in full before its due date a) Find the value of h using an appropriate formula b) Use the actuarial method to find the amount of unearned interest c) Find the payoff amount
Regular Monthly Payment
# of Payments Remaining after Payoff
APR
7.2%
$247
8
What is the finance charge per $100 financed?
h=$
(Round to the nearest cent)
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Your bank account pays interest with an EAR of 4%. What is the APR quote for this account based on semiannual compounding? What is the APR with monthy
son eTe compounding? (Note Be careful not to round any intermediate steps less than sir decimal places)
tnmenti
What is the APR quote for this account based on semiannual compoundng?
The APR quote for the account with semiannual compounding in Round to thre decimal places)
ilts
Suppose the interest rate is 9.3% APR with monthly compounding What is the prosent value of an annulty that pays $00 every three months for four years? (Note: Be
son ete careful not to round any intermedate steps less than six decimal places)
pmenti
The present value of the annuty is s (Round to the nearest cent)
A payday loan is structured to obscure the true interest rate you are paying For example, in Washington, you pay a $32 "lee" for a two-week $205 payday loan (when
on ele you repay the loan, you pay $237). What is the effective annual interest rate for…
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a. Use the U.S. Rule to solve for total interest cost.
Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.
Total interest cost
b. Use the U.S. Rule to solve for balances.
Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.
Balance after the payment
On 100th day
Final payment
On 180th day
c. Use the U.S. Rule to solve for final payment.
Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.
5001 T 200
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1. [-/1 Points]
DETAILS
HARMATHAP11 6.2.001.
Find the requested value.
Find S: S =
3500(1 + 0.02)24. (Round your answer to two decimal places.)
S =
Identify each of the other values as the periodic rate, the number of periods, the principal, or the future value.
3500:
periodic rate
number of periods
principal
future value
0.02:
periodic rate
number of periods
principal
future value
24:
periodic rate
number of periods
principal
future value
Need Help?
Read It
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When $8,600 is invested in a savings account paying simple interest for the year, the interest, i in dollars, can
obtained from the equation i=8,600r, where r is the rate of interest in decimal form. Graph i=8,600r, for r up to
including a rate of 16%. If the rate is 7%, how much interest is earned?
OA. $6,020
OB. $602
O C. $586
OD. $622
I
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Related Questions
- For each case, provide the missing information. Assume payments occur at the end of each period. (Use the present value and future value tables, the formula method, financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places X.XXXXX. Round all final answers to the nearest cent, $X.XX, and round the loan maturity date to the nearest whole year.) (Click the icon to view the cases.) Future Value of $1 table Future Value of an Ordinary Annuity table Future Value of an Annuity Due table Cases Amount borrowed Interest rate Number of periodic payments per year Maturity (in years) Periodic payment (1) (a) 4% 4 10 $ 10,354.90 (2) $ 675,000 $ 4% 2 10 (b) S CO (3) 456,000 6 % 1 (c) 81.685.59 (4) $ 750.000 12 % T (d) I Xarrow_forwardTake me to the text Fill in the blanks for each of the following independent scenarios (A-D). Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Scenario Annual Net Cash Flow Discount Rate Number of Payments Present Value of Annuity Factor Present Value of Annuity $ A $20,000.00 $ 10% 4.3553 B % 2 1.6901 $82,814.90 $ C $21,000.00 6% 7.3601 D $8,000.00 9% 4.4859 $35,887.20arrow_forwardprincipal, r is interest rate, n is number of compounding periods per year, t is time, in years, and A is account balance. Use the compound-interest formula to find the account balance A, where P P compounded 1 $55,716 4-% Quarterly 85 The account balance is approximately $ (Simplify your answer. Type an integer or decimal rounded to two decimal places as needed.) esc 80 F2 F3 F4 F10 FII F12 @ 2# $ % & * 2 4 5 6 7 Q W E R Y Parrow_forward
- Consider the following amortization schedule: Payment #| Payment Interest Debt Payment Balance 1 966.45 750.00 216.45 149, 783.55 2 966.45 748.92 217.53 149, 566.02 3 966.45 With the exception of column one, all amounts are in dollars. Calculate z. Give your answer in dollars to the nearest dollar. Do not include commas or the dollar sign in your answer.arrow_forwardUse the compound-interest formula to find the account balance A, where P is principal, r is interest rate, n is number of compounding periods per year, t is time, in years, and A is account balance. P r compounded t 1 1 $53,530 Quarterly 22 C The account balance is approximately $. (Simplify your answer. Type an integer or decimal rounded to two decimal places as needed.)arrow_forwardIf a credit card you are interested in has an APR of 16%, what would the Daily Periodic Rate (DPR) be? (express your answer as a percent and as a decimal) O.0438% = .000438 O 000438% = .0438 O.16% = .0016 O 1.33% = 1.33arrow_forward
- ok D Int = Print Compute the annual dollar changes and percent changes for each of the following accounts. (Decreases should be indicated with a minus sign. Round percent change to one decimal place.) 0 ferences # Short-term investments Accounts receivable Notes payable Percent Change = Short-term investments Accounts receivable Notes payable Type here to search Esc fo F1 1 X F2 $ Current Year $ 378,252 100,583 @ 2 0 Horizontal Analysis - Calculation of Percent Change Numerator: 1 Current Year F3 20 #m Prior Year $ 236,897 104,503 91,702 3 378,252 $ 100,583 F4 0 S4 Prior Year $ 236,897 104,503 91,702 F5 $ % 5 Denominator: Dollar Change F6 111,355 (3,920) (91,702) DELL F7 A Percent Change 29.4 % (26.7) % (100.0) % 6 F8 & 7 0 F9 * a 8 F10 9arrow_forwardSuppose you deposit $1,030.00 into an account 4.00 years from today. Exactly 13.00 years from today the account is worth $1,677.00. What was the account's interest rate? Submit Answer format: Percentage Round to: 3 decimal places (Example: 9.243%, % sign required. Will accept decimal format rounded to 5 decimal places (ex: 0.09243)) Show Hintarrow_forwardP1 and P2 have a default setting of 1.00, meaning only the first payment is analyzed. Scroll down to the balance after the first payment, amount paid toward principal, and amount paid toward interest. BAL = $443,963.80 PRN = $56,036.20 INT = $40,000.00 To examine the last payment, change P1 and P2 to 7 and review the amortization output: What is the remaining balance? How much of the final payment goes toward repaying principal? How much of the final payment goes toward paying interest?arrow_forward
- What is the APR if the monthly rate of interest a credit card company charges on outstanding balances is 1.62%? Select one: O a. APR =(1.0162)^12) -1 = 0.2127, and APR = 21.27% O b. APR = ((1.0162)^7) - 1 = 0.1191, and APR = 11.91% O C. APR =((1.0162)^52) - 1 = 1.3063, and APR = 130.63%arrow_forwardSuppose you deposit $1,016.00 into an account 4.00 years from today. Exactly 13.00 years from today the account is worth $1,741.00. What was the account's interest rate? Submit Answer format: Percentage Round to 3 decimal places (Example: 9.243%, % sign required. Will accept decimal format rounded to 5 decimal places (ex. 0.09243))arrow_forwardIn cell D7, enter a formula without using a function that multiples the Monthly_Payment (cell D6) by the Term_in_Months (cell D5) and then subtracts the Loan_Amount (cell B8) from the result to determine the total interest. In cell D8, enter a formula without using a function that adds the Price (cell B6) to the Total_Interest (cell D7) to determine the total cost.arrow_forward
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