3. If Andre deposits $100 in this account after buying the music player, will he still be in debt? How do you know?
Q: What is Alyssa's equity in the house?
A: Loan Amount: It is the amount given to the borrower from the bank and the bank charges interest on…
Q: ose you deposit $100,000 in an account today that pays 6% interest, comp ally. How long does it take…
A: The given problem can be solved using NPER function in excel. NPER function computes no. of years/…
Q: 1. Hannah deposited 1,500 in a bank with an interest rate for 1 year. What is the future of her…
A: IN finance the time value of money is considered so there is present value and future value concept…
Q: A friend asks to borrow $47 from you and in return will pay you $50 in one year. If your bank is…
A: The present value of money is the discounted value of future cash flows. The future value is the…
Q: Each of the problems below is incomplete. Determine the missing data to solve the problem. 1. To buy…
A: Because you have posted multiple questions, we will answer the first question only, for the…
Q: Granny puts OMR 65,000 into a bank account earning 3%. You can’t withdraw the money until the…
A: Calculation of number of years: Answer: Number of years that the money left in the account is 37.17…
Q: h will landers and his brother need to secure the loan, including the d
A: A secured loan is one that demands security in the form of property, assets, or cash.Secured loans…
Q: yle needs to have 39,000,000 for retirement in 10 years. His account earns 3%. a. how much would he…
A: Future Value of annuity formula is used to calculate the annual deposits required for given…
Q: A friend asks to borrow $50 from you and in return will pay you $53 in one year. If your bank is…
A: Given:
Q: 1) How much can you take out or borrow without penalty for a down payment? 2) What is the maximum…
A: IRA- Individual retirement account is the account being maintained during the employment life of the…
Q: You are in desperate need of cash and turn to your uncle who has offered to lend you some money. You…
A: Computation of the implied rate of this transaction is shown as follows: Hence, the implied rate on…
Q: Your friend borrows PKR 190,000 and promises to repay Rs. 350,000. If you want at least a 12% return…
A: PV = PKR 190,000 FV= PKR 350,000 R= 12%
Q: Carlo is to purchase his dream car he needs to find a way to get P2,500 in cash right now! Carlo…
A: Future value= Present value × (1+ periodic rate)^n where, N= number of period Periodic rate= 8.5…
Q: n Guimo is going to purchase a house with a purchase price of P. ay as a down payment. He is going…
A: It is assumed that monthly payments are to be made. The given problem can be solved using PMT…
Q: If you borrowed money from your friend with simple interest of 8%, how much money did you borrow if…
A: Future value = P 50,000 Annual interest rate = 8% Period = 7 Months
Q: 1. A man wishes to have P 100,000.00 on a bank that earns an exact simple interest rate of 10.50%.…
A: The future value of a present value is the value of that amount after taking into account the time…
Q: A trustworthy friend asks to borrow money from you today. She promises to pay you exactly $3750 in 2…
A: In order to find how much to lend her today one needs to calculate the present value of the amount…
Q: How long will it take Mary to double her money? *
A: Introduction: Rule 72 is the rule which helps in calculating the amount of time required to double…
Q: 1. Barry is going to post-secondary school for three years. Should Barry get a Student Loan or…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Scenario 2. Suppose that you withdraw ₱ 1,500.00 from your savings account. Over the weekend,…
A: Bonds are the debt securities which are issued to collect the cash. Issuer gets money by selling the…
Q: 2 Anna needs $100 in cash to go home for the weekend, and all she has is a credit card. Her cash…
A: The question is based on the concept of Financial Accounting.
Q: Ryan has a RaceTrac credit card. The card has a balance of $685.37 with an APR of 28.95%. The…
A: Credit card balance (C) = $685.37 r = 28.95% per annum = 2.4125% per month Monthly minimum payment…
Q: Aman has two debts to pay. A $850 due today and a $950 due in 9 months from today. Instead, he wants…
A: Present Value(PV) is value of a future amount at current point of time. It is done by discounting…
Q: (make your own given then answer the question) 3. Ken plumbing wishes to pay off a debt of Php…
A: The borrower is required to pay the lender the initial sum borrowed and the interest on the loan.…
Q: Sally took a loan of 18000 Rial from S.R Finance to purchase a TV set. If the company charges Simple…
A: The computation is shown as:
Q: . Sandy borrowed 20039 R.O from a bank to buy a piece of land. If the bank charges 12 1/3%…
A: Calculate the future value as follows: Future value = Amount*(1+rate)^periods
Q: Salmah bought a teak wood kitchen cabinet by paying RM250 a month for 2 years without a down…
A: Given: a) Using simple interest formula: Here, FVis the total amount paid on the loan = 250*24 ( 24…
Q: 1. Lilibeth borrowed $1,200 from her aunt to buy a book. She promised to pay her after a month. Her…
A: Simple Interest may be defined as Interest that is calculated as a simple percentage of the original…
Q: A3) Finance Ahmad deposits $1,200 in her bank today. If the bank pays 4 percent simple interest, how…
A: Interest is defined as the price that is paid by the borrower for the money borrowed by him or the…
Q: How long will it take for a lender to discount ₱75,000 by 11.45% in order to gain ₱10,500 as his…
A: Simple interest is simple interest without compounding of interest and in discount we use the simple…
Q: Shamsuddin has RM 63,000 in his EPF Account II. He plans to purchase a house which cost him…
A: EPF Account II Balance = RM 63,000 House cost = RM 173,000 loan = RM 100,000 He can withdraw from…
Q: Suppose Miss Roxanne Davenport is 25 years old right now and puts away $1,800 per quarter in an…
A: given, rate (r) = 6% quaterly payment (A) =$1800 frequency of compounding (m) = 4 age = 25
Q: You decided it is important to pay off some of your debt to help build your credit score. If you…
A: Simple interest is calculated by multiplying by the principal the daily interest rate by the amount…
Q: A trustworthy friend asks to borrow money from you today. She promises to pay you exactly $3750 in 2…
A: A concept that implies the future worth of the money is lower than its current value due to several…
Q: you are a lender. suppose you have savings. your friends approached you and asked if you can lend…
A: Maturity Amount = Principal Amount x (1+i)n where, i= Interest Rate n= number of period
Q: Suppose a man took out a 20-year loan with an annual rate of 6% to put an addition on his house.…
A: Loan period = 20 years Annual rate = 6% Computer cost = $1500
Q: Your grandfather put some money in an account for you on the day you were born. You are now 18 years…
A: Amount in the account at the age of 18 = $8059 r = 12%
Q: Thabo borrows R850 000 from a bank to buy a house. He has to pay the bank back R7 647,67 per month…
A: Answer: Given Present value 850000 Monthly payment 7647.67 Number of year 20…
Q: Directions: Identify if the problem involves simple interest or compound interest. Then, solve the…
A: If the problem involves simple interest:- Deposited amount = P 400.00 Rate of interest = 3%…
Q: 2. A baker plans to open a Bake Shop. He decided to loan P50,000.00. He want to limit the interest…
A: Interest: It is an amount paid by the borrower of the loan along with the principal amount.
Q: 7. Jordan wants a new phone. He makes $5400 a year at his part time job, and has a $72 monthly car…
A: The debt to income ratio is the ratio of a person's debt with respect to its income. It is used in…
Q: 3. Kenneth borrowed $8100 to buy a car. If interest was charged on the loan at 7.7%, tow much…
A: The interest expense is the expense calculated on the basis of interest, principal amount and number…
Q: Your grandfather put some money in an account for you on the day you were born. You are now 18 years…
A: Present Value = $6,801 Interest Rate = 3% Current Age = 18 Years
Q: To be able to take her dream vacation, Maya decides to save for 4 years. She opens a savings account…
A: We need to use simple interest formula to calculate simple interest Simple interest…
Q: ) What is the APR for purchases made using this credit card? B) What is the maximum amount that…
A: A) What is the APR for purchases made using this credit card? Ans. 21.6% (21.6% Annual Purchase…
Q: Marcos purchases a top-up card for his pre-paid cell phone. His remaining balance, B, can be modeled…
A: Finance is defined as the creation, management, and also study of an investments as well as funds.…
Q: Ayhan invested 18,000 ₺ in an account that paid simple interest. How long he would need to invest in…
A: Given:Principal amount =18000Amount=25000Rate of interest=7%To compute:Time period
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Cy Walker invests $20,000 of his personal savings into Mookie the Beagle Concierge. MTB Concierge needs to record the deposit using QBO. Required: 1. Record the Deposit. a. Select (+) New icon > Bank Deposit b. Select Account: 1001 Checking c. Select Payment Date: 01/01/2023 d. In the Add Funds to This Deposit section, select Account: 3003 Owner's Investment e. Select Payment Method: Check f. Enter Reference Number: 5001 g. Enter Amount: 20000.00 h. What type of account is Owner's Investment? i. Select Save and close h. Type of accountCy loans Mookie The Beagle Concierge $1,000 at 6% annual interest. Record the transaction as a loan payable as follows. Required: 1. Complete a Deposit. a. Select (+) New icon > Bank Deposit b. Select Account: 1001 Checking c. Select Date: 01/12/2023 d. In Add Funds to This Deposit section, select Account: + Add New > Account Type: Other Current Liabilities > Detail Type: Loan Payable > Name: Loan Payable> Number: 2300 > Save and Close e. Select Payment Method: Check f. Enter Reference Number: 5002 g. Enter Amount: 1000.00 h. Select Save and close i. What is the Amount of the Loan Payable? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount. i. Amount of the loan payablePA11. LO 8.6Inner Resources Company received the following bank statement. Using the information from Exercise 8.5 and Exercise 8.6, prepare the bank reconciliation. 8.5 Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. The owners invested $8,500 from their personal account to the business account. Paid rent $650 with check #101. Initiated a petty cash fund $550 check #102. Received $750 cash for services rendered. Purchased office supplies for $180 with check #103. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. Received $1,200 cash for services rendered. Paid wages $560, check #105. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. Increased Petty Cash by $100, check #107.
- Cy loans Mookie The Beagle Concierge $1,000 at 6% annual interest. Record the transaction as a loan payable as follows. Required: 1. Complete a Deposit. a. Select (+) New icon > Bank Deposit b. Select Account: 1001 Checking c. Select Date: 01/12/2023 d. In Add Funds to This Deposit section, select Account: + Add New > Account Type: Other Current Liabilities > Detail Type: Loan Payable > Name: Loan Payable > Number: 2300 > Save and Close e. Select Payment Method: Check f. Enter Reference Number: 5002 g. Enter Amount: 1000.00 h. Select Save and close i. What is the Amount of the Loan Payable? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount. Amount of the loan payable () View the Transaction Journal for the Deposit. a. From the Navigation Bar, select Accounting b. From the Chart of Accounts, select 2300 Loan Payable > View Register c. From the Register, select the transaction just recorded > Edit d. From the…6. A portion of your bank statement is shown. Your previous balance was $228.73. What is your present balance Date Checks and Other Charges Number 13-Oct 18-Oct 143 27-Oct 144 31-Oct ATM AT-Phone Service Charge >>> Amount $43.60 112.76 10.64 50.00 5.14 Date Deposits and Credits Amount $146.90 188.42 135.65 5-Oct 12-Oct 19-Oct [ATM] Present Balance2. DETAILS rise BRECMBC9 4.11.TB.011. On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. O $29.95 O $943.80 O $1,003.70 $1,108.88
- lemic Calendar My MCBS Library English (en) - ndamentals of Financial Accounting Summer Session 12021/ACT 140/D2 / Final Examination/ AC In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a deposit in transit? A BI - mcbs.proctoring.online is sharing your screen. Stop 11Background Layout- Theme Transition I12CE IE 3 Responsible Bank 210 2nd Street Bank Statement 2$ Checking Account Statement Page: 1 of 1 Anytown, MH 06930 1. If we put withdrawals and deposits in the same column. how can they be repreSented? Andre Person 1729 Euclid Ave Anytown, MH 06930 Statemet Ferind 2017-10-01 to 2017-1101 rount N 1120635978 Date Description Withdrawais Deposits Balance 2017-10-03 Previous Balance 201715e5 Check Number 256 2017-10-06 ATM Deposit - Cash 2017-10-10 Wire Transfer 2017-10-17 Point of Sale- Grocery Store 2017-10-25 Funds Transfer from Savings 2017-10-28 Check Number 257 2012.10-29 Online Payment Phone Services 39.87 28.50 1137 Your answer here 45.00 58.37 18.46 203 52.03 10.03 62.47 37.91 16.43 50.00 42.00 72.50 2. Andre withdraws $40 to buy a music player. What is his new balance? Your answer here er notesrepure u Mr. Jimin received his August 2020 bank statement. The ending cash balance in his accounting books is P300,000 while the cash balance shown on the bank statement is P430,000. He determined the following reconciling items. a. Credit Memo (A/R) b. Debit Memo (A/P) c. Deposits in transit d. Outstanding Checks P190,000 30,000 50,000 20,000 JIMIN CO. Bank Reconciliation Statement August 31, 2020 Adjusting Entries
- 3. The bank column in the cash book for Mac 2020 and the bank statement for that month for Keris Enterprise are as follows: E. TE Cash Book (Bank Account only) 2020 RM 2020 RM Mạc 16 Param 292| Мас 1 Balance b/d 4,200 6 Maria 21 Joseph 31 Opie 369 184 192 30 Melati 160 31 Balance c/d 4,195 30 Suria 504 5,048 5,048 Bank Statement Date Items Debit Credit Balance Мас 1 Balance 4,200 8 Maria 4,384 4,092 184 16 Cheque 292 20 Melati 4,252 3,883 160 21 Cheque 31 Gigih Enterp : Trader's credit 31 TYF: standing order 31 Bank charges 369 88 3,795 32 3,827 19 3,846 Required: a) Prepare the updated cashbook. b) Prepare the bank reconciliation statement as at 31 Mac 2020.E4.16 Consider the following table with sample data. BANK ACCOUNTS TABLE AccountID АсcountType CurrentBalance AccountHolderID AccountHolderName A111 Checking $1,000.00 C11 Joe Smith C222 Sue Smith A222 Checking S2,000.00 C333 Mary Moore A333 Money Market $15,000.00 C444 Pat Clark C555 Lisa Clark C666 Timmy Clark A444 Savings $3,000.00 C111 Joe Smith C222 Sue Smith E4.16a Normalize the Bank Accounts Table to 1NF by increasing the number of records in the existing table. E4.16b Normalize the Bank Accounts Table to 1NF by creating a new separate table in addition to the existing table.PROBLEM RECOGNITION TASK Determine the maximum deposit insurance coverage by PDIC in the following items. 2. Janard Lindio has the following deposit accounts in a closed bank: Janard Lindio and Clifford Agustin P600,000 Janard Lindio and Anthony Agarin P800,000 Janard Lindio and Patrick Reyes P900,000 What is the maximum deposit insurance coverage as far as Janard is concerned?