Compute bank discount using (A) ordinary interest, (B) proceeds, and (C) effective interest rate to the nearest hundredth. Do not round denominator in your calculation. Face Value Discount Rate Time in Days $9,000 14% 110
Q: Characteristics of Production Process, Cost Measurement Vince Kim, of EcoScape Company, designs and…
A: Overhead rate=Overhead costNumber of direct labor hours Average actual wage rate=Direct labor…
Q: Raw materials purchased is 20,000; Raw materials inventory decreased by 2,000; Total Payroll is…
A: A person or company's "net income" is the amount of money they are left with after subtracting their…
Q: Mobilee Oil Company accepted a $10,000, 120 day note dated March 3 at 8 1/2% to settle a past due…
A: The note receivables is a promise from the creditor to pay the amount with interest on the due date.…
Q: Manufacturing costs are classified into 4 categories. True or False?
A: Costs incurred while manufacturing a product are manufacturing costs. These costs are both direct…
Q: Problem 15-9 (AICPA Adapted) During 2021, Garr Company purchased marketable equity securities as a…
A: Unrealized gains are increases in asset value, such as stock positions, which have not yet been…
Q: Two companies are financed as follows: X Co. Y Co. Bonds payable, 9% issued at face $5,000,000…
A: EARNING PER SHARE EPS indicates how much money a company makes for each share of its stock.…
Q: Sales for 2021 (6,000 units @ $74) $444,000 Additional Information: a. The company's effective…
A: Average Cost Method The average cost approach divides the overall cost of goods bought or produced…
Q: Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company…
A: Under variable costing, the fixed overhead costs are treated as period costs and the entire fixed…
Q: ou deposit $2,500 into an investment that grows Multiple Choice C
A: Answer :Final amount = Principal (1 +r/12)^Time Principal = $2500 r = 13.2% = 0.132 Time = 17.5 * 12…
Q: 2019 2020 Cash $ 138 $ 97 Sales 10,204 11,317 Inventory 5,209 5,138…
A: The financial cash flow to creditors formula is used to calculate cash flow to creditors, which…
Q: Use EMBG’s adjusted trial balance to prepare the company’s income statement.
A: Retained earnings are defined as the part of earnings that have not been distributed by the company…
Q: Which of the following is an example of a mixed cost? Oa. electricity costs of $3 per kilowatt-hour…
A: Solution: Variable cost is the cost which vary with nos of units produced and sold Fixed costs…
Q: On May 20, Montero Company paid $240,000 to acquire 105 shares (5%) of ORD Corporation as a…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: High-Low Method Ziegler Inc. has decided to use the high-low method to estimate the total cost and…
A: Variable Cost - Variable Cost is the cost that varies according to the change in Output. Fixed Cost…
Q: What is the expected intrinsic price of each stock in year 5 for each company Stephanie wants to…
A: SOLUTION:- CALCULATION OF STOCK…
Q: Mary Alexander is a sole trader who operates a small wholesale business in Kingston, Jamaica. On…
A: Trial Balance is a list of all the Ledger Accounts of a business. It has all the details of the…
Q: D. Was manufacturing overhead under- or overapplied during 20XX? By how much? E. Present the…
A: Overapplied overhead arises when the applied overhead cost is more than actual overhead cost.…
Q: can expert give another detailed answer please.
A:
Q: A seller uses a perpetual inventory system, and on April 18, a customer discovers that merchandise…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Sequential (Step) Method of Support Department Cost Allocation Chekov Company has two support…
A: The sequential method is utilised to divide the expense of service departments among other…
Q: Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28…
A: Introduction: As per FIFO method of inventory valuation, inventory which comes first in the store is…
Q: Explain the characteristics of a liability.
A: A liability is an obligation that a person or organization has, usually in the form of money.…
Q: s two rental houses. During the year, she was actively involved in managing the properties. The only…
A: Investment income refers to the sum value of money gained by an investor out of the investment made…
Q: The following balances are from the accounts of Tappan Parts:…
A: The total sum that the business entitles spent on expenses directly associated with the selling of…
Q: Zane Enterprises accepts a credit card as payment for $1,000 of services provided to a customer. The…
A: Solution: Gross sale to customer by Zane enterprise = $1,000 Handling fee by credit card company =…
Q: TRUE OR FALSE Double taxation is when partnership earnings are taxed when earned by the business…
A: Double Taxation A tax principle known as "double taxation" refers to paying taxes repeatedly on a…
Q: Coverage A has a $400 Deductible and a $1,500 Premium. Coverage B has a $1,000 Deductible and a $750…
A: coverage B has $1000 deductible and premium is $750. Difference between Deductibles = 1000- 400 =…
Q: You are the laboratory manager. The hospital administration wants to penetrate the market and expand…
A: Cost Benefit Analysis is a systematic form for calculating the total costs and total expected…
Q: Pest Corporation Total Reasonable Business Needs for 2022 was $290,000. Pest Corporation's Accu 2022…
A: Accumulated earnings tax as per IRC 531, states the purpose for preventing the corporation from…
Q: Job Costs Using a Plantwide Overhead Rate Perrin Company designs industrial prototypes for outside…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: Analyze and journal the transactions: The Company is VAT- registered with 5% tax…
A: Journal Entry In order to document a business event in the financial documents of the company, a…
Q: What are four likely causes and two likely consequence of a cash-crunch
A: Lets understand the basics. Cash crunch arise when cash inflow is lower than cash outflow. In other…
Q: O Integrity
A: Every organization have some rules and principles that shape the structure and working of the…
Q: On December 31, the company estimates future sales refunds to be $900. As of that date, the company…
A: A journal entry is the act of recording each individual financial transaction that a company does in…
Q: 2019, Al gave his son a Mercedes worth $115,000 and his daughter a Lexus worth $85,000. He also gave…
A: Some gifts given are taxable but some are exempted and there is limit to the gift given during the…
Q: Sales Forecast and Flexible Budget Olympus, Inc., manufactures three models of mattresses: the…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: The following account appears in the ledger prior to recognizing the jobs completed in January: Work…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Danali Corporation borrowed $400,000 on October 1. The note carried a 13 percent interest rate with…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: WWHHJJ561 Corp. has recently completed a job. WWHHJJ561 Corporation applies manufacturing overhead…
A: Lets understand the basics. Job cost is a total of direct material, direct labor and manufacturing…
Q: Innova uses 1,100 units of the component IMC2 every month to manufacture one of its products. The…
A: solution a: For incremental analysis for make or buy IMC 2, we should compare relevant cost to make…
Q: Define basic and diluted Earnings per share?
A: Basic Earnings per share is defined as the earning per share obtained from dividing the company’s…
Q: invited two friends to join him in a business venture. He is willing to invest his business and…
A: Contribution ratio refers to the concept of determine the gap between the company accounted sales…
Q: January 1, 2016, F Corp. issued 2,000 of its 10%, $1,000 bonds for $2,080,000. These bonds were to…
A: Bond Payable Bonds payable is a debt that holds the sum that the issuer owes bondholders. Since…
Q: Direct Method and Overhead Rates Jasmine Company manufactures both shampoo and conditioner, with…
A: A strategy for allocating the expense of service departments to other areas of a company is called…
Q: TRUE OR FALSE Earnings per share is found by taking the net income for the year divided by the…
A: Solution: Earning per share is the per share net income earned by the company. Earning per share is…
Q: Rainier Company borrowed $780,000 for five months. The annual interest rate on the loan was 11…
A: Here, Rainier Company has borrowed $780000 for 5 months. It was borrowed one month prior to the…
Q: Hw.146. Tom is a citizen and resident of France. He is not a citizen of the US and does not have a…
A: Answer:- Taxable income meaning:- The amount of income used to determine whether an individual or…
Q: Guillermo's Oil and Lube Company is a service company that offers oil changes and lubrication for…
A: The resources and materials utilized in the creation of a product that may be directly connected to…
Q: A business operates based on a mark-up on cost of 40%. If opening inventory was GH₵ 5,000, sales…
A: It has been provided: Mark-up on cost = 40%. Opening inventory = GH₵ 5,000, Sales = GH₵ 98,000…
Q: Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not…
A: In non-Specified Service Trades or Businesses, when taxable income exceeds the threshold amount, the…
Compute bank discount using (A) ordinary interest, (B) proceeds, and (C) effective interest rate to the nearest hundredth. Do not round denominator in your calculation.
|
Face Value |
Discount Rate |
Time in Days |
|
$9,000 |
14% |
110 |
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
- Compute bank discount using (A) ordinary interest, (B) proceeds, and (C) effective interest rate to nearest hundredth. Do not round denominator in your calculation. Face Value Discount Rate Time in Days $12,000 13% 120Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 7%. Use the ordinary interest method. (Use Days in a year table.) (Do not round intermediate calculations. Round your final answers to the nearest cent.) Face value Rate of Length of Date note (principal) interest note Maturity value Date of note discounted Discount period days Bank discount Proceeds $20,500 11% 75 days $ July 13 August 3 $ $Complete the following table for the simple discount notes. Use the ordinary interest method. (Round your answers to the nearest cent.) amount due of maturity discount rate time bank discount proceeds 3200 6.25% 125 days ? ?
- Compute (A) bank discount, (B) proceeds for the following simple discount (use ordinary interest), and (C) the effective interest rate to nearest hundredth percent.Face Value = $12,000, Discount Rate = 10%, Time = 125 days Bank discount Simple discount Interest rate %Using ordinary interest, 360 days, calculate the bank discount (in $), proceeds (in $), and effective rate (as a %) for the simple discount note. Round dollars to the nearest cent and round effective rate to the nearest hundredth of a percent. Face Discount Term Bank Effective Proceeds Value Rate (%) (days) Discount Rate (%) $6,805 10.19 74 $ $ %Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) Note: Do not round intermediate calculations. Round your final answers to the nearest cent. $ Face value (principal) 27,200 Rate of interest 9% Length of note 60 days Maturity value Date of note August 23 Date note discounted September 18 Discount period Bank discount Proceeds eck
- Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) FaceValue DiscountRate (%) Date ofNote Term(days) MaturityDate Bank Discount(in $) Proceeds(in $) $700 12.2 Sept. 4 107 $ $Using ordinary interest, 360 days, calculate the bank discount (in $), proceeds (in $), and effective rate (as a %) for the simple discount note. Round dollars to the nearest cent and round effective rate to the nearest hundredth of a percent. FaceValue DiscountRate (%) Term(days) BankDiscount Proceeds EffectiveRate (%) $6,905 10.49 74Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) Face Discount Date of Term Maturity Bank Discount Proceeds Value Rate (%) Note (days) Date (in $) (in $) $700 12.5 Sept. 6 107 December 23 $ 27 $ 774 Need Help? Read It
- Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) (Do not round intermediate calculations. Round your final answers to the nearest cent.) Face value (principal) Rate of interest Length of note Maturity value Date of note Date note discounted Discount period Bank discount Proceeds $50,000 11% 95 days June 10 July 18Check my Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 7%. Use the ordinary interest method. (Use Days in.a year table) (Do not round Intermediate calculations. Round your final answers to the nearest cent.) Maturity value Date of Rate of Interest Length of note Date note discounted Proceede Face value (principal) 60,600 Discount perlod Bank discount note 90 days May 13 |days June 4Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary interest method, 360 days, when applicable. (Round your answers to the nearest cent.) Face Value Discount Rate (%) Term Bank Discount Proceeds $65,000 9.95 11 months $ 64675 $ 58989.20