Select the correct answer.

In which situation would a banker's draft be used?

MrMuchimi

Banker's draft can be used when the person making the payment wants money to be

available in the receiving bank's account.

<h3>What is bank draft?</h3>

Banker's draft is a a form of cheque that is given to a customer at the bank either for a purchase payment.

It can also be brought to another bank for remittance, it serves as evidence for transactions.

Therefore, a banker draft can be used when the person making the payment wants money to be

available in the receiving bank's account.

Learn more on bank's draft here,

https://brainly.com/question/6906511

6 0

2 years ago

A store has clearance items that have been marked down by 55%. They are having a sale, advertising an additional 35% off clearan

raketka [301]

Answer:33.75%

Explanation:

Let’s assume the price without discount is $100 .

Now from the information given , we have $100-0.25*$100 =0.75*$100

Which is 0.75 *$100= $75 is the price after the first discount .

0.75 - 0.55*$75= 0.45*$75

Now 0.45*75 = 33.75% which is the percentage of the original price .

3 0

3 years ago

A company issues $17200000, 9.8%, 20-year bonds to yield 10% on January 1, 2020. Interest is paid on June 30 and December 31. Th

tekilochka [14]

Answer:

$1,691,122

Explanation:

First, calculate the discount on the bond

Discount on the bond = Face value of bond - Proceeds from the bond = $17,200,000 - $16,904,864 = $295,136

Now prepare the bond amortization table

The Bond amortization table is attached with this answer please find that

Now calculate the Interest expense for 2021

Interest Expense = Interest Expense on June 30, 2021 + Interest Expense on December 31, 2021

Interest Expense = $845,493.63 + $845,628.31

Interest Expense = $1,691,121.94

Interest Expense = $1,691,122

3 0

3 years ago

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that fa

den301095 [7]

Answer:

$21,177 overapplied

Explanation:

Applied Overheads = Predetermined overhead rate x Actual activity

where,

Predetermined overhead rate = Budgeted Overheads ÷ Budgeted Activity

= $485,060 ÷ 48,506 hours

= $10 / direct labor hour

therefore,

Applied Overheads = $10 x 52,943 = $529,430

Since, Applied Overheads ($529,430) > Actual Overheads ($508,253), overheads have been over-applied by $21,177

Conclusion :

The amount of overapplied manufacturing overhead at the end of the year is $21,177

8 0

3 years ago

Sandpiper Company has 10,000 shares of cumulative preferred 2% stock, $100 par and 50,000 shares of $30 par common stock. The fo

Aleonysh [2.5K]

Answer:

Year 1

$ 40.000 - Total Dividends

$ 20.000 - Preferred Stockholers

$ 20.000 - Common Stockholers

Year 2

$ 10.000 - Total Dividends

$ 10.000 - Preferred Stockholers

$ 0 - Common Stockholers

Year 3

$ 60.000 - Total Dividends

$ 30.000 - Preferred Stockholers

$ 30.000 - Common Stockholers

Total

$ 60.000 Preffered Stockholers

$ 50.000 Common Stockholers

Explanation:

First it's necessary to said that the preferred stockholders have a higher claim to dividends than common stock, it means that each time that the company paid dividends, the one corresponding to Preffered Stockholers must be paid first and if one year there are not enough dividends to pay then they must be paid the next year along with the dividends of next year, it's a kind of guaranteed dividend.

Total Dividends to Preferred Stockholders

10.000 Shares

2% percent of par value

$100 Par Value

Total Dividends: 10,000 * 2% * $100 = $ 20.000 of Dividend each year.

Preferred dividends for preferred stock.

$ 20.000

Total Dividends to be paid by the company each year

Year 1 Year 2 Year 3

$ 40.000 $ 10.000 $ 60.000

$ 20.000 $ 10.000 $ 30.000 Preffered Stockholers

$ 20.000 $ 30.000 Common Stockholers

4 0

3 years ago

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