Answer:
Bank X will received: $13,554.73.
Explanation:
* Calculation of Betty equal monthly repayment by using present value formula for annuity: 19,800 = PMT/1% x ( 1 - 1.01^-36) <=> PMT = $657.643
* The effective annual rate at the time of loan selling is calculated as: (1+14%/2)^2 - 1 = 14.49% => The monthly discount rate is 1.1449 ^(1/12) -1 = 1.134%
After the 16th payment is made, there is another 20 equal repayments, made at the end of each months; so we have 20 discounting periods, PNT = 657.643; discounting rate = 1.134%
=> Price Bank X receives = Present value of the repayment stream = 657.643/0.0134 x [1 - 1.0134^(-20)] = $13,554.73.
Answer:
Debit the Service revenue account $69,200; Credit the income summary account $69,200.
Explanation:
Temporary accounts includes:
1) Revenue, income and gain accounts
2) Expense and loss accounts
3) Income summary account
4) Dividend, drawing or withdrawal account
In the given question, the closing entry only for revenue account is required. The correct entry will be Debit the Service revenue account $69,200; Credit the income summary account $69,200.
Answer:
option (c) 47.5%
Explanation:
Given:
Mean score into a math class, μ = 80
Standard deviation, σ = 10
Prescribed range between 60 and 80
Range in 1 standard deviation from mean
μ ± σ
i.e
80 - ( 1 × 10 ) and 80 + ( 1 × 10 )
or
70 and 90
our prescribed range of 60 and 80 does not lies in the obtained range
thus,
Range in 2 standard deviation from mean
μ ± σ
i.e
80 - ( 2 × 10 ) and 80 + ( 2 × 10 )
or
60 and 100
our prescribed range of 60 and 80 lies in the obtained range i.e within 2 standard deviations of the mean.
therefore,
The interval is half of that because it is the data between the mean and two standard deviations below the mean.
Hence,
= 47.5%
Hence,
The correct answer is option (c) 47.5%
Answer:
Foster Inc.'s assets will decrease by a net amount of $30,000.
The Company's liabilities will increase by $30,000.
Explanation:
The price of the assert is $5,000 + $30,000 = $35,000
this means that the company's fixed assets will increase by $35,000, but since cash is decreasing by $5,000, the net change will be only $30,000
the amount of the loan = $30,000
this means that the company's liabilities will increase by $30,000
Explanation:
The adjusting entry is as follows:
On December 31
Unearned revenue Dr $8,370
To Fees earned $8,370
(Being the unearned revenue is recorded)
The computation is shown below:
= Total 36 months subscription received amount ÷ Given months
= $33,480 ÷ 36 months
= $930
So, for nine months, it is
= $930 × 9 months
= $8,370
