During its first year of operations, puffin incorporated reported sales revenue of $388,200 but only collected $308,000 in cash from customers. at the end of the year, accounts receivable equals:$80200.
Annual revenue is the amount of money your business earns from sales in a year. This does not include costs and expenses. To calculate annual sales, multiply the quantity of each product sold by the selling price, then add the annual sales for each product to arrive at the total annual sales.
A legal entity is an entity that exists legally separate from its owners, managers, operators, employees, and agents. Legal entities have the same powers as individuals, including the right to own and dispose of property, the power to sue and be sued, and the power to contract for a profit. A business example is an agriculture. An example transaction is a home sale.
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The statement of owner's equity—also called the statement of retained earnings—shows the change in retained earnings between the start and end of a period (e.g., a month or a year). The record reflects a company's solvency and financial position.
<h3>What are the three financial statements?</h3>
The earnings report , record , and statement of money flows are required financial statements. These three statements are informative tools that traders can use to research a company's financial strength and provide a quick picture of a company's financial health and underlying value.
What is the statement of retained earnings ?
Reports the way that net and the distribution of dividends affected the financial position of the company during the accounting period. the sum of the share of net income which is not paid to the shareholder as dividend. the aim of the retained earnings is reinvestment
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Unit pricing can be used in various types of contracts to require the buyer to pay the supplier a predetermined amount per unit of service.
Answer:
$63,852
Explanation:
The computation is shown below:
a) PV of payments is
= $23,500 × (1.07^30 - 1) ÷ (0.07 × 1.07^30)
= $2,91,612
b) The Loan PV of payments is $3,00,000
c) And, the Balloon payment required is
= (Borrowed amount - loan PV payments) × (1 + rate of interest)^number of years
= ($300,000 - $291,612) × 1.07^30
= $63,852
Answer:
The interest payable is calculated based on the principal, interest rate, number of years of the loan or of the deposit.
Explanation:
Financial institutions is a company or a firm that deals with financial and monetary activities such as; loans, deposits, investments and currency exchange. Most financial transactions especially loans and savings usually have an interest rate that is set by the financial institution. The amount of interest can be paid by the borrower in a case where an individual takes a loan from the financial institution. Interest can also be paid by the financial institution in a case where the individual or group opens a savings account with the financial institution. In both cases, the interest rate is set by the financial institution. The amount of interest payable can be determined using the formula below;
A=PRT
where;
A=amount of interest payable
P=principle amount. The principal amount can either be the loan amount or the savings deposit amount
R=interest rate
T=number of years
The interest payable is calculated based on the principal, interest rate, number of years of the loan or of the deposit.