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Olin [163]
2 years ago
13

On December 1, Milka Inc. borrows $500,000 from the bank. Interest of 6% is due in six months. On December 31, Milka recognizes

interest. As a result of this journal entry, Milka's balance sheet reports:
Business
1 answer:
Leokris [45]2 years ago
5 0

Milka's balance sheet reports: Interest payable for one month.

<h3>What is interest?</h3>

The fee you pay to borrow money or the fee you charge to lend money is called interest.

Some features of interest are-

  • The fee paid for the privilege of borrowing money is called interest, and it is often stated as an annual percentage rate (APR).
  • The compensation a lender or financial organization receives for giving out money is called interest.
  • The most common way to represent interest is as a yearly percentage of the loan amount.
  • The interest rate on the loan is known as this percentage.
  • For instance, if you put money in a savings account, a bank will provide you interest.

The three types of interest include -

  1. simple (regular) interest: The daily interest rate, the principle, and the number of days between payments are multiplied to determine simple interest.
  2. accrued interest: The amount of interest accrued on a loan or other financial obligation as of a certain date that has not yet been paid back.
  3. compounding interest: The interest you earn on interest is known as compound interest. Simple math may be used to demonstrate this: If you have $100 and it generates 5% interest annually, you will have $105 at the end of the first year. You'll have $110.25 after the second year is over.

To know more about the estimation of simple interest, here

brainly.com/question/2294792

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Robert White will receive from his investment cash flows of $4,450, $4,775, and $5,125. If he can earn 7 percent on any investme
artcher [175]

Answer:

Total future value= $16,402.09

Explanation:

Giving the following information:

Robert White will receive from his investment cash flows of $4,450, $4,775, and $5,125. He can earn 7 percent on any investment that he makes.

To calculate the future value, we need to use the following formula for each cash flow:

FV= PV*(1+i)^n

Year 1= 4,450*1.07^3= 5,451.44

Year 2= 4,775*1.07^2= 5,466.90

Year 3= 5,125*1.07= 5,483.75

Total future value= $16,402.09

6 0
3 years ago
Read 2 more answers
In the text box below, enter one of your purchase goals.
Kisachek [45]

Answer:

A. Enter one of your purchase goals.

Goal: I will buy a laptop after I graduate high school to start writing books.

B. How much does this cost?

Cost: $999.00

C. How much money do you currently have saved?

Money currently saved: $270.00

D. How much more do you need to reach you goal?

Money needed to reach goal: $730.00

E. List some steps you can take this year to help you save toward this goal.

After I graduate from high school I would get a job to start saving money.

F. List some steps you can take next year to save toward this goal.

Next year I will deposit $50 per month into my savings account to reach my goal.

Explanation:

7 0
3 years ago
the type of selection methods which are used to narrow down a list of finalists to those who will receive job offers is called
spayn [35]

The type of selection methods which are used to narrow down a list of finalists to those who will receive job offers is called Discretionary Method.

Picking from a list of universities one would like to attend is the hardest decision to make. However, it is crucial to take into account a number of criteria while selecting the best decision. When you have a long list of options, the registrars will find it simple to advise you on which is best.

If you chance to acquire numerous admissions from all the choices you had made, it is also up to you to make an easy pick. So always choose the greatest option available.

To know more about the Discretionary visit here :

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6 0
1 year ago
Bowzer Co. has just received $2.7 million from the sale of one of its divisions. The company has 375,000 shares outstanding that
Readme [11.4K]

Answer:

$76.93 per share

Explanation:

The computation of ex-dividend stock price is shown below:-

Sale of division = $2,7,00,000

Outstanding shares = 375,000

Dividend per share = Sale of division ÷ Outstanding shares

= $2,7,00,000 ÷ 375,000

= $7.2

Stock price after dividend = Sold shares - Dividend per share

= $84.13 - $7.2

= $76.93 per share

Therefore for computing the stock price per dividend we simply subtract dividend per share from sold shares.

3 0
3 years ago
Mickey is a 12-year-old dialysis patient. Three times a week for the entire year he and his mother, Sue, drive 20 miles one way
gavmur [86]

Answer:

The right approach will be "$ 1123.2".

Explanation:

The number of miles to be used will be:

= 40 \ miles \ round \ trip\times  3 \ trips \ per \ week\times 52 weeks

= 6240 \ miles

Now,

The item deduction will be:

= Number \ of \ used \ miles\times 18 \ cents \ per \ mile

= 6240\times 1123.2

= 1123.2 ($)

4 0
3 years ago
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