To calculate the maturity of this note,
we use a simple formula first to get the interest which is:
I = Principal (amount owed) X Interest Rate (%) X Time (length of loan)
The days is only divided by only 360 days instead of 365 days. This is because commercial loans often use 360-day calendar years instead of 365-day calendar years. But not all banks used this as their calendar year,
I = Prt
= ($80000) (0.05) (120/360)
= ($80000) (0.01666666666)
I = $ 1,333.33
To get the maturity value, the formula is: M = Interest + Principal
M = I + P
= $1,333.33 + $80,000
= $81,333.33 or $81,333, letter C
Answer: $2100
Explanation:
From the question, we are informed that Oakley Company does not ring up sales taxes separately on the cash register and that the total receipts for February amounted to $32,100 and the sales tax rate is 7%.
The amount that must be remitted to the state for February's sales taxes will be:
= $32,100/(1+7%) × 7%
= $32100/(1 + 0.07) × 0.07
= $32100/1.07 × 0.07
= $2100
Answer:
No impairment loss would be reported
Explanation:
The computation is shown below;
Impairment loss = carrying value - recoverable amount
Where,
The recoverable amount would be the higher amount of fair market value and value in use
So the recoverable amount would be $2,545,000
Now the impairment loss is
= $2,500,000 - $2,545,000
= -$45,000
Since the impairment loss comes in negative so no impairment would be recorded
Answer:
Total dollar Annual Cost = $300,000
Explanation:
- Total loan Commitment = 9000000
- Borrowed Fund (Used Portion) = 6000000
- Unused Portion (9000000 - 6000000) = 3000000
- Annual Commitment Fee for unused Portion = 0.50%
- Commitment Fee = 3000000 x 0.05% = 15000
- Borrowed Fund (Used Portion) = 6000000
- Interest Rate (3.25% + 1.5%) = 4.75%
- Interest Cost (6000000 x 4.75%) = 285000
Total dollar Annual Cost (15000 + 285000) = $300,000
Answer:
$150,900
Explanation:
Calculation for what The cost of goods manufactured for June was:
Direct materials $56,800
Direct labor $30,700
Manufacturing overhead applied to work in process $53,900
Total manufacturing costs $141,400
Add: Beginning work in process inventory $31,000
$172,400
Less: Ending work in process inventory $21,500
Cost of goods manufactured $150,900
($172,400-$21,500)
Therefore The cost of goods manufactured for June was:$150,900
