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NeX [460]
2 years ago
6

Karen and mike currently insure their cars with separate companies, paying $700 and $900 a year. if they insure both cars with t

he same company, they would save 10 percent on the annual premiums. what would be the future value of the annual savings over 10 years based on an annual interest rate of 4 percent
Business
1 answer:
Bumek [7]2 years ago
4 0
Given:
Karen - 700
Mike - 900
Same insurance company, they will save 10% on annual premiums.
period - 10 years
annual interest rate - 4%

Total Annual Premium:
700 + 900 = 1600 

Annual Savings:
1600 * 10% = 160

New Annual Premium:
1600 - 160 = 1,440

Future Value of Annual Savings:

FV = PV * FV factor for n = 10 ; i = 4%

FV = 160 * (1.04)¹⁰
FV = 160 * 1.480
FV = 236.80

The future value of the annual savings is 236.80.


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On August 1, 2019, the accountant for Western Imports downloaded the company's July 31, 2019. Bank statement from the bank?s Web
Radda [10]

Answer:

Required 1.

<u>Bank Reconciliation Statement as at 31 July</u>

Balance at bank as per updated Cash Book           $28,192

Add Unpresented Cheques

Check 1429                                                 $1,248

Check 1430                                                    $140      $1,388

Less Lodgements not yet credited                             ($790)

Balance as per Bank Statement                              $28,790

Required 2.

Journal Entries :

J1

Cash $14,300 (debit)

Accounts Receivable : Foncier Ricard $14,300 (credit)

J2

Accounts Payable : Central Common $261 (debit)

Cash $261 (credit)

J3

Check 1425 $30 (debit)

Cash $30 (credit)

Explanation:

The first step is to update the Cash Book Bank Balance as follows :

<u>Debit :</u>

Balance as at July 31                                                    $14,183

Credit Transfer : Foncier Ricard                                 $14,300

Totals                                                                           $28,483

<u>Credit:</u>

Check 1425 understated ($99 - $69)                               $30

Direct Debit : Central Common                                       $261

Cash Book Updated Balance (Balancing figure)       $28,192

Totals                                                                           $28,483

Then prepare a Bank Reconciliation Statement as at 31 July :

<u>Bank Reconciliation Statement as at 31 July</u>

Balance at bank as per updated Cash Book           $28,192

Add Unpresented Cheques

Check 1429                                                 $1,248

Check 1430                                                    $140      $1,388

Less Lodgements not yet credited                             ($790)

Balance as per Bank Statement                              $28,790

Journal Entries :

J1

Cash $14,300 (debit)

Accounts Receivable : Foncier Ricard $14,300 (credit)

J2

Accounts Payable : Central Common $261 (debit)

Cash $261 (credit)

J3

Check 1425 $30 (debit)

Cash $30 (credit)

3 0
3 years ago
If industry rivalry is very high we can expect profit margin low.<br> True<br> False
Kobotan [32]

Answer:

true is the answer I think

4 0
2 years ago
If I’m afraid to ask someone on a date what am I experiencing
nekit [7.7K]
I believe that you are experiencing a shy or embarrassed feeling. (>_<)
6 0
3 years ago
Zwick Company bought 25,000 shares of the voting common stock of Handy Corporation in January 2021. In December, Handy announced
sp2606 [1]

Answer:

$125,000

Explanation:

Zwick company bought 25,000 shares of Handy corporation

In 2021 Handy corporation reported $208,100 net income

The cash dividend reported is $5.00 per share on all its 208,000 shares

Therefore the Zwicks company dividend revenue from Handy corporation in December 2021 can be calculated as follows

= 25,000 shares × $5.00

= 125,000

Hence Zwick's dividend revenue from Handy corporation is $125,000

8 0
3 years ago
Read 2 more answers
The following data values represent the daily amount spent by a family during a summer vacation. find the sample standard deviat
Mama L [17]

The sample standard deviation of this dataset is =19.1.

The Standard deviation is a degree of the amount of variant or dispersion of a set of values. A low widespread deviation indicates that the values tend to be near the mean of the set, at the same time as a high widespread deviation indicates that the values are spread out over a much wider variety.

x x- \bar x=x-101 (x-ˉx)2

96     -5                          25

125     24                        576

80     -21                     441

110     9                          81

75    -26                   676

100      -1                         1

121        20                    400

∑x=707 ∑(x-\bar x)=0 ∑(x-\bar x)2=2200

Mean \bar x =∑x/n

=96+125+80+110+75+100+121/7

=707/7

=101

Sample  standard deviation S=√∑(x-\bar x)2/n-1

=√2200/6

=√366.6667

=19.1

Learn more about standard deviation here:-brainly.com/question/475676

#SPJ4

4 0
11 months ago
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