1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sidana [21]
3 years ago
11

On January 1, Year 1, Barnes Company issued a $100,000 installment note. The note had a 10-year term and an 8 percent interest r

ate. Barnes agreed to repay the principal and interest in 10 annual payments of $14,903 at the end of each year. The principal balance of the note on January 1, Year 2 is (round your answer to the nearest whole dollar).
Business
2 answers:
Olenka [21]3 years ago
8 0

Answer:

The multiple choices are as follows:

a. $100,000

b. $92,000

c. $93,097

d. $96,903

The correct option is C,$93,097

Explanation:

The principal balance of the note on January 1 year 2 is computed by first of all adding the first year interest to principal amount of $100,000 then deducting the annual principal and interest repayment of $14,903.

Find the computation below:

Opening balance of the note in year 2=$100,000+($100,000*8%)-$14,903

                                                               =$100,000+$8,000-$14,903

                                                               =$93,097

The opening balance in year 2 is $93,097

Option A is wrong because $100,000 was initial amount of the note.hence no repayment and interest have been considered.

Option B is also incorrect because $92,000 means $100,000 minus the interest on the note,whereas the interest should have been added.

crimeas [40]3 years ago
8 0

Answer:

Year 1 $93,097

Year 2 $85,642

Explanation:

Note Principal value = $100,000

Annual payment = $14,903

Interest of years 1 = $100,000 x 8% = $8,000

Principal payment in first year 1 = $14,903 - $8,000 = $6,903

Principal balance of note = $100,000 - $6,903 = $93,097

Interest of years 2 = $93,097 x 8% = $7,448

Principal payment in first year 1 = $14,903 - $7,448 = $7,455

Principal balance of note = $93,097 - $7,455 = $85,642

You might be interested in
Q1 The following is a description of the conversion cycle of Central Production Limited: The conversion cycle of the company is
Arturiano [62]

Answer:

a)

To my view, the MD viewpoint is better. In companies the existing process is usually analyzed and the pain points identified whenever there is a need for change. The new system is simply a change to the existing system. The stakeholders' specific needs are not completely addressed. The MD calls for a collection of and analysis of demands from scratch to share its needs , requirements and inhibitions between the principal stakeholders. The CIO and their staff would be able to assess in the requirements review process what worked and what did not work well for the organization.

In assessing the current process, the CIO and his team will align their thinking process with the pain points and correct the existing system. They are not going to build the system in a fresh light. A new system that meets the needs of stakeholders can be developed. For everybody, this is a win-win situation. The point of view of MD is therefore more logical and related.

b)

In the particular case, the most logical and comprehensive system analysis method is:

Primary stakeholder requirements collection: Primary stakeholders using the system must be consulted on their specific requirements and needs. It is also necessary to consider the limitations identified by stakeholders.

Comprehension of existing system and pain points: the current system can be analysed based on requirements collection and pain points can be emphasized in the current system.

A new system that will win for everyone: the new system must primarily comply with the needs of the stakeholders.

Presentation and approval of the system blueprint to stakeholders

Development and implementation of the system: system development can be carried out by the agile method of sprinting.

Monitoring and control of the system: to check for performance deviations, the system implemented should be observed. In order to monitor deviations, specific intervention can be implemented.

7 0
3 years ago
A customer tells you that they “must have” a particular item that you are out of in your store. You can tell that the customer i
saul85 [17]
Tell them to wait patiently, and give them a
drink
7 0
4 years ago
Read 2 more answers
Brianna was a veteran manager and had been with the company for several years when she got promoted to the​ company's flagship o
Kitty [74]

Answer:

In the restaurant business, self inspections can help you ensure that the food is always safe for your customers (better quality food) , lower the overall costs of the restaurant and helps to increase your reputation (a clean restaurant is always seen as a better restaurant).

Self inspection doesn't mean that the manager herself has to carry out the inspection, another employee can. Self inspection refers to making sure you comply with all regulations without having an inspector come and evaluate your restaurant. Self inspections will help the restaurant get higher inspection scores, and that was one of Brianna's major accomplishments.

8 0
4 years ago
Which one of the following is correct about variable costing systems?
IgorLugansk [536]

Answer:

C nag sa got ko sa yo yang C DAHIL SA VARIABLE

6 0
3 years ago
Bjorn felt that the focus groups did not give him enough quantitative information to make a decision, so he directed his manager
klio [65]

Answer:A

Explanation:

Veracity : This simply means conformity with truth or facts. Since Bjorn felt that the focus group did not give him fact, he would hereby, adopt veracity to achieve his secondary research.

4 0
3 years ago
Other questions:
  • Stevens Company started the year with an inventory cost of $145,000. During the month of January they purchased inventory that c
    12·1 answer
  • 6. For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize the entries to reco
    7·1 answer
  • Moose Industries has a corporate tax rate of 25%. Last year the company realized $14,000,000 in operating income (EBIT). Its ann
    14·1 answer
  • Lowden Company has an overhead application rate of 165% and allocates overhead based on direct material cost. During the current
    11·1 answer
  • A _______ is an organization that is NOT presently in a task environment but has the resources to enter if it so chooses. potent
    8·1 answer
  • You speculate in crude oil futures. Last month, you purchased ten January futures contracts at a quoted price of 99.91. These co
    15·2 answers
  • There are a couple of questions in this:
    11·1 answer
  • Explain the difference between a Trade discount and Cash discount?​
    5·2 answers
  • "Spin" boils down to outright lying in order to cover up what actually happened in a situation.
    10·1 answer
  • Kenda needs her manager to review the memo she wrote so that she can send it out to her clients before the end of the day. What'
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!