Answer:
$7,839.57
Explanation:
Given:
Amount deposited = $12,000
Time = 20 years
Interest paid by Planters Bank = 5%
Now,
Simple interest is given as:
Interest = Principle × Rate × Time
or
Interest = $12,000 × 0.05 × 20
or
interest = $12,000
therefore
the total amount at the end of 20 years = $12,000 + $12,000 = $24,000
now for the Centura Bank
Interest rate = 5% compounded annually
The compound interest is given as:
Final amount = Principle × ( 1 + rate )ⁿ
here, n is the time period
therefore,
Final amount = $12,000 × ( 1 + 0.05 )²⁰
or
Final amount = $31,839.57
The difference in amount = $31,839.57 - $24,000 = $7,839.57
Answer:
(The data is missing so we cannot prepare the complete cash budget but lets see how it is prepared. The data given in the question has only been added in cash budget)
Cash Budget is prepared in same way as statement of cashflow. The detail cash budget format is given below.
Poster Company
Cash budget
1st and 2nd quarter
Cash from operations
Sales xxxx
Purchase (xxxx)
Other expenses paid (xxxx)
Net cash from operation xxxx
Cash from Investment activities
Sale of Assets (10,000+4,500) $ 14,500
Any investment made (xxxxxx)
Net Cash from investing activities xxxxxx
Cash from Finance Activities
Financial Charges paid ( xxxxxxx)
Dividednd paid $ 4,500
Net Cash from Financing activities xxxxxxxx
Net cash increase/ decrease xx/ (xx)
Opening balance $60,359
Cash balance at end xxxxx
(xxx represents missing values)
Answer:
$3.75
Explanation:
As we already know that
Direct materials quantity variance = (Budged pounds of direct material - Actual pounds of direct material) × Standard rate
$1,500 unfavorable = (4,400 pounds - 4,800 pounds) × Standard rate
$1,500 unfavorable = 400 × Standard rate
So, standard rate is
= $1,500 ÷ $400
= $3.75
We simply applied the above formula
Answer:
$11,671.73
Explanation:
The computation of the bank statement dated October 31,2015 balance is
Ending balance $21,335.83
Less: Outstanding checks -$9,669.69
Add: Interest received $30.59
Less: Service charged -$25
Reported balance $11,671.73
We simply deducted the outstanding checks and service charged and the rest items would be added to the ending balance so that the reported balance could come
Answer:
B. find it hard to get a loan.
Explanation:
The score range between 500 to 600 is a weak qualification for financial institutions then, the person will obtain a credit in difficult conditions if he is able to find any.
