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Vanyuwa [196]
3 years ago
7

How many days will it take for a sum of $1300 to earn $16 interest if it is deposited in a bank paying simple interest at the ra

te of 4%/year?
Business
1 answer:
Sav [38]3 years ago
3 0
The formula is
I=prt
I interest earned 16
P principle 1300
R interest rate 0.04
T time t/365days
16=1300×0.04×(t/365)
Solve for t
T=(16÷(1,300×0.04))×365
T=112.3 days round your answer to get 112 days

Hope it helps!
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The correct answer is B: $5,600

Explanation:

Giving the following information:

Schager Company purchased a computer system for $40,000. The estimated useful life is 10 years, and the estimated residual value is $5,000.

Double-declining balance method= Netbook value* (2/useful life in years)

Year 1:

Double-declining balance method= (40000-5000)*(2/10)= $7000

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Answer:

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Dr Warranty Liability 300

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Dr Cost of Goods Sold 4,400

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Dr Warranty Liability 600

Cr To Inventory 600

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Dr Warranty Expenses 1,320

Cr To Warranty Liability 1,320

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Dr Cash 11,250

Cr To Sales 11,250

Jan 5

Dr Cost of goods sold 3,000

Cr To Inventory 3,000

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Dr Warranty Liability 1,000

Cr To Inventory 1,000

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Dr Warranty Expenses 900

Cr To Warranty Liability 900

2)a. Warranty Expenses= $630

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Explanation:

Preparation of the Journal entries for Lobo Co

Journal Entries for 2016 for Lobo Co

Nov 11

Dr Cash 7,875

Cr To Sale 7,875

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Cr To Inventory (20*$105) 2,100

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Dr Warranty Expenses 630

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Cr To Warranty Liability 630

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Dr Warranty Liability 300

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