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Alexandra [31]
3 years ago
5

Cecil has a credit card that uses the adjusted balance method. For the first 10 days of one of his 30-day billing cycles, his ba

lance was $340. He then made a purchase for $290, so his balance jumped to $630, and it remained that amount for the next 10 days. Cecil then made a payment of $150, so his balance for the last 10 days of the billing cycle was $480. If his credit card's APR is 19%, which of these expressions could be used to calculate the amount Cecil was charged in interest for the billing cycle?
Business
1 answer:
Stels [109]3 years ago
3 0

Answer:

To calculate the amount of interest that Cecil was charged we can use the following formula:

interest charged = (APR / 365) x 30 days x adjusted balance

where:

Adjusted balance = previous balance – current payments  = $340 - $150 = $190

interest charged = (19% / 365) x 30 x $190 = $2.97

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On May 7, Keenan Company purchased on account 620 units of raw materials at $21 per unit. During May, raw materials were requisi
a_sh-v [17]

Answer:

Dr Material Inventory $13,020

Cr               Trade Payables $13,020

Dr Work In Progress $9,742

Cr Material Inventory       $9,742

Explanation:

On 7th May the double entry would be to record the inventory purchases on credit which would increase the inventory by $13,020 (620*21) as under:

Dr Material Inventory $13,020

Cr               Trade Payables $13,020

The material sent to production or manufacturing team would be recorded as increase in the work in progress by the value of the material issued which is $9,742 (211*$19 + 273*$21).

Dr Work In Progress $9,742

Cr Material Inventory       $9,742

8 0
3 years ago
The advertising department for the Pennzoil Corporation is working on a print advertisement for a new product. At this point, th
Feliz [49]

Answer:

C) signature

Explanation:

In marketing, signature refers to the identification of the advertisement's sponsor, i.e. the advertisement is paid for by whom. Generally if you see and advertisement for Coke, you can assume that the advertisement sponsor was the Coca Cola company, but other times advertisements are not that direct and straight forward.

But even in Coke ads, the sponsor must be identified, that is why the signature is necessary and it is generally placed in the bottom part of the ad written in a very small letter.

7 0
2 years ago
Read 2 more answers
At December 31, 2020, Pharoah Company has outstanding three long-term debt issues. The first is a $2,370,000 note payable which
Snezhnost [94]

Answer:

The first is a $2,370,000 note payable which matures June 30, 2023.

The second is a $5,580,000 bond issue which matures September 30, 2024.

annual sinking fund payments of $2,570,000 in each of the years 2022 through 2026.

Year       Amount of long term debt       Working      

2021                   $0

2022              $2,570,000

2023              $4,940,000                       = $2,570,000 + $2,370,000

2024              $8,150,000                        = $,2,570,000 + $5,580,000

2025              $2,570,000

2026              $2,570,000

Long term debt is debt that must be paid in a period of time longer than one year. Debts that are due in less than one year are classified as current debts or liabilities. That is why there is no long term debt for 2021 (current year).

7 0
3 years ago
A company that is unwilling to give up control of the business is in need of additional capital. Would issuing additional stock
svetlana [45]

Answer:

Issuing bonds will be the better option for this company. Mainly because they do not like to give up the control of the company or to change its equity structure.

When the bonds are issued, the company gets the money from the investors and has to pay an agreed amount of interest periodically until maturity of the bond, where the company will have to pay the face value of the bonds.

Explanation:

8 0
2 years ago
Wilturner Company incurs $83,000 of labor related directly to the product in the Assembly Department, $32,000 of labor related t
Alinara [238K]

Answer:

Work in process inventory ($83,000 + $32,000) $115,000

Factory overhead $19,000

            To wages payable  $134,000

(Being the labor is recorded)

Explanation:

The journal entry is shown below:

Work in process inventory ($83,000 + $32,000) $115,000

Factory overhead $19,000

            To wages payable  $134,000

(Being the labor is recorded)

For recording this we debited the work in process inventory and factory overhead and credited the wages payable so that the correct posting could be done

3 0
3 years ago
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