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gregori [183]
3 years ago
6

Gordon rosel went to his bank to find out how long it will take for $1,200 to amount to $1,650 at 8% simple interest. calculate

the number of years. (round time in years to the nearest tenth.) number of years
Business
1 answer:
Pachacha [2.7K]3 years ago
3 0
The formula is
A=p (1+rt)
A future value 1650
P present value 1200
R interest rate 0.08
T time?
1650=1200 (1+0.08t)
Solve for t
Divide both sides by 1200
1650/1200=1+0.08t
Subtract 1 for both sides
(1650/1200)-1=0.08t
Divide both sides by 0.08
T=((1,650÷1,200)−1)÷0.08
T=4.69 years round your answer to get 5 years

Another way using the formula of simple interest
I=prt
I interest earned which can be found by subtracting the present value from the future value (A-p)=1650-1200=450.
P principle 1200
R interest rate 0.08
T time?
Solve the formula for t
T=I/pr
T=450÷(1200×0.08)
T=4.69 years round your answer to get 5 years

Hope it helps!
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Answer:

Answers are available in the attached images

Explanation:

This question is incomplete. I will type the complete question below and add image attachments of the solution as tabulated journal entries are required.

At the end of 2017, Payne industries had a deferred tax asset account with a balance of $26 million attributable to a temporary book tax difference of $65 million in a liability for estimated expenses. At the end of 2018, the temporary difference is $60 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2018 is $220 million and the tax rate is 40%. Required:

1. Prepare the journal entry(s) to record Payne’s income taxes for 2018, assuming it is more likely than not that the deferred tax asset will be realized.

2. Prepare the journal entry(s) to record Payne’s income taxes for 2018, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately be realized.

5 0
3 years ago
Song earns $100,000 taxable income as an interior designer and is taxed at an average rate of 20 percent (i.e., $20,000 of tax).
Brut [27]

a. If Song earns only $75,000 in taxable income, the government's tax revenues will be $18,750 ($75,000 x 25%) and <u>a. Government's tax revenues would decrease by $1,250.</u>

b. The term that describes this type of reaction to a tax rate increase is <u>d. Income effect.</u>

c. The taxpayers that will likely respond in this manner are <u>b. Taxpayers with more disposable income.</u>

<h3>Data and Calculations:</h3>

Song's taxable income per year = $100,000

Average tax rate = 20%

Tax liability per year = $20,000 ($100,000 x 20%)

<h3>New Tax Regime:</h3>

Tax rate = 25%

New taxable income of Song = $75,000

Tax liability = $18,750 ($75,000 x 25%)

Thus, if the tax rate is increased from 20% to 25% forcing Song to reduce his taxable income to $75,000,  <u>a. Government's tax revenues would decrease by $1,250.</u>

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Learn more about taxable income at brainly.com/question/10137785

5 0
2 years ago
Suppose the small town of Falls Valley has a mosquito problem. After a bad summer, the town accountants explain that the margina
Tresset [83]

Answer:

The town should provide the additional mosquito control only if the marginal benefit generated for the residents of Falls Valley is equal to or greater than  $100,000.

Explanation:

The town must use the same logic as any business, they only increase their activities when MR ≥ MC, in this case the marginal revenue equals the benefits generated by the mosquito treatment.

7 0
3 years ago
Meyer &amp; Smith is a full-service technology company. They provide equipment, installation services as well as training. Custo
Iteru [2.4K]

Answer:

d. $90,000, $60,000, $30,000 respectively.

Explanation:

The computation of price allocated is shown below:-

Ratio of values $90,000 : $60,000 : $30,000

= 3 : 2 : 1

Total cost = $180,000

Equipment = $180,000 × 3 ÷ 6

= $90,000

Installation= $180,000 × 2 ÷ 6

= $60,000

Training = $180,000 × 1 ÷ 6

= $30,000

Therefore the Equipment, Installation, Training is $90,000, $60,000, $30,000 respectively.

7 0
3 years ago
Watching his children graduate from high school is most likely a long-term goal for a person of which of these ages? A. 17 years
Arlecino [84]

Answer: D. 57 years old.

Explanation: 17 years old is not old enough to have a child. When a person is 57 years old, their child is likely to be around 17 or 18 years old, 40 years younger. Having a child at 40 years old is probably the oldest age out of the ages listed.

6 0
3 years ago
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