Answer:
Explanation:
The journal entry to record the bad debt expense is shown below:
Bad debt expense A/c Dr $2,700
To Allowance for doubtful debts $2,700
(Being bad debt expense is recorded)
The computation of the bad debt expense is shown below:
= (Accounts receivable × estimated percentage given ) - (credit balance of Allowance for Doubtful Accounts)
= ($420,000 × 1%) - ($1,500)
= $4,200- $1,500
= $2,700
<span>A collision coverage type of insurance only the covers the
cost that is incurred due to damage to your car. It does not include the cost
for the other car. Therefore you will have to pay the total of $1,100</span>
Answer:
28%
Explanation:
Most mortgage lenders, including Fannie Mae, use the 28/36 rule. That rule states that a family should spend no more than 28% of the gross monthly income (GMI) on housing expenses, and pay no more than 36% of GMI to cover debts (mortgage payments are included in this 36%).
Statistics show that households that do not comply with the 28/36 rule, tend to have difficulty paying back loans.
The annual percentage rate is 11.19%.
Annual percentage rate is the yearly interest generated on the loan granted to borrowers or paid to investors.
.
- The formulae for APR is (Maturity Value / Net Proceed - 1) * (365 / Period of Note).,
<u>Given data</u>
Net Proceed = $63,159.72
Maturity Value = $68,000
Period of Note = 250 days
APR = ($68,000 / $63,159.72 - 1) * (365 / 250)
APR = 0.076636 * 1.46
APR = 0.1119
APR = 11.19%
Therefore, the annual percentage rate is 11.19%.
See similar solution here
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