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vlabodo [156]
3 years ago
13

Your credit card has a credit limit of $1,000. Your credit card company reviews your credit line every 6 months. They will not i

ncrease your credit line more than 10% each 6-month period. Assuming they increase your limit each 6-month period by 10%, how long will it take to increase your limit to $1,600?
Business
1 answer:
Mice21 [21]3 years ago
4 0

Answer:

2 years and 6 months

Explanation:

after 6months

     $1,000 x 10% = $100

     $1,000 + $100 = $1,100

after 1 year

     $1,100 x 10% = $110

     $1,100 + $110 = $1,210

after 1 year and 6 months

     $1,210 x 10% = $121

     $1,210 + $121 = $1,331

after 2 years

     $1,331 x 10% = $133.10

     $1,331 + $133.10 = $1,464.10

after 2 years and 6 months

     $1,464.10 x 10% = $146.41

     $1,464.10 + $146.41 = $1,610.51

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A purchasing consortium:
zzz [600]

Answer:

a. consists of two or more independent organizations that combine their requirements for materials, services and capital goods to gain better pricing, service and technology from suppliers.

Explanation:

A purchasing consortium consists of two or more independent organizations that combine their requirements for materials, services and capital goods to gain better pricing, service and technology from suppliers. It is also known as group purchasing organization or cooperative purchasing and typically comprises of organizations sharing similar purchasing requirements or needs coming together in order to enhance their purchasing or bargaining power (capabilities) in the market.

The main purpose of a purchasing consortium is to provide a leverage for two or more independent organizations by reducing their purchasing costs when acquiring resources or materials required for the smooth operation of their business.

4 0
3 years ago
Guns R Us overstated its ending inventory in the current year by $5,000. The company incorrectly reported $100,000 of net income
soldi70 [24.7K]

Answer:

B. Cost of goods sold will be too low by $5,000.

Explanation:

Overstatement in closing inventory has two effects. First in income statement, that the cost of goods sold is decreased by the same amount that is overstated. Second is overstatement of Inventory value in the asset section of balance sheet. According to the given scenario The effect of this event should be as cost of goods sold will be too low by $5,000.

4 0
3 years ago
Company A has a shorter Average Collection Period than Company B using the formula 365 / (Credit Sales / Average AR Balance). Wh
Irina-Kira [14]

Answer:

Statement B is correct

Explanation:

Provided Information that,

Company A has shorter Average Collection Period than Company B,

Average Collection Period refers to the period in which the cash is collected from debtors.

Thus in the given statements only statement B states that Company A is more efficient in collecting receivables from debtors, thus it is the correct statement.

Statement A is wrong as Company A has less Average Collection Period, thus it's credit sales percentage would be higher than Company B.

Statement C which states about generating revenue is not correct as the company might have cash sales.

Statement B is correct

3 0
3 years ago
Joe and Michelle have a partnership firm. Based on the income-based method of calculating GDP, what category is the income earne
tekilochka [14]

Answer: B) employee’s compensation.

The income approach to measure gross domestic product or GDP starts with the income earned (wages plus plus rents plus interest plus profits) from the production of goods and services.

Based on the income-based method of calculating GDP, income or wages earned by Joe and Michelle for being partners can be categorized under B) employee’s compensation.


3 0
3 years ago
The total factory overhead for Rowland Company is budgeted for the year at $652,000 and divided into two departments: Fabricatio
vlabodo [156]

Answer:

$86

Explanation:

The total overhead for Rowland Co. = $652,000 per annum (p/a). broken down across two departments as follows:

Department/Item                     (Treadmill)      ||     (Weight Machine)

                                                    (Direct labor hours in production)      Total

Fabrication = $460,000 p/a            3              ||                 2

Assembly = $192,000 p/a                1              ||                 5

Nos of Units for production            4000          ||              4000

To produce 4000 Weight Machines, would require 8000 fabrication hours and 20,000 assembly hours. while, 4000 treadmills will require 12,000 fabrication hours and 4,000 assembly hours.

Total number of Fabrication hours for the year is 12,000 + 8,000 = 20,000.

Total number of assembly hours for the year is 20,000 + 4,000 = 24,000

Unit cost per hour of fabrication (uF) = $460,000/20,000 = $23

Unit cost per hour of assembly (uA) = $192,000/24,000 = $8

Therefore, the allocated overhead per unit for each weight machine

= (2 * $23) + (5 * $8) = $46 + $40 = $86

3 0
3 years ago
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