Answer: Assets increase $4,500 and liabilities increase $4,500.
Explanation:
An asset are the properties which a business or an organization owns. An asset possess an economic value.
Since the equipment purchased is an asset, this will lead to an increase of assets by $4500 and since it was bought on credit and hasn't been paid for, liabilities will also increase by $4500.
What is the question you are asking
Answer: Option B and C
Explanation: In simple words , contingent liabilities refers to the liabilities the occurrence of which depends on the happening of an event that may or may not occur in the future.
These are recorded in the accounts only when the payment is to be made in future and that payment could be reasonably estimated.
Hence the correct option is B and C
Installment credit is a type of credit that has a fixed number of payments, in contrast to revolving credit.
<span>Examples of which are:
</span><span>
Land loan
Home construction loan
<span>Home mortgage
</span><span>Some equity loans
</span>Home improvement loan
Automobile loan
<span>Boat loans or RV loans specialty finance
</span>Student loan
Personal loan
<span>Vacation loan
I hope my answer has come to your help. Thank you for posting your question here in Brainly.
</span></span>
Answer:
$153.01
Explanation:
For computing the monthly payment we need to apply the PMT formula i.e to be shown in the attachment
Given that,
Present value = $8,100
Future value or Face value = $0
RATE = 60 months = 5 years × 12 months
NPER = 5.04% ÷ 12 months = 0.42%
The formula is shown below:
= PMT(RATE;NPER;-PV;FV;type)
The present value come in negative
So, after applying the above formula, the monthly payment is $153.01
