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Jlenok [28]
3 years ago
5

On October 1st Joe charged $900 to his credit card, on October 10th he charged another $1,300 to his credit card, and on October

15th he charged an additional $100. His credit card charges him an Annual Percentage Rate (APR) of 18% compounded monthly. Using the Average Daily Balance Method calculate Joe's finance charge for the month of October.
Business
1 answer:
poizon [28]3 years ago
4 0

Answer:

interest expense for October $ 27.25

Explanation:

       900

+  1,300 x 20/30

<u> +     100 x 15/30    </u>

1,816.67 average balance

Now we multiply this average balance by the interest rate of the credit card:

1,816.67 x 0.18/ 12 = 27.25

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What is a worrisome consequence under the joint and several liability principle?
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Each culpable party is responsible for its proportionate share of the damages. Damages are always the responsibility of all negligent parties.

What is  joint and several liability?

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  • As a result, if a plaintiff obtains a monetary judgment against all of the parties, they may each be held liable for the full amount of the verdict.
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The worrisome consequences are as previously mentioned, joint and several liability usually works in the plaintiff's favor because it raises the likelihood that every one of the damages granted will be recouped.

In contrast hand, it can be thought unjust for a party to suffer a disproportionate financial loss as a result of an unpleasant incident for which it had only a tiny responsibility.

Learn more about joint and several liability here:

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7 0
10 months ago
HELP! ASAP!! Ben helps people choose the right insurance policy and sets up their policies. He is:
wlad13 [49]

Answer:

The correct answer would be A, An Insurance Agent.

Explanation:

An Insurance agent is an agent who helps people choose the right insurance policy and sets up their policies. Insurance Agent can be an independent person selling Insurance policies for commission or can be an employee of the insurer company. This person acts as an agent and help people in deciding which policy to choose according to their needs and wants. He also sets up their policies. For example, if a person is married and has children, the insurance agent may ask him to choose the education insurance for his children. He may also ask him to pick the life insurance policy to get him family secured after his demise. So an insurance agent not only helps people choose their policies but also helps them set up.

6 0
3 years ago
What entry would blue make to record the sale of the machine for $30,250 cash?
nirvana33 [79]
An increase in cash would definitely placed in debit because it considered an asset and we need to place the increase of sales on the credit side.
So, in this case, the entry would be

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6 0
3 years ago
Seth and Rachel have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership i
dimulka [17.4K]

Answer:

D. $8,000.

Explanation:

*Net loss is considered as the amount to be allocated between partners on equal sharing ratio. Otherwise the net allocated amount will be 76,000 ( -16000-5000-10000-27000-18000) net loss and Seth's share will be -38,000 (76000/2) . Question has no option of this amount.

                                          Statement of Partners Equity

                                          For the Year end MM-DD-YY

                                                    Seth                      Rachel

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Beginning Capital balance =         0                             0

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interest Allowance              =       5000                     10,000

Salary Allowance                =       27000                    18,000

Net loss Allocated              =    <u>   (8,000)   </u>             <u>  (8,000)  </u>

Ending capital balance       =    <u>  74,000        </u>          <u> 120,000</u>

8 0
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Answer:

The correct answer will be "Expatriate".

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