When Would you need to use Rule 72 ?

2 answers:

8 0

The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years.

bonufazy [111]3 years ago

8 0

For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years.

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Crimson Inc. recorded credit sales of $779,000, of which $560,000 is not yet due, $120,000 is past due for up to 180 days, and $

Lorico [155]

Answer: $47,200

Explanation:

Accounts receivable not yet due = $560,000

Bad Debts for accounts receivable not yet due:

= $560,000 × 0.01

= $5,600.

Accounts receivable due for up-to 180 days = $120,000

Bad Debts for accounts receivable due for up-to 180 days:

= $120,000 × 0.16

= $19,200.

Accounts receivable due for more than 180 days = $99,000

Bad Debts for accounts receivable due for more than 180 days:

= $99,000 × 0.20

= $19,800

Ending balance of Allowance account:

= Debit Balance of allowance account + $5,600 + $19,200 + $19,800

= $2,600 + $5,600 + $19,200 + $19,800

= $47,200

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3 years ago

Your company, a sole proprietorship, has assets of $34,583 and liabilities of $55,867. you decide to liquidate the company. assu

yanalaym [24]

A sole proprietor is personally liable for the liabilities which remain unpaid after the utilization of assets. In the given case the sole proprietorship has total assets of $34,583 and liabilities of $55,867. It means total assets can be used to pay off $34,583 out of total liabilities of $55,867 and the proprietor shall be personally liable for the balance liabilities= 55867-34583 = $21,284

Hence, you are personally liable for $21,284

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