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Alexxandr [17]
3 years ago
9

You bought a car for $17,250. You put down $3,000 cash and have to take a loan out to pay for the rest. The car dealership is of

fering you a loan of $14,250. They say your interest rate will be 6% and you can pay the car off in 10 years. How much money in interest and how much will you have paid back?
Business
1 answer:
LuckyWell [14K]3 years ago
8 0

Answer:

Interest will be $855 x 10 years= $8,550

Explanation:

Interest

6÷100=0.06

0.06x14,250=$855

$855x10=$8,550.

How much to have paid back

At the end of 10years $8,550 would have been paid as interest

Total sum will be $14,250+$8,550=$22,800 to be paid back.

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Steps in the Accounting Cycle Listed below, out of order, are the steps in an accounting cycle.
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Answer:

Steps in the Accounting Cycle

a) The order in which the steps in the accounting cycle are performed is:

3, 6, 2, 1, 4, 8, 5, 9, 7

b) The steps in the accounting cycle that occur daily are:

2, 3, & 6

Explanation:

The correct ordered steps in the account cycle are:

3. Analyze transactions from source documents.

6. Record transactions in a journal.

2. Post journal entries to general ledger accounts.

1. Prepare the unadjusted trial balance.

4. Journalize and post adjusting entries.

8. Prepare the adjusted trial balance.

5. Prepare the financial statements.

9. Journalize and post closing entries.

7. Prepare the post-closing trial balance.

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2 years ago
epper Department store allocates its service department expenses to its various operating (sales) departments. The following dat
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Answer:

Pepper Department Store

The total advertising expense allocated to Department B is:

= $24,000.

Explanation:

a) Data and Calculations:

Expense            Basis for allocation               Amount

Rent                   Square feet of floor space $ 49,000

Advertising        Amount of dollar sales      $ 80,000

Administrative   Number of employees     $ 120,000

Department   Square Feet   Dollar Sales   Number of employees

A                         5,500            $ 355,000              31

B                         5,900            $ 375,000              33

C                         6,100            $ 520,000              35

Totals               17,500          $ 1,250,000              99

Advertising Expense Allocation:

Department A = $22,720 (355,000/$1,250,000 * $80,000)

Department B = $24,000 ($375,000/$1,250,000 * $80,000)

Department C = $33,280 ($520,000/$1,250,000 * $80,000)

6 0
2 years ago
g Suppose the own price elasticity of demand for good X is -3, its income elasticity is 2, and the cross price elasticity of dem
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Answer:

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7 0
3 years ago
On December 15, 2021, Rigsby Sales Co. sold a tract of land that cost $3,300,000 four $5,000,000. Rigsby appropriately uses the
Flura [38]

<u>Solution and Explanation:</u>

Installment Receivables (Net) of $2,905,600

Basis  Particulars                                         Debit  Credit

Sale:-  Instalment Receivables  $5,000,000  

         Inventory                                               $3,200,000

 Deferred gross profit                                                  $1,800,000

Payment:-  Cash                         $4,90,000  

Instalment Receivables                                     $4,90,000

Deferred Gross profit                 $165,600  

Realised Gross profit                                              $165,600

Instalment Receivables ($5,000,000 minus $490,000) = $4,510,000

Deferred gross profit ($1,800,000 minus $165,600) = $1,634,400

Instalment Receivables (Net) = $2,875,600

8 0
3 years ago
Which of the following is an example of an operational risk for a company that manufactures automobiles?A. A state tax increase
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Answer:C. Damage to completed cars held on a storage lot

Explanation:

Operational risk are the hazards and the uncertainties that are faced by companies in the day to day activities. It may be caused as a result of system failure or manufacturing components.

An example of operational risk for a company that manufactures automobiles would be damage to completed cars held on a storage lot.

7 0
3 years ago
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