A variable APR<span> is calculated by adding a set number determined by the </span>credit card<span>issuer (called the margin) to a reference rate (called the index) such as the U.S. Prime Rate. When the Prime Rate goes up or down, </span>your<span> variable </span>APR<span> may change, depending on whether </span>your<span> issuer updates </span>your<span> rates monthly or quarterly.</span>
Answer:
a. 3
Explanation:
Bank Reconciliation: The Bank reconciliation works with the balance of the bank statement and the balance of the cash statement. The aim is to compare those two statements to allow the company to run smoothly.
There are different transactions because of which the balance of the bank statement and the balance of the cash statement do not match. We adjust the transactions accordingly to match those statements.
Based on the cash balance, there would be three adjusting entries which are given below:
a. Bank service charges
b. Notes collected
c. Interest earned
These adjusting entries are required so that the cash balance should balance with the valid cash balance.
Answer:
Days in inventory is 66 days
Explanation:
The formula for days in inventory is 365 days/inventory turnover while inventory turnover is costs of good sold divided by average inventory.
costs of goods sold is $550,000
average inventory is ($90,000+$110,000)/2=$100,000
inventory turnover =$550,000/$100000
inventory turnover =5.5 times
The days in inventory can then be computed thus:
days in inventory=365 days/5.5=66.36 days
The days in inventory is the average number of days that it took inventory to be sold and it is approximately 66 days in this instance
Answer:
people will likely buy less cigarettes and liquor from them
Explanation:
Mark and Barry own the Warehouse Liquor Store in town. They are careful to pay all of their taxes in full and on time. Recently the local government has decided to raise the taxes imposed on the sale of cigarettes and liquor. Barry and Mark are upset about this because people will likely buy less cigarettes and liquor from them
The local government raising the tariff will cause their prices to go up thereby discouraging people form buying from themdue to the price hike