Where do you find lemon juice in the grocery store?

Assume you’ve got terrific credit: What would be your likely APR for purchases or balance transfers?

Zielflug [23.3K]

Answer:

The APR stands for the annual percentage rate, and you can hope for a credit card with the least APR since you have good credit. It is the interest rate that is charged annually over the credit you spend. And the average credit card APR is 15.09, as mentioned in the February report. And on account that assesses interest, on average the APR is 16.91. And hence an APR below the 17.57, can be considered as a good one. And hence, this can be your APR for purchases or the balance transfers since you have a terrific credit.

Explanation:

Please check the answer section.

4 0

3 years ago

A present value of $2600 is invested in an account with an annual interest rate of 4.1% . Determine the minimum amount of time r

Olin [163]

Answer:

The minimum amount of time required is:

26.82 years.

Explanation:

Present value = $2,600

Future value = $7,800 ($2,600 * 3)

Annual interest rate = 4.1%

Monthly interest rate = 4.1%/12 = 0.342%

$2,600 will need to be invested for 321.781 (26.82 years) periods to reach the future value of $7,800.00.

FV (Future Value) $7,800.00

PV (Present Value) $2,600.00

N (Number of Periods) 321.781

I/Y (Interest Rate) 0.342%

PMT (Periodic Payment) $0.00

Starting Investment $2,600.00

Total Principal $2,600.00

Total Interest $5,200.00

5 0

2 years ago

Several years ago Brant, Inc., sold $900,000 in bonds to the public. Annual cash interest of 9 percent ($81,000) was to be paid

gtnhenbr [62]

Answer:

The Journal entries are as follows:

(1) On December 31, 2016

Bonds payable A/c Dr. $154,040

Interest income A/c Dr. $14,070

Loss on retirement of debt A/c Dr. $49,000

To investment in bonds $198,870

To Interest expense $18,240

(To record consolidation entry)

(2) On December 31, 2018

Bonds payable A/c Dr. $158,884

Interest income A/c Dr. $13,761

Investment in Zack A/c Dr. $40,266

To investment in bonds $194,152

To Interest expense $18,759

(To record consolidation entry)

Workings:

Interest expense for December 31, 2016:

Book value = 20% of Bond liability (as per equity method)

= 0.2 × $760,000

= $152,000

Interest expense = 12% of Book value

= 0.12 × $152,000

= $18,240

Interest expense for December 31, 2016:

= 12% of Book value

= 0.12 × $156,325

= $18,759

7 0

3 years ago

What is capital? in your own words. economics.

Bezzdna [24]

Answer:

In finance and accounting, capital generally refers to financial wealth, especially that used to start or maintain a business. ... In classical economics, capital is one of the four factors of production. The others are land, labor and organization

4 0

2 years ago

On June 1, 2018, Perfect Performance Cell Phones sold $ 17,000 of merchandise to Ashton Trucking Company on account. Ashton fe

inn [45]

Answer:

See answers and explanation below.

Explanation:

1. Journalize the transactions for High Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold.

Date Details Dr ($) Cr ($)

1 Jun. 18 Account receivable 17,000

Sales revenue 17,000

To record sales to Ashton Trucking Company on account.

15 Jul. 18 Cash 6,000

Account receivable 6,000

To record cash received from Ashton Trucking Company.

5 Sep. 18 Bad debt 11,000

Account receivable 11,000

To record accounts receivable from Ashton written off.

5 Mar. 19 Account receivable 11,000

Bad debt 11,000

To record transfer of bad bad back toaccounts receivable.

5 Mar. 19 Cash 11,000

Account receivable 11,000

To record cash received from Ashton Trucking Company.

2. What are some limitations that High Performance will encounter when using the direct write-off method?

a. It is not in line with the matching principle. This is because bad debt expenses will not be reported in the same period they are incurred and might not be realized as bad expenses until the following period.

b. It can cause inaccurate balance sheet as it does give the actual amount of accounts receivable of a company.

c. It method of recording violates GAAP and financial statements does to present the actual financial performance of the business.

d. It overstates accounts receivable as the full amount of amount owed to the company from credit sales will be reported as accounts receivable.

6 0

3 years ago