Answer:
Monthly payments=($56890.673/36)=$1,580.296
Explanation:
The formula for calculating the compound interest is given as;
A=P(1+r/n)^nt
where;
A-Amount to be paid after a given period of time
P-Principal amount initially taken=$52,000
r-The annual interest rate=3%=3/100=0.03
n-Number of times the interest is to be compounded per unit time=12
t-3
Replacing;
A=52000(1+0.03/12)^3
A=52000(1.0025)^(3×12)
A=56,890.673
The total amount after 36 months=$56,890.673
Monthly payments=($56890.673/36)=$1,580.296
Answer:
Explanation:
The journal entries are shown below:
a. Inventory A/c Dr $26,000
To Notes payable A/c $26,000
(Being inventory is purchased for signing the short term notes payable)
b. Interest expense A/c Dr $780
Notes payable A/c Dr $26,000
To Cash A/c $ $26,780
(Being cash is paid on maturity)
The interest expense is computed below:
= Principal × rate of interest × number of months ÷ (total number of months in a year)
= $26,000 × 6% × (6 months ÷ 12 months)
= $780
The 6 months is calculated from March 1 to September 1
Answer:
Cash 291000 Dr
Factoring fees expense 9000 Dr
Accounts Receivables 300000 Cr
Explanation:
The factoring charge or fess is an expense for Laurel Company for the service provided by Hardy factors. So, whenever factoring is done, the ffactoring fees expense account will be debited as expense will increase. Th cash received is 300000 * 0.97 = 291000
The factoring fees is 300000*0.03 = 9000
As a result all of the accounts receivables will be credited from the books.
Answer:
$245,000
Explanation:
A dwelling fire policy (DP-3) covers losses to the house's structure, personal liability and loss rental income. Since it covers lost rental income, it is generally used by landlords, but anyone can get one for their house.
In this case, since the reparations will require at least $245,000, then that is the amount that Brittany should receive. She cannot receive any more because that is her policy's coverage, but shouldn't receive less either.
