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IrinaVladis [17]
3 years ago
8

A sixminusmonthnote receivable for $ 9 comma 000at 14​%,dated October​ 1, 2020, has accrued interest revenue of​ ________ as of

December​ 31, 2020.​ (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest​ dollar.)
Business
1 answer:
blsea [12.9K]3 years ago
7 0

Answer: $315

Explanation:

The following information can be gotten from the question:

Amount = $9000

Rate = 14%

The receivable was held from October to December. This means it was shelf for 3 months.

Therefore, the accrued interest revenue will be:

= $9000 × 14% × (3/12)

= $9000 × (14/100) × (1/4)

= $9000 × 0.14 × 0.25

= $315

The accrued interest is $315

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The SRT partnership agreement specifies that partnership net income be allocated as follows:
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Answer: Option (C) is correct.

Explanation:

Given that,

Partner S:

Salary allowance = $20,000

Interest on average capital balance = 10% of 60,000

                                                            = $6,000

Average capital balances for the current year = $60,000

Remainder = 30% of 50,000

                   = $15,000

Amount should be allocated = Salary allowance + Interest on average capital balance + Remainder

                                                = $20,000 + $6,000 + $15,000

                                                = $41,000

Partner R:

Salary allowance = $25,000

Interest on average capital balance = 10% of 50,000

                                                            = $5,000

Average capital balances for the current year = $50,000

Remainder = 30% of 50,000

                  = $15,000

Amount should be allocated = Salary allowance + Interest on average capital balance + Remainder

                                                = $25,000 + $5,000 + $15,000

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Partner T:

Salary allowance = $15,000

Interest on average capital balance = 10% of 40,000

                                                            = $4,000

Average capital balances for the current year = $40,000

Current year net income = $125,000

Remainder = 40% of 50,000

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Amount should be allocated = Salary allowance + Interest on average capital balance + Remainder

                                                = $15,000 + $4,000 + $20,000

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Workings:

Salary allowed = $20,000 + $25,000 + $15,000

                         = $60,000

Interest on average capital balance = $6,000 + $5,000 + $4,000

                                                            = $15,000

Total = Salary allowed  + Interest on average capital balance

        = $60,000 + $15,000

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Remainder = Current year net income - Total

                  = $125,000 - $75,000

                  = $50,000

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Manuel is retired and receives a fixed payment from his pension each there is inflation when the buying power of his pension will fall

This is further explained below.

<h3>What is inflation?</h3>

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To put inflation in its most basic form, it may be thought of as the general upward trend in the prices of goods and services over time. What this implies is that a dollar spent now won't purchase as much in the future. In other words, it will lower your ability to purchase things in the future.

In conclusion, Manuel is now retired and receives a certain amount from his pension on an annual basis. In the event that there is inflation, Manuel will be able to buy a lesser total amount with his pension money.

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