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Brums [2.3K]
3 years ago
7

___________ replace the typical magnetic strip on a credit or debit card with a microprocessor. smart cards

Business
1 answer:
11Alexandr11 [23.1K]3 years ago
8 0

Smart cards replace the typical magnetic strip on a credit or debit card with a microprocessor.

Smart cards are an EFT tool combining all of a persons information for approval of use of the card without signing for each purchase. This type of card has a chip to stick into the machine instead of using the strip to slide and then sign for the purchase.

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On January 1, 2017, Eagle borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal total p
goblinko [34]

Answer:

<u>Issuance - January 1, 2017</u>

Cash $16,000 (debit)

Note Payable $16,000 (credit)

<u>December 31, 2017</u>

Interest Expense $800 (debit)

Note Payable $3,712.19 (debit)

Cash $4,512.19 (credit)

<u>December 31, 2018</u>

Interest Expense $614.39 (debit)

Note Payable $3,897.80 (debit)

Cash $4,512.19 (credit)

<u>December 31, 2019</u>

Interest Expense $419.50 (debit)

Note Payable $4,092.69 (debit)

Cash $4,512.19 (credit)

<u>December 31, 2020</u>

Interest Expense $214.87 (debit)

Note Payable $4,297.32 (debit)

Cash $4,512.19 (credit)

Explanation:

The Loan Amortization Schedule is most appropriate way to solve all parts of this problem.

The first step to construction of the Amortization Schedule is to determine the payments made annually, PMT (interest and principal).

Using a Financial calculator, this can be determined as ;

Pv = $16,000

r = 5%

n = 4

Fv = $0

p/yr = 1

Pmt = ?

Thus PMT is $4,512.19.

Amortisation Schedule (Extracted from Financial Calculator)

<u>2017</u>

Principle Payment = $3,712.19

Interest Payment = $800

Balance =  $12,287.81

Accounting Entries :

Interest Expense $800 (debit)

Note Payable $3,712.19 (debit)

Cash $4,512.19 (credit)

<u>2018</u>

Principle Payment = $3,897.80

Interest Payment = $614.39

Balance =  $8,390

Accounting Entries :

Interest Expense $614.39 (debit)

Note Payable $3,897.80 (debit)

Cash $4,512.19 (credit)

<u>2019</u>

Principle Payment = $4,092.69

Interest Payment = $419.50

Balance =  $4,297.32

Accounting Entries :

Interest Expense $419.50 (debit)

Note Payable $4,092.69 (debit)

Cash $4,512.19 (credit)

<u>2020</u>

Principle Payment = $4,297.32

Interest Payment = $214.87

Balance =  $0

Accounting Entries :

Interest Expense $214.87 (debit)

Note Payable $4,297.32 (debit)

Cash $4,512.19 (credit)

8 0
3 years ago
Write 5-7 words that are similar to marketing. What words come to your mind when you think of marketing?
Gwar [14]

Answer:

sell, retail, trade, advertise, promote, buying,

Explanation:

7 0
3 years ago
Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant ra
seraphim [82]

Answer:

See

Explanation:

Selling price = $25,000/1,000 = $25

Variable cost = $17,500/1,000 = $17.5

1,001 units

Contribution margin income statement

Sales ($25,000 + $25)

$25,025

Less variable expenses

5 0
2 years ago
Your bank account pays interest with an EAR of 4 %. What is the APR quote for this account based on semiannual​ compounding? Wha
LenKa [72]

Answer:

APR would be 3.9607805% compounded semiannually

APR would be 3.9284877% compounded monthly

Explanation:

We calcualte consider these rates should be inancially equivalent to an equivalent rate of 4% annually.

<u>The semiannual compounding will capitalize two times:</u>

(1+APR/2)^2 = 1+EAR\\(\sqrt{1.04} -1) \times 2 = 0.039607805

<u>The monthly will capitalize 12 times per year:</u>

(1+APR/12)^12 = 1+EAR\\(\sqrt[12]{1.04} -1) \times 12 = 0.039284877

8 0
3 years ago
In the B2B market, General Motors Company, Anheuser-Busch, and Kraft all purchase raw materials from their upstream suppliers, m
lapo4ka [179]

Answer:

Producers.

Explanation:

B2B (business-to-business) is a marketing strategy that deals with meeting the needs of other businesses, by selling products or services to the organizations for resale to other consumers, used in production of goods or for the operation of an organisation.

In terms of business customers, these three companies are all examples of producers in the B2B market because they all purchase raw materials from their upstream suppliers, subsequently, they make and then sell their own finished products to the end users or consumers.

5 0
3 years ago
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