Answer:
The answer is $8,030
Explanation:
Present Value (PV) = $5,000
Future Value(FV) = ?
Interest rate(r) = 7 percent
Number of years (N) = 7 years
The formula for future value is:
FV = PV(1+ r)^n
= $5,000(1+0.07)^7
$5,000(1.07)^7
$5,000 x 1.605781476
=$8,028.91
Approximately $8,030
Alternatively, we can use a Financial calculator:
N= 7; I/Y= 7, PV= -5,000 CPT FV= $8,028.91
Approximately $8,030
Answer:
He will be less likely to spend on scones.
Explanation:
Understanding the spending pattern requires to understand the factors involving in purchasing.
- Income: Some people live tightly, and for that they have to cut down their expenditures and that affects their spending. Jose will not have much issues although buying scones because they will not be expensive, so this relationship is negative.
- Substitution: This will probably affect the the spending of Jones on scones because he used to buy both together, and if he stops spending on coffee he will not buy scones as well.
The truth in the loan policy requires that a creditor to notify the borrowers of what money is going to cost them before using it.
<u>Explanation:
</u>
The Truth in Loaning Act (TILA) is a national law enacted in 1968 that guarantees consumer protection and informs consumers of the true cost of borrowing. To order to ensure that customers can easily equate shop interest rates and terms, TILA allows loan requirements to be reported in a readily understandable manner.
The TILA proposes laws related for closed accounts (for example, home and car loans) or open accounts (for example, credit cards). It does not limit the amount of interest that banks can pay or offer a loan to banks.
Answer:
The journal entries are as follows:
(i) On March 31,
Finished Goods A/c Dr. $56,400
To Work in Process $56,400
(To record the completion of the two jobs)
(ii) On March 31,
Cash A/c Dr. $38,000
To sales $38,000
(To record the sale Job 10)
(iii) On March 31,
Cost of goods sold A/c Dr. $21,400
To finished goods $21,400
(To record the cost of the job sold)
Answer:
False.
Explanation:
Accounting systems that use standards for product costs are standard cost systems.
In Financial accounting, various business firms or companies use the standard cost systems to determine the variances or differences between the actual (real) cost of goods produced and the estimated cost for the goods that were produced by the company.
Hence, standard cost systems are used by business firms or companies as a strategic tool or technique for the management and control of costs, budget planning, and analyzing cost management performance at a specific period of time.
