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maksim [4K]
3 years ago
5

One of your customers is delinquent on his accounts payable balance. you've mutually agreed to a repayment schedule of $630 per

month. you will charge 1.03 percent per month interest on the overdue balance. if the current balance is $14,850, how long will it take for the account to be paid off? (do not round intermediate calculations and round your answer to 2 decimal places,
e.g., 32.16.) number of months
Business
1 answer:
larisa [96]3 years ago
5 0

Answer:

27.14  months

Explanation:

to calculate how long it will take to pay the loan, we can use an excel spreadsheet and the NPER function:

=NPER(rate,payment,-loan)

  • payment = 630
  • rate = 1.03
  • loan balance = 14,850

=NPER(1.03%,630,14850) = 27.14  months

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Which of the following is the proper sequence of events in an activity-based costing system? a. Calculation of pool rates, ident
bekas [8.4K]

Answer:

The correct answer is letter "B": Identification of cost pools, identification of cost drivers, calculation of pool rates, assignment of cost to products.

Explanation:

Activity-Based Costing or ABC is a managerial accounting method that assigns certain indirect costs to the products incurring the bulk of those costs. ABC is primarily used in the manufacturing sector to make a better calculation of the true cost of production per unit. For that purpose, ABC follows this sequence:

1)  Identification of the activities for the creation of the product

2)  Divide the activities into cost pools  

3) Assign each cost pool to a cost driver  

4) Calculation of the cost driver rates

5) Assignment of cost to products

6 0
3 years ago
At which step of the performance planning and appraisal process would an employee be placed on a performance improvement plan?
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7 0
2 years ago
A business issued a 90-day, 9% note for $70,000 to a creditor on account. Illustrate the effects on the accounts and financial s
SSSSS [86.1K]

Answer:

The computation is shown below:

Explanation:

The journal entries are shown below:

a. Account payable $70,000

           To Notes payable $70,000

(Being the issuance of the note is recorded)

b. Note payable $70,000

  Interest expense $1,575

              To Cash $71,575

(Being the payment of the note at maturity date including interest is recorded)

The computation is shown below:

= $70,000 × 9% × 90 days ÷ 360 days

= $1,575

We assume 360 days in a year

Now the effects on the accounts and the financing statement for issuance of the note is shown below:

Balance sheet

Assets          =   Liabilities   + Stockholder equity    Income statement  cash flow statement

No effect = Account payable - $52,000 + No effect  No effect + no effect

                   Note payable + $52,000      

7 0
3 years ago
as their financial advisor what part of jim and Jack financial plan would you encourage them to work on
Nadusha1986 [10]
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6 0
3 years ago
During December, Far West Services makes a $2,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.
Leno4ka [110]

Answer:

Total sales tax payable:170, sales :2000

Explanation:

Sale price x sales tax rate = sales tax payable

2000 x .085 (6%+2.5%) = 170

it doesn’t say so I’m assuming that the 2,000 credit sale does NOT include the sales tax due.

3 0
3 years ago
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