All categories

4 years ago

What is a general ledger

2 answers:

5 0

A <span>general ledger contains all accounts the company had transacted. It is the main accounting record in which the figures are used to produce financial statements. It has debit, credit and account balances for all assets, liabilities and equity for a given period.</span>

vekshin14 years ago

5 0

A company's main accounting records.

You might be interested in

A key part of planning is organizational design and strategic human resources. True or False?

Verizon [17]

I'd say True because when planning you have to be organized about it

6 0

4 years ago

Read 2 more answers

A discount sale is also called a(n) _________________________. This is a reward for buying something now rather then later

lesya692 [45]

An <u>incentive </u>is a discount that rewards the buyer for an immediate purchase rather than a future transaction.

<h3>What are other types of incentives?</h3>

Other examples of sales Incentives are:

Bonuses
Commission
Coupons
Discounts
Buy One Get One Free

Incentives are used to encourage customers to buy more, stay loyal, and help the business win more customers through word of mouth marketing.

See the link below for more about Incentives:

brainly.com/question/964887

8 0

3 years ago

A loan is amortized over five years with monthly payments (i.e. end of month) at an annual nominal interest rate of 5% compounde

BlackZzzverrR [31]

Given:
Amortizing period = 5 years
APR=5% per annum
interest rate, i = 0.05/12 per month
number of periods, n = 5*12=60 months (for amortization)
Payment schedule:
$500 at the end of first month,
increased by $20 each month thereafter.
Borrowed amount: not given

Question: Find outstanding loan balance after the 40th payment.

Solution:
Step 1: First we need to find the amount borrowed, P.
From the payment schedule, we decompose the payment into two components,

A. Equivalent uniform monthly payment, As, for a step amount of G=$20 a month, starting with zero after the first month, for a period of 5 years (n=60).
The value of As can be obtained from a specialized formula for step-payments,
$As=\frac{G((1+i)^{n}-i*n-1)}{i(1+i)^{n}-i}$
Substitute values, G=20,i=0.05/12,n=60
$As=\frac{20((1+.05/12)^{60}-(.05/12)*60-1)}{(.05/12)(1+.05/12)^{60}-(.05/60)}$
=565.0847

B. Principal, Pb, for a uniform monthly payment of A a month
The principal,Pb can be found from the basic amortizing formula to be
$Pb=\frac{A((1+i)^{n}-1)}{i(1+i)^{n}}$
We have
Equivalent uniform monthly payment
=500+equivalent uniform payment step amounts
=500+565.0847
=1065.0847
substituting values, A=1065.0847,i=.05/12,n=60
$=\frac{1065.0847((1+.05/12)^{60}-1)}{(.05/12)(1+.05/12)^{60}}$
=56439.591
check: average monthly payment = 1100
duration: 60 months
total amount paid = 60*1100=66000
average annual interest=((66000-56439)/56439-1)/5=3.3% (~ 5%/2) ok.

Amount borrowed, P=56439.591

Step 2: Future value of loan at the end of the 40th month.
This can be found by the compound interest formula
F=P(1+i)^n=56439.591(1+0.05/12)^40=66652.416

Step 3: Future value of payments
first we need to find the equivalent monthly payment of the step payments, using the same formula as in step 1, but with n=40
$A=\frac{G((1+i)^{n}-i*n-1)}{i(1+i)^{n}-i}$
$=\frac{20((1+0.05/12)^{40}-(0.05/12)*40-1)}{(0.05/12)(1+0.05/12)^{40}-(0.05/12)}$
=378.924
This should be added to the constant payment of $500 a month to give
A=500+378.924=878.924
Future value of monthly payment of 878.924
$F=\frac{A((1+i)^{n}-1)}{i}$
Substitute values, A=878.924, i=0.05/12, n=40
$=\frac{878.924((1+0.05/12)^{40}-1)}{0.05/12}$
=38170.213

Step 4: Outstanding balance right after the 40th payment
=future value of loan - future value of payments
=66652.416-38170.213
=28482.20

Answer: Outstanding balance after the 40th payment is $28482.20

7 0

3 years ago

"The Bank of Israel lowered its benchmark lending rate by half a percentage point, the fourth cut in seven weeks, as the global

cupoosta [38]

Hi there.

None of the answers here fit in so i would answer you to the best of my knowledge.

Answer:

Increase; increasing

Explanation:

In reducing the lending rate of banks by the Bank of Israel, bank reserves will increase as the bank's reserves as lesser amounts will be lent out. Also, consumption will increase as a result of this lowered lending rate which in itself is a goal of lending rate reduction.

By reducing the lending rate also, the thought of inflation has been taken care of as well. This helps to keep the economy financially stable as much as possible during the global financial turmoil

Cheers

3 0

4 years ago

Why we remove interest amount from 1 year amount?

Lynna [10]

The interest amount earned is removed from the accumulated amount of savings because the interest is simple interest.

<h3>What is Interest?</h3>

interest is the percentage amount earned over the savings made and deposited in the account, the interest is a basic market interest rate that is applied to the savings to calculate the amount of interest income for a given period of time.

The savings are deposited and they are applied for the interest rate the interest income is also included in the original savings, then for the next year the interest rate will again be only applied to the original savings amount and not the compounded amount that is the original amount of savings plus the interest earned in the first year.

That is why the interest earned in the first year is deducted from the total savings in the account to calculate the interest income for the second year.

Learn more about Interest at brainly.com/question/17072533

#SPJ1

7 0

2 years ago