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Damm [24]
3 years ago
7

Shawn Bixby borrowed $39,000 on a 150-day, 9% note. After 80 days, Shawn paid $4,200 on the note. On day 113, Shawn paid an addi

tional $6,200. Use ordinary interest. a. Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.)
Business
1 answer:
shutvik [7]3 years ago
4 0

Answer:

1,073.54 total interest

Explanation:

39,000 x 9% x 80days/360 = 780 interest expense

Payment 4,200 - 780 = 3,420 deducted form the note:

39,000 - 3,420 = 35,580

35,580 x 9% x 33/360 = 293.54 interest expense

6,200 - 293.54 = 5,906.47 deduced form the note

35,580 - 5,906.47 = 29,673,53

293.54 interest expense

780 interest expense

1,073.54 total interest

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Texas Corporation is undergoing a complete liquidation and distributes land to​ Robert, one of its​ shareholders, in exchange fo
Oxana [17]

Answer:

Loss to be recognized is $25000

Explanation:

Liquidation refers to a process whereby a company's operation come to an end, which leads to distribution of assets and liabilities to the claimants and winding up the business.

A company may be forced to liquidate owing to consistent losses. In such cases, the claims of all the stakeholders cannot be satisfied and they receive pro-rata basis allocation which covers everybody's claim to an extent, if not fully.

In the given case,

Robert's receipt is Land. Liabilities attached to the land being $325,000 while the land has fair market value of $400,000.

Thus, after assuming the liability, Robert's actual realized amount is,

$400,000 - $325,000 = $75,000

Since, the land was received in consideration for discharge of Robert's own share in company amounting to $100,000.

Thus, Gain/Loss to be recognized by Robert = $75, 000 (receipts) - $100,000

                                                                  = - $25,000

i.e Robert should recognize a loss of $25,000.

4 0
3 years ago
Which best describes the benefits of renting a home?
8_murik_8 [283]
The benefits of renting include:<span>Financial flexibility. Think of a ocean liner and a speedboat. ...Financial stability. ...Career flexibility. ...Low maintenance costs. ...No market risk. ...You don't pay taxes or insurance directly. ...No cash outlay required. ...<span>Some bills are included in the rental price</span></span>
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3 years ago
Why does saturn have the coldest surface temp?
tatuchka [14]

Answer:

distance from the Sun

Explanation:

because of Saturn's tilt, the southern and northern hemispheres are heated differently, causing seasonal temperature variation.

6 0
2 years ago
Read 2 more answers
When people move to an area of the world that was previously unpopulated, we expect more consumers and more producers to spring
lukranit [14]

Answer:

The correct answer is option c.

Explanation:

When people move to a previously unpopulated area, the quantity of both consumers as well producers will increase. This will create an increase in both the demand as well as the supply. Both the demand and the supply curve will move to the right.

This rightward shift in both the demand as well as supply curve will lead to an increase in equilibrium quantity. The change in equilibrium price will depend upon the extent of change in demand and supply.

4 0
3 years ago
A piece of labor-saving equipment has just come onto the market that Mitsui Electronics, Ltd., could use to reduce costs in one
alexandr402 [8]

Answer:

Mitsui Electronics, Ltd.

1a. Payback period = 5.6 years

1b. No.  The equipment would not be purchased if the company requires a payback period of four years or less.

2a. Simple rate of return = 17.86%

2b. Yes. The equipment would be purchased if the company's required rate of return is 13%.

Explanation:

a) Data and Calculations:

Purchase cost of the equipment = $ 448,000

Annual cost savings that will be provided by the equipment = $ 80,000

Life of the equipment = 10 years

1a. Payback period = 5.6 years ($448,000/$80,000)

1b. No.  The equipment would not be purchased if the company requires a payback period of four years or less.

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Initial cost of the equipment = $448,000

2a. Simple rate of return = 17.86% ($80,000/$448,000 * 100)

2b. Yes. The equipment would be purchased if the company's required rate of return is 13%.

6 0
3 years ago
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