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2 years ago

Simple interest is paid only on the .

Business

2 answers:

sasho [114]2 years ago

8 0

Explanation:

Simple interest is paid only on the borrowed amount.

When a person borrows money from bank or any financial institution, he has to pay an interest for borrowing the money. A percentage is being set by the lender and the borrower has to pay that percentage on the amount of money he borrowed on monthly basis to the lender. Loans are usually given to the people by having their precious assets as a collateral and then setting a percentage of interest on the borrowed amount. So when the borrower will finish the repayment of loan, he can withdraw his collateral, otherwise his collateral will be kept by the lender if the borrower fails to payback the loan.

jekas [21]2 years ago

3 0

Answer:

Simple interest is paid only on the original amount borrowed.

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As an important control for the occurrence assertion related to sales, the computer starts with the population of daily sales in

7nadin3 [17]

Answer:

A. bill of lading

Explanation:

The bill of lading is the document that supports the sales invoice as the bil of lading contains the details regarding the shipment and the confirmation with respect to the delivery

So as per the given situation since it is mentioned in the question that for shipping documents the sales invoice should be supported by the bill of lading

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2 years ago

A(n) ________ collects data from various key business processes and stores the data in a single comprehensive data repository, u

kotykmax [81]

Answer: Enterprise System.

Explanation:

An enterprise system is a software system used by an organization to gather information/data from different departments in the organization: The information gathered can be easily accessed or used by the different departments of the organization.

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2 years ago

The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are re

riadik2000 [5.3K]

Answer:

Year 1

Jan. 8. Purchased a used delivery truck for $24,000, paying cash.

Dr Truck 24,000
Cr Cash 24,000

Mar. 7. Paid garage $900 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck.

Dr Maintenance expenses - Truck 900
Cr Cash 900

Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is four years, with a residual value of $4,000 for the truck.

Depreciation expense = 2 x 0.25 x $24,000 = $12,000

Dr Depreciation expense 12,000
Cr Accumulated depreciation - truck 12,000

Year 2

Jan. 9. Purchased a new truck for $50,000, paying cash.

Dr Truck new 50,000
Cr Cash 50,000

Feb. 28. Paid garage $250 to tune the engine and make other minor repairs on the used truck.

Dr Maintenance expenses - Truck 250
Cr Cash 250

Apr. 30. Sold the used truck for $9,500. (Record depreciation to date in Year 2 for the truck.)

depreciation expense = 2 x 0.25 x 4/12 x $12,000 = $2,000

Dr Depreciation expense 2,000
Cr Accumulated depreciation - truck 2,000

truck sold at $9,500 - $10,000 (carrying value) = -$500 loss on sale

Dr Cash 9,500
Dr Accumulated depreciation 14,000
Dr Loss on sale - truck 500
Cr Truck 24,000

Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $12,000 and an estimated life of eight years.

Depreciation expense = 2 x 0.125 x $50,000 = $12,500

Dr Depreciation expense 12,500
Cr Accumulated depreciation - truck new 12,500

Year 3

Sept. 1. Purchased a new truck for $58,500, paying cash.

Dr Truck three 58,500
Cr Cash 58,500

Sept. 4. Sold the truck purchased January 9, Year 2, for $36,000. (Record depreciation to date for Year 3 for the truck.)

Depreciation expense = 2 x 0.125 x 8/12 x $37,500 = $6,250

Dr Depreciation expense 6,250
Cr Accumulated depreciation - truck new 6,250

truck sold at $36,000 - $31,250 (carrying value) = $4,750 gain on sale

Dr Cash 36,000
Dr Accumulated depreciation 18,750
Cr Truck new 50,000
Cr Gain on sale - truck new 4,750

Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $16,000 and an estimated useful life of 10 years.

Depreciation expense = 2 x 0.1 x 4/12 x $58,500 = $3,900

Dr Depreciation expense 3,900
Cr Accumulated depreciation - truck three 3,900

5 0

2 years ago

Disinflation can be explained by the phillips curve analysis as resulting from a situation where the actual rate of inflation is

lakkis [162]

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Disinflation refers to occurrences where the inflation rate has temporarily slowed and is used to indicate situations where it has only slightly decreased. Disinflation refers to the rate of change in the rate of inflation, as opposed to inflation and deflation, which talk about the direction of prices.

To learn more about Disinflation here

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8 months ago

Act II Costumes currently has $120,000 in cash, $340,000 in inventory, and $20,000 in accounts receivable. The company also has

Len [333]

Answer:

Quick ratio = Current assets - Inventory/Current liabilities

= $480,000 - $340,000/$40,000

= 3.5

Current assets = $120,000 + $340,000 + $20,000 = $480,000

Current liabilities = $20,000 + $20,000 = $40,000

Explanation:

Explanation: Quick ratio is the ratio of liquid assets to current liabilities. Liquid assets are current assets less inventory. Liquid assets amounted to $140,000 while current liabilities are $40,000. The division of liquid assets by current liabilities gives quick ratio.

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2 years ago