What is the first account number used in the liabilities division? A. 20 C. 2 B. 21 D. 02

Beginning three months from now, you want to be able to withdraw $2,800 each quarter from your bank account to cover college exp

mr Goodwill [35]

Answer:

You will need to have $ 55,006.94

Explanation:

We need first to consider the following details according to the problem

We have a Annuity amount of $ 2900, a Rate(r)= 0.51%, and a Time(n)= 5 years (or 20 quarters ) .

To reach to the money that we would need to have in the bank today to meet the expense over the next four years we use the following formula:

PVA= annuity amount × [1 - (1 / (1 + r)n)] / r

PVA= $ 2900 x[ 1-{ 1/(1+0.0051)20)]/0.0051

PVA= $ 55,006.94

4 0

3 years ago

On July 1, a company paid the $600 premium on a one-year insurance policy with benefits beginning on that date. What will be the

Schach [20]

Answer:

$300

Explanation:

When insurance is paid in advance, the entries required are

Debit Prepaid Insurance

Credit Cash account

As time elapses and the insurance expires,

Debit Insurance expense

Credit Prepaid Insurance

Amount of insurance expense as at 31 December (6 months between 1 July and 31 December)

= 6/12 * $600

= $300

The insurance expense on the annual income statement for the first year ended December 31 is $300.

8 0

2 years ago

Where's the best place for a 17 year old to work at.<br> ps. im 17

mars1129 [50]

Finding the right place to be a waitress at could be really good :) But if you're not too inclined to rely mostly on tips here's a list of good places that have some benefits (free food, flexible schedule, etc.)

McDonalds
Lifeguard
Babysitter
Chipotle
Gas stations (I know someone who works there who says they offer a very flexible schedule)
Gap
Subway
Sonic
Little Cesar's
Rue 21 (or other stores similar to that)
Starbucks (they offer amazing benefits!)
Target
Apple support (I believe they send you a computer and all to be able to work and you also get discounts)

You can find plenty more online. Keep in mind that at 17, you can practically work anywhere! Good luck & hopefully this helped!! :))

4 0

3 years ago

Read 2 more answers

he credit union will have $1.6 million available for investment during the coming year. State laws and credit union policies imp

natulia [17]

Here is the full question.

The employee credit union at State University is planning the allocation of funds for the coming year. The credit union makes four types of loans to its members. In addition, the credit union invests in risk-free securities to stabilize income. The various revenue producing investments together with annual rates of return are as follows:

Type of Loan/Investment Annual Rate of Return (%)

Automobile loans 8

Furniture loans 10

Other secured loans 11

Signature loans 12

Risk-free securities 9

The credit union will have $1.6 million available for investment during the coming year. State laws and credit union policies impose the following restrictions on the composition of the loans and investments.

Risk-free securities may not exceed 30% of the total funds available for investment.

Signature loans may not exceed 10% of the funds invested in all loans (automobile, furniture, other secured, and signature loans).

Furniture loans plus other secured loans may not exceed the automobile loans.

Other secured loans plus signature loans may not exceed the funds invested in risk-free securities.

How should the $1.6 million be allocated to each of the loan/investment alternatives to maximize total annual return? Round your answers to the nearest dollar.

Automobile Loans $

Furniture Loans $

Other Secured Loans $

Signature Loans $

Risk Free Loans $

What is the projected total annual return? Round your answer to the nearest dollar.

$

Answer:

Explanation:

Let the amount invested in:

Automobile loans be Xa,

Furniture Loans be Xf,

Other Secured Loans be Xo,

Signature loans be Xs, &;

Risk-free loans be Xr

In reference on the Annual returns rate given;

Total annual returns = 8%×Xa + 10%×Xf + 11%×Xo + 12%×Xs + 9%×Xr

The various constraints given can be written as follows:

Xa + Xf + Xo + Xs + Xr = 1,600,000-----Constraint for amount available for investment

Xr = 30%*1,600,000 ----- Constraint for maximum risk free investment

Xs = 10%*(Xa + Xf + Xo + Xs) ----- Constraint for maximum amount in signature loans

Xf + Xo = Xa ------- Constraint for Furniture and other secured loans

Xo + Xs = Xr ------ Constraint for other secured loans and signature loans

Using the Excel Formula for solving this;

we have the following result.

Automobile Loans $ 504,000

Furniture Loans $ 136,000

Other Secured Loans $ 368,000

Signature Loans $ 112,000

Risk-Free Loans $ 480,000

The projected total annual return = $ 151,040

The computation of the excel formula on how we arrived at those valid figures above is shown in the attached files below.

Thanks!

5 0

3 years ago

Excerpts from Huckabee Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receiv

Setler79 [48]

Answer:

71.57 days

Explanation:

For computing the average collection period first we have to determine the account receivable turnover ratio which is shown below:

Account receivable turnover ratio = Credit sales ÷ average accounts receivable

where,

Average accounts receivable = (Opening balance of Accounts receivable + ending balance of Accounts receivable) ÷ 2

= ($75,000 + $83,000) ÷ 2

= $79,000

And, the net credit sale is $403,000

Now put these values to the above formula

So, the answer would be equal to

= $403,000 ÷ $79,000

= 5.10 times

Now

Average collection period in days = Total number of days in a year ÷ accounts receivable turnover ratio

= 365 days ÷ 5.10 times

= 71.57 days

5 0

3 years ago