Answer and Explanation:
a. The preparation of income statement is shown below:-
Income Statement
Service revenue $80,000
operating expenses
Salary expenses $28,000
Uncollectible accounts
expense $3,273
Total operating expense $31,273
Net income $48,727
Working Note :-
Days Amount Percentage Allowance balance
Current $16,800 0.01 $168
0-30 $5,100 0.05 $255
31-60 $4,000 0.10 $400
61-90 $2,000 0.30 $600
Over 90
days $3,700 0.50 $1,850
Total $31,600 $3,273
b. The computation of net realizable value of the accounts receivable is shown below:-
Net realizable value = Accounts receivable - Allowance for doubtful accounts
= ($80,000 - $48,400) - $3,273
= $31,600 - $3,273
= $28,327
Answer:
It will take up to 3 years for the total interest to exceed $5.00
Explanation:
The future value of an investment whose interest is compounded continuously can be expressed as;
A=P e^(rt)
where;
A=future value of the investment
P=initial value of investment
r=annual interest rate
t=number of years
In our case;
A=Initial value+interest=(100+5)=$105
P=$100
r=2.4%=2.4/100=0.024
t=unknown
replacing;
105=100 e^(0.024 t)
e^(0.024 t)=105/100
e^(0.024 t)=1.05
ln {e^(0.024t)}=ln 1.05
0.024 t ln e=ln 1.05
but ln e=1
0.024 t=ln 1.05
t=ln 1.05/0.024
t=2.03 years rounded up=3 year
It will take up to 3 years for the total interest to exceed $5.00
Answer:
$32,419
Explanation:
I prepared an amortization schedule using an excel spreadsheet. The monthly payment is $673.32:
year beginning scheduled principal interest ending
balance payment balance
1 $33,333 $673.32 $456 $218 $32,877
.45
2 $32,877 $673.32 $459 $215 $32,418.91
The outstanding balance after the second payment = $32,418.91 ≈ $32,419
A credit union usually has membership requirements
The red flags that help an organization to assess if it needs to clarify or reinforce its values includes:
- when top leaders send mixed messages about what is important
- when different individuals and subgroups have fundamentally
- when the organization has values but does not practice them .
<h3>What is a
red flag?</h3>
It refers to a warning or indicator that is suggesting that there is a potential problem or threat with a company's stock, financial statements, news reports etc. It may be any undesirable characteristic that stands out to an analyst or investor.
Hence, in this case a red flag has occurred when members lack understanding about how they should behave as they attempt to meet goals, when different individuals and groups have different value systems, when top leaders send mixed messages about what is important, when day-to-day life is disorganized, when members complain about the organization and when organization has values but does not practice them.
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