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viktelen [127]
3 years ago
9

You have a credit card balance of $53.00 from the previous month. You have $172.45 in new purchases and you made a payment of $5

0.00. Your APR is 8.75%. According to the Previous Balance method, what amount would you use to calculate the interest for this month?
Business
1 answer:
Misha Larkins [42]3 years ago
5 0

Answer:

$50

Explanation:

As per previous balance method the Interest is charged based on the opening balance of the Credit Card.

As $50 was the balance from previous month and opening balance for this month, Hence $50 would be the amount we would use to calculate the interest for this month.

You might be interested in
Required information
Triss [41]

Answer:

1. Ending inventory = $3519

2. Cost of Goods Sold = $21030

3. Sales Revenue = $27279

4. Gross Profit = $6249

Explanation:

FIFO method of inventory valuation is whereby the stock that first comes into the business, leaves first. This is common in perishable inventory such as vegetables or fruits.

Jan 1. Beginning inventory: 53 units x $45 = $2385

Total

53 units x $45 = $2385

Apr 7. Purchase 133 units x $47 = $6251

Total

53 units x $45 = $2385

133 units x $47 = $6251

Jul 16. Purchase 203 units x $50 = $10150

Total

53 units x $45 = $2385

133 units x $47 = $6251

203 units x $50 = $10150

Oct 6. Purchase 113 units x $51 = $5763

53 units x $45 = $2385

133 units x $47 = $6251

203 units x $50 = $10150

113 units x $51 = $5763

1. Ending inventory = 502 - 433 = 69 hence,

69 units x $51 = $3519

2. Cost of Goods Sold =

[$2385 + $6251 + $10150 + (44 units x $51)] = $21030

OR $24549 - 3519 = $21030

3. Sales Revenue =

433 units x $63 = $27279

4. Gross Profit = Sales Revenue - Cost of Goods Sold hence,

$27279 - 21030 = $6249

4 0
2 years ago
Marigold Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is avai
Mars2501 [29]

Answer:

Marigold Company

Cost of goods sold = $9,119

Ending inventory = $7,461

Explanation:

a) Data and Calculations:

                            Units    Unit Cost    Total Cost

April 1 inventory    250         $14            $ 3,500

April 15 purchase  420           17                 7,140

April 23 purchase 330           18                5,940

Total                    1,000                           $16,580

Weighted-average costs   $16.58

Sales                     550

Cost of goods sold = 550 * $16.58 = $9,119

Ending inventory = 450 * $16.58 = $7,461

b) The first computation is for the total cost of goods available, which is then divided by the total units available for sale.  This gives the weighted-average cost per unit.  This unit cost is then multiplied with the units of ending inventory and sales to obtain the cost of the ending inventory and the cost of goods sold, respectively.

8 0
2 years ago
You are offered the following investments: You can invest $500 today and receive $600 in 5 years. The investment is low risk. Yo
grin007 [14]

Answer:

500

Explanation:

6 0
2 years ago
11. King Arthur is going into battle and he needs to decide how many more swords and helmets he should buy. The tables show the
Kazeer [188]
Can show the tables?
7 0
2 years ago
Equipment costing $130,000 is expected to have a residual value of $10,000 at the end of its six-year useful life. The equipment
Natalija [7]

Answer:

a. Straight-Line method:

Year depreciation = (Cost - Residual value) / useful life

= (130,000 - 10,000) / 6

= $20,000

2019 = $20,000                                      2020 = $20,000

b. Double declining.

= Twice the rate of straight-line.

= 1 / 6 * 2

= 33%

2019                                                            2020

= 130,000 * 33%                                        = (130,000 - 42,900) * 33%

= $42,900                                                 = $28,743

c. Units of Production:

Rate per unit = (Cost - residual) / Number of units in lifetime

= (130,000 - 10,000) / 1,000,000

= $0.12 per unit

2019                                                              2020

= 180,000 * 0.12                                           = 140,000 * 0.12

= $21,600                                                     = $16,800

6 0
3 years ago
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