1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Natali5045456 [20]
3 years ago
14

Trudy’s monthly expenses are outlined in the chart below. Trudy’s job pays her $36,000 annually. Determine Trudy’s DTI (debt-to-

income) ratio. Trudy's Debt and Income Income: $36,000 (annually) Rent: $695 (monthly) Car Payment $265 (monthly) Student Loan $200 (monthly) Credit Cards $160 (monthly) a. 28% b. 35% c. 37% d. 44% Please select the best answer from the choices provided A B C D
Business
2 answers:
cluponka [151]3 years ago
6 0

Answer:

d. 44%

Explanation:

Calculation to determine what DTI ratio is

First step is to calculate the Debt

Using this formula

Debt = (Rent expense + Carr payment + Loan + Credit card payment) × Number of months in a year

Let plug in the formula

Debt =[($695 + $265 + $200 $160) × 12 months]

Debt= $1,320 × 12 months

Debt = $15,840

Now let calculate DTI ratio using this formula

Using this formula

Debt to income ratio = (Debt) ÷ (Income) × 100

Let plug in the formula

DTI ratio=[ ($15,840 ÷ $36,000) × 100]

DTI ratio=0.44*100

DTI ratio= 44%

Therefore DTI ratio is 44%

Art [367]3 years ago
6 0

Answer:

I found the missing data:

Monthly expenses:  

rent is $695

car payment is $265

student loan's $200

credit cards $160

695 + 265 + 200 + 160 = 1,320

1,320 * 12 months = 15,840

Debt-to-Income ratio = 15,840 / 36,000

Debt-to-Income ratio = 0.44

Trudy's DTI ratio is d. 44%

Explanation:

All credit to BlueSky06 for this answer.

You might be interested in
5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal pl
Zigmanuir [339]

Complete Question:

The Company has the following transactions related to its top-selling Mongoose mountain bike for the month of March. The Company uses a periodic inventory system.

Date Transactions Units Unit Cost Total Cost

March 1 Beginning inventory 20 $230 $4,600

March 5 Sale ($360 each) 15

March 9 Purchase 10 250 2,500

March 17 Sale ($410 each) 8

March 22 Purchase 10 260 2,600

March 27 Sale ($435 each) 12

March 30 Purchase 8 280 2,240

For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase.

Required:

a. Calculate ending inventory and cost of goods sold at March 31, 2015, using the specific identification method. The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes

from beginning inventory and eight bikes from the March 22 purchase.

b. Using FIFO, calculate ending inventory and cost of goods sold at March 31, 2015.

c. Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2015.

d. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2015.(Round your intermediate and final answers to 2 decimal places.)

e. Calculate sales revenue and gross profit under each of the four methods.

Answer:

The Company

Ending Inventory:

a. Specific Identification:

Beginning inventory 1 * $230 = $230

March 9 purchase  2 *  $250 =  500

March 22 purchase 2 * $260 = 520

March 30   Purchase 8 * $280 =2,240

Total value of inventory 13 units = $3,490

Cost of goods sold = Cost of goods available for sale Minus Ending Inventory

= $11,940 - $3,490

= $8,450

b. FIFO:

March 22   Purchase     5   260     1,300

March 30   Purchase     8   280    2,240

Ending Inventory          13           $3,540

Cost of goods sold = Goods available for sale Minus Ending Inventory

= $11,940 - $3,540

= $8,400

c. LIFO:

Ending Inventory:

March 1  Inventory     13    $230         $2,990

Cost of goods sold = Goods available for sale Minus Ending Inventory

= $11,940 - $2,990

= $8,950

d) Weighted -Average Cost:

Ending Inventory = $248.75 * 13 = $3,233.75

Cost of Goods Sold = $248.75 * 35 = $8,706.25

                                     Specific          FIFO         LIFO         Weighted

                               Identification                                           Average

Sales                           $13,900       $13,900      $13,900       $13,900.00

Cost of goods sold        8,450           8,400         8,950         $8,706.25

Gross profit                 $5,450         $5,500      $4,950          $5,193.75

Explanation:

Dat and Calculations:

Shop uses periodic inventory system

Date           Transactions               Units      Unit Cost    Total Cost   Total

March 1      Beginning inventory     20          $230         $4,600       Sales

March 5     Sale ($360 each)                   15   $360                          $5,400

March 9     Purchase                       10            250           2,500

March 17    Sale ($410 each)                   8     $410                           $3,280

March 22   Purchase                      10            260           2,600

March 27   Sale ($435 each)                12     $435                         $5,220

March 30   Purchase                      8             280           2,240

Total Goods available for sale     48   35                     $11,940   $13,900

Ending Inventory = 13 (48 - 35)

Weighted average cost = Cost of goods available for sale/Units of Goods available for sale

= $11,940/48 = $248.75

Specific Identification:

March 5 sale 15 consists of bikes from 15 beginning inventory Bal 5 - 4 = 1

March 17 sale 8 consists of bikes from the March 9 purchase  Bal  = 2

March 27 sale 12 consists of four bikes from beginning inventory and eight bikes from the March 22 purchase Bal  = 2

Ending Inventory:

Specific Identification:

Beginning inventory 1 * $230 = $230

March 9 purchase  2 *  $250 =  500

March 22 purchase 2 * $260 = 520

March 30   Purchase 8 * $280 =2,240

Total value of inventory 13 units = $3,490

FIFO:

March 22   Purchase     5   260     1,300

March 30   Purchase     8   280    2,240

Ending Inventory          13           $3,540

LIFO:

March 1      Beginning inventory     13    $230         $2,990

Weighted-Average Costs:

Ending Inventory = $248.75 * 13 = $3,233.75

Cost of Goods Sold = $248.75 * 35 = $8,706.25

5 0
3 years ago
Analyzing and Reporting Financial Statement Effects of Bond Transactions Winston Inc. reports financial statements each December
attashe74 [19]

Answer and Explanation:

The financial statement effects template to reflect the following events is shown below:-

Balance Sheet

Transaction Cash assets + Non Cash = Liabilities+Contributed                                                 assets                               capital Earned Capital

a.                      $400,000                           $400,000

b.                       -$18,000                                                

-$18,000

c.                      -$202,000                        -$202,000  

Income statement

Transaction     Revenue     -   Expense    =     Net income

b.                       $18,000            -$18,000

c.                                                  $2,000           -$2,000

8 0
3 years ago
What are Aggregate Demand and Aggregate supply?
Kaylis [27]

Answer:

total or effective demand for good or service

total quantity of output firm will produce

3 0
3 years ago
An entrepreneurial team is a group composed of the entrepreneur plus the firm's banker, cpa, and attorney. the firm's managers.
makvit [3.9K]

Answer:

"An entrepreneurial team is a group composed of the entrepreneur plus the firm's banker, CPA, and attorney."

Explanation:

An entrepreneurial team usually consists of 2 or more people with a great interest in the success and future of a company. The work of this team is interdependent as they pursue common goals for success for the venture. They are usually interested in the financial and other areas of a company and include the entrepreneur, the CPA, attorney, and the organization's banker.

8 0
4 years ago
Jennifer's income is too high to qualify for the credit on Form 8880, Credit for Qualified Retirement Savings Contributions.A. T
a_sh-v [17]

Answer:

given statement is true

Explanation:

solution

the given statement is true because  

by encouraging, people of the lower income is contributing to their retirement savings account.  

and IRS offers a tax credit for contributions to them for claim the retirement savings credit

so  Jennifer must use IRS form 8880

and credit percentage decreases as the as AGI increases

so we can say given statement is true

3 0
3 years ago
Other questions:
  • If you buy a home that costs $100,000, it is currently worth $200,000, and you still owe $50,000 on it, how much equity do you h
    8·1 answer
  • Michael Pollan discusses ""industrial organic"" agricultural systems in The Omnivore’s Dilemma. What is / are characteristic(s)
    6·1 answer
  • The following totals for the month of July were taken from the payroll register of Lakeside Company.Salaries$16,000Social securi
    9·1 answer
  • Tache Corporation uses the weighted-average method in its process costing system. The first processing department, the Welding D
    13·1 answer
  • When an F5 (category 5) tornado hit a town in southern Missouri, the people that lived there needed the basics: food, water, and
    10·1 answer
  • Trent Co. reports the following information: Net cash provided by operating activities $430,000 Average current liabilities 300,
    13·1 answer
  • Spencer Supply’s stock is currently selling for $60 a share. The firm is expected to earn $5.40 per share this year and to pay a
    7·1 answer
  • Bentley estimates manufacturing overhead of $3,251,600 for 2013 and will apply overhead to units produced based on 739,000 machi
    11·1 answer
  • 1. What is the Law of Demand?
    7·1 answer
  • Which components must all tasks have? Check all that apply.
    13·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!