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3 years ago

15

A general rule of thumb is to keep your credit utilization rate at 30% or lower. What is your approximate credit utilization rat

e for this current billing cycle? (Hint: Credit Utilization Rate = Balance / Credit Limit)

1 answer:

Leto [7]3 years ago

7 0

Answer:

90%

Explanation:

You might be interested in

At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000. XYZ’s man

vivado [14]

Answer:

1. $13,500

2. $13,500

3. $336,500

Explanation:

1. Bad debt expense:

= Sales × Percent of sales uncollectible

= $900,000 × 1.5%

= $13,500

Therefore, the bad debt expense for the year 2019 is $13,500.

2. Allowance for Doubtful accounts = $13,500

3. For the end of 2019, what is the company's net realizable value:

= Accounts receivable - Allowance for Doubtful accounts

= $350,000 - $13,500

= $336,500

6 0

2 years ago

On january 11, 2016, hughes company applied for a trade name. Legal Costs associated with the application were $20,000. In Jan.

wlad13 [49]

Answer:

1. Ending Carrying value value in 2016 = legal cost for application which is $20,000

Ending Carrying value in 2017 = legal cost of application in 2016 + legal fees incurred in 2017 = $20,00 + $8000= $28,000

2. The company should not amortize the trade as it was not impaired in 2016 and 2017.

The trade name can be amortized if it's useful life is known above which the company has determined that it will not use the trade name anymore, then it will be amortized over it's useful life.

6 0

3 years ago

Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2018. The manufacturing cost

Llana [10]

Answer:

$89,350

Explanation:

Calculation to determine the outstanding balance of the lease liability in Lone Star's December 31, 2018, balance sheet

First step is to calculate the Balance after first payment

Initial lease liability $130,000

Less: First payment $23,000

Balance after first payment $107,000

Second step is to calculate the Interest expense for June 30,2021

Interest expense for June 30,2021= $107,000*5%

Interest expense for June 30,2021=$5,350

Third step is to calculate the Principal payment for June 30,2021

Principal payment for June 30,2021=$23,000-$5,350

Principal payment for June 30,2021=$17,650

Now let calculate the Outstanding balance on June

Balance after first payment. $107,000

Less: Principal payment for June $17,650

Outstanding balance on June $89,350

Therefore the outstanding balance of the lease liability in Lone Star's December 31, 2018, balance sheet is $89,350

8 0

3 years ago

On January 15, 2021, Concord Company received a two-month, 6%, $8300 note from William Pentel for the settlement of his open acc

olganol [36]

$10500.

What is credit and debit?

Events known as business transactions have a financial influence on an organization's financial statements. We enter the figures in two accounts, with the debit column on the left and the credit column on the right, to account for these transactions.

<u>Debit</u>

An accounting debit is an addition to an asset or cost account or a subtraction from a liability or equity account. In an accounting entry, it is placed to the left.

<u>Credit</u>

A credit is an accounting item that either raises or lowers an asset or cost account. It can also increase or decrease a liability or equity account. In an accounting entry, it is placed to the right.

Learn more about credit and debit with the help of given link:-

brainly.com/question/27917616

#SPJ4

4 0

2 years ago

Lending money and collecting the loans are A. operating activities. B. investing activities. C. Non-cash investing and financing

Ne4ueva [31]

Answer:

B. investing activities.

Explanation:

Cash flow transactions are categorized into three categories,

Operating
Investing
Financing

Under Investing activities a company invests the money or cash in some sort of securities, in our case case loan, while investing it gives the money to some third person, then it gets return like interest or dividend on such amount.

Here, the company has lend some money in the form of loan and then it collects the loan, therefore it is investing activity.

Exceptionally if a company is a banking or NBFC companies then it lends money in normal course, and then collects them back in that case it is operating activity.

In general it is

B. investing activities.

6 0

3 years ago