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solong [7]
2 years ago
12

When he became the president of Jem Incorporated, John Smith changed the date of the weekly payday from the end of the day on Mo

nday to the end of the day on Friday. The company has a weekly payroll of $10 million, and the cost of short-term funds was 13%. If this change delayed check clearing by 1 week, what annual savings were realized
Business
1 answer:
vladimir2022 [97]2 years ago
6 0

Answer: $1.3 million

Explanation:

Based on the information given in the question, if this change delayed check clearing by 1 week, then the annual savings that were realized will be:

= Weekly payroll × Cost of short term funds

= $10 million × 13%

= $10 million × 0.13

= $1.3 million

Annual savings realized is $1.3 million.

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Summit Record Company is negotiating with two banks for a $150,000 loan. Fidelity Bank requires a compensating balance of 26 per
BaLLatris [955]

Answer and Explanation:

The computation of the effective interest rate is shown below:

For Fidelity bank

= (2 × 4 × $150,000 × 0.12) ÷ (4 +1 )× ($150,000 - $18,000 - ($150,000 × 26%)

= 30.97%

For southwest bank

= (2 × 12 × $150,000 × 0.12) ÷ (12+1 )× ($150,000 - ($150,000 × 13%)

= 25.46%

8 0
3 years ago
What theory asserts that workers want to be taken care of and protected by their leaders?
svlad2 [7]
I believe the correct answer is Theory X.
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5 0
3 years ago
If your answer is zero, enter "O". a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $2,340 a mon
scoundrel [369]

Answer:

$2,400 in 2019 are deductible as alimony.

Step-by-step explanation:

Hillary get divorced in the year = 2016

She has to pay her ex-spouse $200 per month until her son reaches 18 years of age in 7 years.

His son will reach of the age of 18 = 2016 + 7 = 2023

She has to pay $200 till 2023 and $120 thereafter.

Her payments are deductible as alimony in 2019 would be = $200 × 12

                                                                                                 = $2,400

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4 0
2 years ago
"when the number of units produced exceeds the number of units sold, net income under absorption costing will be:"
r-ruslan [8.4K]

Answer:

The answer is that the net income under absorption costing would be higher than the net income under variable costing.

Explanation:

Absorption costing and variable costing are terms used in accounting contexts. Absorption costing, also known as full costing, incurs overhead costs when the product is sold; not before it. Variable costing, also referred to as direct costing, would include overhead costs during the period the costs occurred. In this condition, net income would be higher using absorption since overhead costs would not be included until the product is sold.

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