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3 years ago

22. Find the effective rate of interest to the nearest hundredth percent if $60.94 is earned in one year on a deposit of

Business

1 answer:

Delvig [45]3 years ago

4 0

Answer:

6.25%

Explanation:

Interest is calculate using the formula

I= P x R x T

in this case

I= interest, p= $975, r=?? ,t = 1

Therefore:

60.94 = 975 x r x 1

60.94 =975 r/100... we multiply both side by 100 to get rid of the fraction.

6094=975r

r=6094/ 975

r=6.2502

interest rate = 6.25%

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If an individual investor uses the services of a broker to buy and sell stocks that are currently being traded in the stock mark

sergejj [24]

Answer:

a. False

Explanation:

A "primary transaction" refers to the selling of new stocks and bonds for the first time towards the public. A great example of this is the "Initial Public Offering" (IPO) which allows "public share issuance."

On the other hand, a "secondary transaction" refers to the trading of investors among themselves. There is no involvement of the issuing companies here. So, this means that if an investor uses the services of a broker to buy and sell stocks that are currently being traded in the stock market, the transaction doesn't directly involve the issuing company. This kind of transaction is then called "secondary."

So, this explains the answer.

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3 years ago

Analysis of Accounts Receivable and Allowance for Doubtful Accounts Steelcase, Inc. reported the following amounts in its 2014 a

Naddika [18.5K]

Answer:

b. Gross Receivable = Net receivable +Allowance

2014 = $306.8 + $13 = $319.80

2013 = $287.3 + $14.5 = $301.8

Allowance as a % of Gross receivable = Allowance / Gross receivable

2014 = $13/319.80 = 0.041 = 4.1%

2013 = $14.5/301.8 = 0.015 = 1.5%

c. Average Net Accounts receivable = (Accounts receivable, net 2014 + Accounts receivable, net 2013) / 2 = ($306.8 + $287.3] / 2 = $297.05

Receivable Turnover = Net credit sales / Average Net Accounts receivable

Receivable Turnover = $2,989 / $297.05

Receivable Turnover = 10.06 Times

d) Cash received in 2014 = Beginning Gross receivables + Net sales - Ending Gross receivables-Adjustment in allowance (Write-off 2014)

Cash received in 2014 = $301.8 + $2,989 - $319.8 - $4.3

Cash received in 2014 = $2,966.7

Increase in customer deposits = $16 - 13.5 = $2.5

Total Cash received from customers in 2014 = Cash received in 2014 + Increase in customer deposits

Total Cash received from customers in 2014 = $2,966.7 + $2.5

Total Cash received from customers in 2014 = $2969.20

6 0

3 years ago

The sales era emerged because of an increased need to move products during the Great Depression.

marissa [1.9K]

I think it’s false because no one was buying anything during the depression

4 0

3 years ago

Suppose you deposit $1,091.00 into an account 6.00 years from today that earns 12.00%. It will be worth $1,728.00 _____ years fr

Taya2010 [7]

Answer:

It will take 10.058 years from today.

Explanation:

Giving the following information:

Present value= $1,091

Future value= $1,728

Interest rate= 12%

First, we need to calculate the number of years it will take to transform the PV into the FV:

n= ln(FV/PV) / ln(1+i)

n= ln(1,728/1,091) / ln(1.12)

n= 4.058 years

It will take 10.058 years from today.

4 0

3 years ago

Jessep Corporation has a standard cost system in which manufacturingoverhead is applied to units of product on the basis of dire

Orlov [11]

Answer:

Standard fixed overhead rate

= Budgeted fixed overhead cost

Budgeted direct labour hours

= $45,000

15,000 hours

= $3 per direct labour hour

Fixed overhead volume variance

= (Standard hours - Budgeted hours) x Standard fixed overhead rate

= (12,000 hours - 15,000 hours) x $3

= $9,000(U)

The correct answer is B

Explanation:

In this case, we need to calculate standard fixed overhead rate, which is budgeted fixed overhead cost divided by budgeted direct labour hours. Then, we will calculate fixed overhead volume variance, which is the difference between standard hours and budgeted hours multiplied by standard fixed overhead rate.

8 0

3 years ago