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skelet666 [1.2K]
2 years ago
5

Consolidated Freightways is financing a new truck with a loan of $60,000 to be repaid in six annual end-of-year installments of

$13,375. What annual interest rate is Consolidated Freightways paying
Business
1 answer:
Sidana [21]2 years ago
3 0

Answer:

9%

Explanation:

Calculation to determine What annual interest rate is Consolidated Freightways paying

Based on the information given we would be using Financial calculator to determine the ANNUAL INTEREST RATE

PV= $60,000

PMT= -$13,375

N= 6

I/Y=?

Hence:

I/Y = 9%

Therefore annual interest rate that Consolidated Freightways is paying will be 9%

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Answer:

a. 480

Explanation:

The computation of the economic order quantity is given below:

EOQ = \sqrt{\frac{2\times annual \ demand \times ordering\ cost }{carrying \ cost}}  \\\\= \sqrt{\frac{2\times 3600\times \$32}{\$1} }

= 480 units

The carrying cost could be determined below:

= $4 × 25%

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Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance
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Answer:

1. Record each transaction in the journal. Explanations are not required.

April 1

Dr Cash 70,000

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April 3

Dr Office supplies 1,100

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Dr Cash 2,000

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April 7

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April 11

Dr Accounts receivable 400

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April 15

Dr Salaries expense 1,200

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April 16

Dr Accounts payable 1,100

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April 18

Dr Cash 2,700

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April 19

Dr Accounts receivable 1,700

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April 25

Dr Utilities expense 650

    Cr Accounts payable 650

April 28

Dr Cash 1,100

    Cr Accounts receivable 1,100

April 29

Dr Prepaid insurance 3,600

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Dr Salaries expense 1,200

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April 30

Dr Rent expense 2,100

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April 30

Dr Dividends 3,200

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2. Open the following four-column accounts including account numbers:

3. Post the journal entries to four-column accounts in the ledger,

I used an excel spreadsheet to answer questions 2 and 3

4. Prepare the trial balance of Theodore McMahon, Attorney, at April 30, 2018.

In order to prepare a trial balance we must prepare an income statement first.

Service revenue $6,800

Salaries expense -$2,400

Rent expense -$2,100

<u>Utilities expense -$650 </u>

Net income $1,650

retained earnings = net income - dividends = $1,650 - $3,200 = -$1,550

  Theodore McMahon, Attorney

               Balance Sheet

<u>For the Month Ended April 30, 2018</u>

Assets:

Cash $23,400

Accounts receivable $1,000

Prepaid insurance $3,600

Office supplies $1,100

Furniture $1,300

Land $30,000

Building $150,000

Total assets: $210,400

Liabilities and Equity:

Accounts payable $1,950

Notes payable $140,000

Common stock $70,000

Retained earnings ($1,550)

Total liabilities and equity: $210,400

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<span class="sg-text sg-text--link sg-text--bold sg-text--link-disabled sg-text--blue-dark"> pdf </span>
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3 years ago
Select the correct answer.
Lapatulllka [165]

Answer:

B. equity financing

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I don’t know but you will get it
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