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3 years ago

what is the effective interest rate of a simple discount note of 8000 at an ordinary bank discount rate of 11%, for 120 days?

Business

1 answer:

Westkost [7]3 years ago

8 0

Answer:

11.41%

Explanation:

Discount rate = 11%, M = 120 days = 3 month

Effective rate = [(1 + 11% / 3)^3] - 1

Effective rate = [(1 + 0.11/3)^3] - 1

Effective rate = [(1 + 0.0366667)^3] - 1

Effective rate = [(1.0366667)^3] - 1

Effective rate = 1.1140827371 - 1

Effective rate = 0.1140827371

Effective rate = 11.40827371%

Effective rate = 11.41%

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Revise your worksheet to reflect the following transactions and updated values at the end of the accounting period, then answer

lesya [120]

Answer:

1a. Revised Cash balance $23,710

1b. No. the Bank reconciliation is NOT in balance

2a.$23,630

2b.No. The bank reconciliation will still NOT be in balance

3.The difference of $171,000 will be subtracted from the book balance

Explanation:

1a.Preparation of the Revised Cash Book

Particular Debit Particular Credit

Unadjusted $16,830; EFT of Utility $1,400

Balance $9,900 ; Bil $100

Note Collected 1,100; Service Fee Charged $2,700

Interest on Note Collected 90 ; NSF Checks Dishonored $23,710

Excess of Insurance Expense 27,910; Revised Balance $27,910

Therefore the Revised Cash balance at the end of the period will be $23,710

1b.NO. The Bank reconciliation is NOT in balance because the revised balance is still not matched with the bank balance reason been that the amount of $23,710 is not equal to $19,610

2-a) In a situation where the entry to correct the insurance payment hasn’t been made, the balance of cash book will be :

$23,710 – $80 = $23,630

2-b) No. The bank reconciliation will still NOT be in balance because $23,630 is not equal to $19,610

3. If company incorrectly recording a customer deposit at $190,000 rather than $19,000, this increases the balance of cash book by $171,000. Therefore, the company subtracted the difference of $171,000 from the book balance

3 0

4 years ago

It is rumored that the Illinois Operations Manager, Sam, has requested the quarterly budget to include an available position for

AURORKA [14]

Answer:

Convene a meeting and ask Sam to substantiate the need for a new team leader. Review the ethics policy and company hiring guidelines. Express your concerns about the budget.

Explanation:

As in the given question, it is mentioned that Sam wants to hire this specific team leader as it provides some methods for the cost-cutting

So for making the best ethical decision, he wants to convene a meeting and need a new team plus also check the ethics policy and guidelines for hiring in the company. Moreover, it also focused on the budget

Therefore, the correct option is B

6 0

4 years ago

KCCO, Inc., has current assets of $4,200, net fixed assets of $23,400, current liabilities of $3,750, and long-term debt of $8,4

Gennadij [26K]

Answer:

Share holder's equity = $15,450

Explanation:

given data

current assets = $4,200

net fixed assets = $23,400

current liabilities = $3,750

long-term debt = $8,400

solution

we get here value of the shareholders equity that is express as

Share holder's equity = (current assets + net fixed assets) - (current liabilities + long term debt) ....................1

put here value we get

Share holder's equity = ( $4,200 + $23,400) - ( $3,750 + $8,400 )

Share holder's equity = $15,450

7 0

3 years ago

An author's audience refers specifically to

MakcuM [25]

The journal or newspaper the work is published in the reader the specific person or group of people the writer is directing his or her information towards anyone who happens to pick up the article or book and reads it.

Hope this helps! :)

3 0

3 years ago

Levitt promoted the idea that the success of companies like McDonald's and Coca-Cola that sell essentially the same products eve

Ksivusya [100]

Answer:

Globalization of markets and brands

Correct option A

Explanation:

Globalization has enabled firms to specialize and to increase the intensity of R&D, innovation and capital in their output.

Globalization has made it easier for new companies to start competing with old companies.

Globalization has made companies to increased the number of people that it employs, both through exports and imports.

4 0

4 years ago