Answer:
The largest monthly payment he can afford for the T.V set in order to be kept within a safe load of 20% is $156
Explanation:
Before we calculate, let us extract the key information from this question:-
*** David's monthly net income is $1,360
*** David pays a monthly rent of $450
*** He is paying off a student loan which costs him $116 per month.
*** He intends purchasing a new T.v set
*** We are simply required to determine the largest monthly payment that David can afford for the T.v set in order for him to be kept within a safe load of 20%.
In order to calculate the largest monthly payment that he can afford for the T.v set so as to be kept within a safe load of 20%, we will need to determine the actual amount that is twenty percent of his net income. If his net income is $1,360 then twenty percent of it is:
20/100 × 1360
= 27200/100
= $272
All we need to do now to find the largest monthly payment he can afford for the TV set is to subtract the student loan that he is paying off monthly ($116) from twenty percent of his net income ($272). That is:-
$272 - $116 = $156
Therefore the largest monthly payment that David can afford for the television set in order for his credit card payments and student loan to keep him within a safe debt load of 20% is $156.
Using economic understanding, insurance is "<u>Economically feasible</u>" when the possible loss is relatively large compared to the premium amount.
This is because when an individual insured on a premium account loses huge properties that are considerably large compared to the premium paid, this is economically feasible to such an individual.
For example, if an individual has his vehicle worth $1 million on damaged but has only paid less than $100,000 as insurance fee, such individual would have his car replaced by the insurance firm, despite only paying 10 percent of the car price as insurance fee.
Thus, this situation is considered <u>economically feasible.</u>
Hence, in this case, it is concluded that the correct answer is "<u>Economically feasible."</u>
Learn more here: brainly.com/question/13769098
The number of team members you can hire based on your annual budget of $620,000 for the social media team is <u>16</u>.
<h3>What is budgeting?</h3>
Budgeting is the process of making a financial estimate of expected revenue and expenditure for a period.
Budgeting ensures that sufficient funds are made available and spending does not exceed the budgeted amount.
<h3>Data and Calculations:</h3>
Annual budget for media team = $620,000
Member's rate per hour = $18
Total hours worked per year by a member = 2,040
A member's earnings per year = $36,720 ($18 x 2,040)
The number of team members to hire =16.9 ($620,000/$36,720)
Thus, the number of team members to hire for the social media team is <u>16</u>.
Learn more about budgeting at brainly.com/question/24940564
Answer:
Effective interest on June 30 on a 6% $60 million bond at 7% effective rate is $1,950,778
The interest is treated in the books of account thus:
Debit interest expense $1,950,778
Credit Bond account $1,950,778
Explanation:
The effective interest is computed using the below formula
Amount x Effective Rate (%) = Interest Expense
Amount=$55,736,520
Effective rate =7%/2 =3.5% semi-annually
Interest expense=$55,736,520*3.5%
Interest expense=$1,950,778
Answer:
D. Debiting Wage Expense for $1,080 and crediting Wages Payable for $1,080.
Explanation:
Salary Calculation for three employees for one day = $ 600 + $ 600 + $ 600/5= 1800/5= $ 360
Salary for 3 days for 3 workers= $ 360 * 3= $ 1080
Adjusting Entry would be recognizing the expense and liability for the payment of wages.
So
Wages expense will be debited with $ 1080
And wages payable would be credited with $ 1080
