The next monthly interest payment on a loan with a principal balance of $19,531 is $109.86. 6.75% is the interest rate on the loan.
The interest rate is the percentage of the loan that the borrower pays to the lender. Most loans pay interest in addition to the principal. Lending rates are usually expressed in his APR or APR which includes both interest and fees.
Monthly Interest Payment means the amount of interest payable on the Payment Date for the preceding Interest Period based on the interest calculated at the Monthly Interest Rate for the preceding Interest Period.
Interest is an additional payment known as interest on top of the principal paid to a lender for the right to borrow money.
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Answer:
B. First-in, first-out (FIFO)
Explanation:
First-in, first-out (FIFO) is an accounting principle which refers to a process whereby assets that are purchased first are sold first. In this situation, the cost in which the particular inventory was purchased is still the same cost with which it is sold out.
First-in, first-out principle can be used to determine the profitability of a merchandise with its associated cost taken into consideration.
Answer:
c) Beth Teal pays $15,000 a year to her gardener, Ben. Beth is Ben's grandmother.
Explanation:
A related party transaction is any business transaction that takes place between entities that share some type of common interest, e.g. a parent company leasing a factory to one of its subsidiaries. They are legal, but the potential for conflicts of interest exist. Following the example, if the lease price is higher than fair market price, then the transaction could be considered fraudulent. The SEC requires that publicly traded corporations disclose all related party transactions.
Answer:
TRUE: A. Different companies will use different charts of accounts based on individual company need.
C. The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.
Explanation:
A. <u>Different companies will use different charts of accounts based on individual company need.</u>
A chart of accounts is the combination of all the accounts of an organization in an organized and structured model whose objective is to establish a codification so that there is a standardization of the company's financial information to assist the work of the accounting sector.
Therefore, each company will have a model chart of accounts referring to its activities and processes.
<u>C.</u><u> </u><u>The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.</u>
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</u>The general ledger can be defined as the set of all accounts held in the organization in detail.
Through the information in the accounts, the organization is able to correctly separate each one by type and carry out the organizational financial statement.
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Answer:
42,000 yards
Explanation:
The order point must account for the total usage during the lead-time plus the desired safety stock.
If the lead-time is 10 days, the daily usage is 3,000 yards, and Sully desires a safety stock of 12,000 yards, the order point must be:
Sully's order point is 42,000 yards.
