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beks73 [17]
3 years ago
13

Sabrina Company borrowed $225,000 to buy an equipment on January 1, 2019, and signed a 7% instalment note requiring annual equal

payments of $24,704, including principal and interest at the end of every year for 15 years. Rounded to the nearest dollar, determine the balance in the Instalment Note Payable account on January 1, 2021, after making the first two annual payments.
a. $189,613.
b. $206,466.
c. $199.194.
d. $216,046.
Business
1 answer:
allsm [11]3 years ago
5 0

Answer:

The correct option is b. $206,466.

Explanation:

Interest expense on December 31, 2019 = Note payable on January 1, 2019 * Interest rate = $225,000 * 7% = $15,750

Principal paid on December 31, 2019 = Annual fixed installment - Interest expense on December 31, 2019 = $24,704 - $15,750 = $8,954

Note Payable balance on January 1, 2020 = Note payable on January 1, 2019 - Principal paid on December 31, 2019 = $225,000 - $8,954 = $216,046

Interest expense on December 31, 2020 = Note payable on January 1, 2020 * Interest rate =$216,046 * 7% = $15,123

Principal paid on December 31, 2020 = Annual fixed installment - Interest expense on December 31, 2020 = $24,704 - $15,123 = $9,581

Note Payable balance on January 1, 2021 = Note payable balance on January 1, 2020 - Principal paid on December 31, 2020 = $216,046 - $9,581 = 206,465

From the options in the question, the closest one to the Note Payable balance on January 1, 2021 calculated above is b. $206,466. Therefore, the correct option is b. $206,466.

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If estimated annual factory overhead is $546,000; overhead is applied using direct labor hours; estimated annual direct labor ho
pochemuha

Answer:

correct option is c.$1,300 under applied

Explanation:

given data

annual factory overhead = $546,000

annual direct labor hours =  210,000

March factory overhead = $48,100

March direct labor hours = 18,000

solution

we get here Predetermined overhead rate that is express as

Predetermined overhead rate = Estimated overhead ÷  Estimated labor hours   ......................1

put here value

Predetermined overhead rate = \frac{546000}{210000}

Predetermined overhead rate =  $2.6 per labor hour

and

overhead applied is

overhead applied = Actual labor hours in march × Predetermined overhead rate     ................2

overhead applied  = 18000 × $2.6

overhead applied  = $46,800

so we get Under or over applied overhead as

Under or over applied overhead  = actual overhead - applied overhead   ................3

put here value we get

Under or over applied overhead  = $48100 - $46800

overhead = $1,300 under applied

so correct option is c.$1,300 under applied

5 0
3 years ago
Select the statements that are true.
o-na [289]
<h2>The first three options are right</h2>

Explanation:

Exchange rate:

  • The "price  or value of one country's currency" is exchanged for the price of "another country's currency value".
  • The exchange rate always varies. It gets updated everyday.
  • Exchange rates are calculated based on the value of "interest rate, trade, inflation, growth rate, employment and geopolitical conditions".
  • There are two ways in which currency value is determined. A floating value is identified by the open market.
  • We must travel to another country when we need more exchange rates.

4 0
3 years ago
____ an business that is able to raise capital by selling shares on the stock market​
Elina [12.6K]

Answer:

public limited company

Explanation:

shares of public limited companies can be freely brought and sold on the sock market .

4 0
3 years ago
The average U.S. worker is MOST likely to hold about _____ jobs between the ages of 18 and 25. Please choose the correct answer
hoa [83]
The correct answer is 2 to 3
5 0
3 years ago
Suppose you invest in 100 shares of Harley- Davidson (HOG) at $40 per share and 230 shares of Yahoo(YHOO) at $25 per share. If t
masha68 [24]

Answer:

option (D) - 1.54%

Explanation:

Number of share of Harley- Davidson (HOG) = 100

Number of share of Yahoo(YHOO) = 230

Purchase price of share of Harley- Davidson (HOG)  = $40 per share

Purchase price of of share of Yahoo(YHOO)  = $25 per share

Final price of the share  of Harley- Davidson (HOG) = $50

Increase in price of the share  of Harley- Davidson (HOG) = $50 - $40 = $10

Final price of the share  of Yahoo(YHOO) = $20

Increase in price of the share  of Yahoo(YHOO) = $20 - $25 = - $5

here, negative sign means the loss

Now,

Total amount invested = 100 × $40 + 230 × $25

= 4,000 + 5,750

= $9,750

also,

Total net gain from shares = $10 × 100 - $5 × 230

= 1,000 - 1,150

= -150

return on your portfolio = \frac{\textup{Net gain }}{\textup{Amount invested}}\times100\%

= \frac{\textup{-150}}{\textup{9,750}}\times100\%

= - 1.538% ≈ - 1.54%

option (D) - 1.54%

4 0
4 years ago
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