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rjkz [21]
3 years ago
10

Michelle is attending a university where tuition for one year costs $17,300. She has a scholarship worth $5,000 per year. She ea

rns $2,700 per year at her part-time job. She plans to take out a loan to cover the remaining tuition costs. Tuition will increase by $500 each year. If she completes college in 4 years, how much money will Michelle need to borrow
Business
1 answer:
Dmitry_Shevchenko [17]3 years ago
6 0

Answer:

$41,400

Explanation:

Tuition will increase by $500 each year

Year 1 tuition = $17,300

Year 2 tuition = $17,800

Year 3 tuition = $18,300

Year 4 tuition = $18,800

Total = $72,200

Scholarship per year = $5000

Total scholarship for 4 years = 4 * $5000

= $20,000

Earnings per year = $2,700

Total earnings for four years = 4 * $2,700

= $10,800

She plans to take out a loan to cover the remaining tuition costs

Loan = Total tuition - (Total scholarship for 4 years + Total earnings for four years)

= $72,200 - ( $20,000 + $10,800)

= 72,200 - (30,800)

= 72,200 - 30,800

= 41,400

Loan = $41,400

Michelle need to borrow $41,400

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The total factory overhead for Norton Company is budgeted for the year at $300,000, divided into three activities: assembly, $20
kogti [31]

Answer:

b. $294 per setup

Explanation:

Calculation for the activity rate for the setup activity

Using this formula

Activity rates = Budgeted activity cost / Total activity-base usage

Let plug in the formula

Activity rates = $50,000 / 170 setups

Activity rates = $294 per setup

Therefore the activity rate for the setup activity is $294 per setup

8 0
3 years ago
Notes payable due in six months are reported as
alexira [117]

A short-term liability is a payment that is due in 12 months or less. Hence notes payable due in six months is reported as a short-term liability.

<h3>What is a liability?</h3>

In the parlance of Accounting and Finance, a Liability is a financial obligation that the company owes to individuals, or organizations with which it has transactional or legal relationship.

Hence, it is correct to indicate that notes payable due in six months is reported as a short-term liability.

Learn more about liability at;
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3 0
2 years ago
What was your annual net income for your most recently filed tax year?
Bond [772]

Explanation:

Incomplete question. However, i infer you want to know what the annual net income implies.

Thus, itis important you know that the annual net income is calculated after taxes are deducted from the total salary one earns in a year's. So to determine the value, you need to know the total taxes for the year.

7 0
3 years ago
Suppose that you want to create a "college fund" for your newborn child and place $300 in a bank account at the end of each of t
Sever21 [200]

Answer:

Amount at the end of twentieth year is $12,300

Explanation:

Annuity means a set of fixed amount of payments either made to you or paid by you , at a fixed number of times over a course of defined period.

The case given in the question is of ordinary annuity , where fixed amount of payment are required at the end of each period.

FORMULA FOR FUTURE VALUE ORDINARY ANNUITY =

               

Where, C(cash flow) = $300,

            I(interest rate) = 7%

           N(number of period) = 20

           FV ( Future value)

FUTURE\ VALUE(FV)\ OF\ ORDINARY\ ANNUITY= CASH\ FLOW(C)\times \left [ \frac{1+I^{N}-1}{I} \right ])

FUTURE\ VALUE(FV)\ OF\ ORDINARY\ ANNUITY= \$300\times \left [ \frac{1+7\%^{20}-1}{7\%} \right ])

FUTURE\ VALUE(FV)\ OF\ ORDINARY\ ANNUITY= \$300\times \left [ \frac{\ 1.07\ ^{20}-1}{7\%} \right ])

FUTURE\ VALUE(FV)\ OF\ ORDINARY\ ANNUITY= \$300\times \left [ \frac{\ 3.87\ -1}{7\%} \right ])

FUTURE\ VALUE(FV)\ OF\ ORDINARY\ ANNUITY= \$300\times \left [ \frac{\ 2.87}{7\%} \right ])

= 861/7%

= $12,300

8 0
3 years ago
Chester's Balance Sheet has $57,976,422 in equity. Further, the company is expecting $3,000,000 in net income next year. Assumin
Elis [28]

Answer:

Chester's Book Value would be $60,976,422 next year.

Explanation:

a) Data and Calculations:

Equity = $57,976,422

Expected net income = $3,000,000

If no dividends are paid and no stock is issued, the expected net income will be equal to the Retained Earnings for the next period.

Therefore, the book value or equity value of Chester's balance sheet for the next year will be the addition of the net income of $3,000,000 to the equity balance of $57,976,422.

This will total $60,976,422 ($57,976,422 + $3,000,000).

b) Chester's book value is the net asset value and can be calculated as total assets minus liabilities.

3 0
3 years ago
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