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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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Answer:

A. Bank balance per reconciliation $22,789

Company balance per reconciliation $22,789

B. No journal entry required

Dr Service fees expense $41

Cr Cash $41

Explanation:

A Preparation of a bank reconciliation to calculate the correct ending balance of cash on July 31, 2021

Bank Reconciliation

July 31 2021

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Bank balance per reconciliation $22,789

Company Cash balance

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Company balance per reconciliation $22,789

B. Preparation of the journal entry to adjust the balance for cash.

No journal entry required

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4 0
3 years ago
What foxes favorite candy? A.mints B.skittles C.M&M D.idk
maks197457 [2]

Answer:

a.mint

Explanation:

7 0
3 years ago
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"Given the following information from Cullumber Corporation, what price would the CAPM predict that the company’s stock will tra
Natasha_Volkova [10]

Answer:

$68.70

Explanation:

Risk free rate: 3.6 %

Market risk premium: 8.6 %

Beta: 0.65

Current stock price: $64.60

Annual dividend: $1.84

The expected rate of return = 3.6% + 0.65*8.6%

The expected rate of return = 0.036 + 0.0559

The expected rate of return =  0.0919

The expected rate of return = 9.19%

Required return = (P1-P0+Dividends)/P0

9.19% =  [(Price + 1.84)/64.60 ] - 1

9.19% + 1 = (Price + 1.84)/64.60

64.60*(0.0919 + 1) = Price + 1.84

70.53674 = Price + 1.84

Price = 70.53674 - 1.84

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3 years ago
The CPA Practice Advisor reports that the mean preparation fee for 2017 federal income tax returns was $273. Use this price as t
larisa [96]

Answer:

The CPA Practice Advisor

The probability that the mean price for a sample of 30 federal income tax returns is within $16 of the population mean is:

= 56%

Explanation:

a) Data and Calculations:

Population mean (preparation fee for 2017 federal income tax returns) = $273

Population standard deviation of preparation fees = $100

Mean price for a sample of 30 federal income tax returns = $257 (which is within $16 of the population mean)

z = (x-μ)/σ

z = standard score

x = observed value

μ = mean of the sample

σ = standard deviation of the sample

Z = ($273 - $257)/$100

= 0.16

Using the z-table

P = 0.5636

6 0
2 years ago
In this statement, which type of spending is President
sineoko [7]

<u>Answer: </u>Option 2 discretionary

<u>Explanation:</u>

Spending can be mandatory spending or discretionary spending. Mandatory spending means the spending on essentials goods such as food. Discretionary spending means the spending on recreation and entertainment where people have additional money in hand after meeting their necessary expenses.

In this speech Obama speaks about the non essential expenses when they are controlled more investments can be made. He says when all the departments cut down their discretionary expenses then can result in economic growth.

7 0
3 years ago
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