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3 years ago

You are buying your first car and need to borrow $16,000 over 5 years. If interest is 6%, what are your monthly payments

Business

1 answer:

Norma-Jean [14]3 years ago

5 0

Answer: $309.32

Explanation:

The amount that you are to find is an annuity figure because it will be a constant payment. The present value of this annuity is $16,000.

As it is pad monthly, convert time and rate to monthly figures:

5 years = 5 * 12 = 60 months

6% = 6/12 = 0.5%

Present value of annuity = Annuity * ( 1 - (1 + r) ^ -n) / r

16,000 = Annuity * ( 1 - (1 + 0.5%)⁻⁶⁰) / 0.5%

16,000 = Annuity * 51.72556

Annuity = 16,000 / 51.72556

= $309.32

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The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and operates a wholesale

Triss [41]

Answer:

1. Financing Activity : $300,000

2.Investing Activity : $10,000 and Non-cash Financing and Investing Activity : $30,000

3.Operating Activity : - $90,000

4.Operating Activity : $50,000

5.Operating Activity : -$5,000

6.Operating Activity : -$6,000

7.Operating Activity : -$70,000

8.Operating Activity : $55,000

9.Operating Activity : $1,000

Explanation:

Operating Activities involves the entity`s trading operation in ordinary course of business.

Investing Activities involves the entity`s sale or purchase of Investments.

Financing Activities involves the entity`s acquisition and sale of funds.

6 0

3 years ago

Roosevelt launched the second new deal because of the failure of his initial policies to pull the country out of the depression

Hitman42 [59]

The second deal focused on social welfare to ease the problem brought by the great depression. The goals were: social securities for retirement, employment for those who are unemployed; health services, housing for illegal settlers and improvement on national resources.

7 0

3 years ago

The trial balance of Rollins Inc. included the following accounts as of December 31, 2021:

Alinara [238K]

Answer:

Net income = $725,625

Earnings per share = $7.26 per share

Explanation:

The multiple-step income statement refers to an income statement that displays gross profit obtained as sales revenue minus cost of goods sold, and also shows an organization's operating revenues and operating expenses separately from its nonoperating revenues or gains and expenses or losses.

The multiple-step income statement can be prepared as follows:

Rollins Inc.

multiple-step income statement

For the Year Ended December 31, 2021

Details $ $

Sales Revenue 5,400,000

Cost of goods sold (3,950,000)

Gross profit 1,450,000

Operating expenses:

Selling expense (350,000)

General and admin expense (250,000)

Total operating expenses (600,000)

Operating income 850,000

Interest revenue (expense):

Interest revenue 37,500

Interest expense (20,000)

Total Interest revenue (expense) 17,500

Other compreh. income (loss):

Loss on sale of investments (10,000)

Loss on debt investments (125,000)

Gain on projected ben. obligation 235,000

Total other compreh. income (loss) 100,000

Income before tax 967,500

Income taxes (w.1) (241,875)

Net income  725,625 

Earnings per share (w.2) 7.26

Workings:

w.1: Income taxes = Income before tax * Effective tax rate = $967,500 * 25% = $241,875

w.2: Earnings per share = Net income / Number of shares of stock outstanding throughout the year = $725,625 / 100,000 = $7.26

7 0

3 years ago

Timothy was tasked with creating the budget for the next fiscal year. He had to create a cost-profit analysis report of all the

Helga [31]

Obviously, Mr Timothy’s position within the company is Chief Financial officer

Chief Financial officer is the officer responsible for management of company's finances and top-level budgets.

So, as the Chief Financial officer, his responsibility includes:

creating the budget for a fiscal year
creating a cost-profit analysis report
identifying avenues for possible cost reduction in the budget

In conclusion, Mr Timothy’s position within the company is Chief Financial officer