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Answer:
Bad debt expense for 2016 should be: c. $8,520
Explanation:
As of December 31, 2016, Amy Jo's Appliances had accounts receivable of $313,000 and the allowance for uncollectible accounts should be 3% of accounts receivable
Bad debts are estimated: 3% x $313,000 = $9,390
Amy Jo's Appliances had $870 in the allowance for uncollectible accounts
Bad debts expense = $9,390 - $870 = $8,520
The entry will be made:
Debit Bad debts expense $8,520
Credit Allowance for uncollectible accounts $8,520
Answer:
$2,848.94
Explanation:
first of all, we must determine the amount of money that we need to have in our account in order to be able to withdraw $25,000 in 10 years.
You will start making your semiannual deposits today and they will end in exactly 2 years, so we need to find out the present value of the $25,000 in two years:
PV = $25,000 / (1 + 3%)¹⁶ = $15,579.17
that is now the future value of our annuity due:
FV = semiannual deposit x FV annuity due factor (3%, 5 periods)
$15,579.17 = semiannual deposit x 5.46841
semiannual deposit = $15,579.17 / 5.46841 = $2,848.94
Answer: $1666.67
Explanation:
Given from the question
Principal (P) = $200,000
Rate= 10%
Time= 20years
The interest (I) on the first payment is the extra money that is to be paid in addition to the principal borrowed.
The interest for the first year has the formula:
I = (P×R) ÷ 100
I= (200000×10) ÷100
I = $20,000
Therefore the extra amount to be paid on the loan of $200,000 that increases at a rate of 10% for the first year would be $20,000.
The interest compounds monthly therefore, the payment on the first month would be
First Month Interest= 20,000÷12
=$1666.67
Therefore the part of the first payment that would be interest is $1666.67.
