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Korolek [52]
2 years ago
11

This table can be used to organize Gigi’s credit card balances and payments over 6 months. The annual percentage rate on the cre

dit card is 14%.
Gigi’s Credit Card Payments
Month
Balance
Payment
Interest Rate
Interest Charged
1
$650
$300
0.01167
$4.08
2
$354.08
$50
0.01167

3
$307.63
$50
0.01167

4
$260.64
$50
0.01167

5
$213.10
$50
0.01167

6
$165
$50
0.01167


What is the amount of interest charged for the first 6 months? (16.34)
Business
2 answers:
Reil [10]2 years ago
6 0

Answer:

It is A 16.34

Explanation:

Edge2021

Georgia [21]2 years ago
4 0

The correct answer is the first option, or 16.34

Just got it right on the edge 2020 exam review, hope this helps!! :)

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Consider the following financial statement information for the Hop Corporation:
EastWind [94]

Answer: Operating cycle = 84.70 days

Cash cycle = 41 days

Explanation:

Beginning inventory = $11,100

Ending Inventory = $12,100

Average inventory = ($11100 + $12100)/2 = 11600

Average Accounts receivable = (6,100 + 6,400)/2 = 6250

Average Accounts payable = (8,300 + 8,700)/2 = 8500

Day sales in inventory = Average inventory × 365 / Cost of goods sold

= 11600 × 365 / 71000 = 59.63 days

Average collection period = Average receivable × 365 / Credit sales

= 6250 × 365 /91000 = 25.07 days

Average payment period = 43.70 days

Therefore, operating cycle will be:

= Day sales in inventory + Average collection period

= 59.63 days + 25.07 days

= 84.70 days

Cash cycle = Operating cycle - Average payment period

= 84.70 - 43.70

= 41 days

7 0
3 years ago
Zoey Bella Company has a payroll of $10,000 for a five-day workweek. Its employees are paid each Friday for the five-day workwee
juin [17]

Answer:

                                  Dr.         Cr.

Salaries Expense   $8,000

Salaries payable                   $8,000

Explanation:

Four days of the week passed until December 31. So, the accrued expense will be as follow:

Payroll for 5 days = $10,000

Payroll for 1 days = $10,000 / 5  = $2,000

Payroll for 4 days = $2,000 x 4  = $8,000

Accrued Expense of $8,000 should be recorded and a liability will be made against this expense as payment has not been made.

5 0
3 years ago
Optical Dispensary borrowed $ 330 comma 000 on January​ 2, 2018​, by issuing a 15 % serial bond payable that must be paid in thr
Shkiper50 [21]

Answer:

Answer for the question is given in the attachment.

Explanation:

Download pdf
3 0
2 years ago
Year-to-date, Oracle had earned a −1.38 percent return. During the same time period, Valero Energy earned 7.62 percent and McDon
harkovskaia [24]

Answer:

1.94%

Explanation:

The computation of portfolio return is shown below:-

Portfolio return = Sum of (return from stock × Weight of stock)

= (-1.38 × 35%) + (7.62 × 30%) + (0.40 × 35%)

= 0.483 + 2.286 + 0.14

= 1.94%

Therefore for computing the portfolio return we simply multiply the sum of return from stock with sum of weight of stock.

5 0
3 years ago
Which one of the following is an example of a nondiversifiable risk?
AlekseyPX

Answer:

B. a well respected chairman of the Federal Reserve suddenly resigns

Explanation:

A non diversificable risk is a risk that cannot be eliminated by diversifying a portfolio. It is dependent on the market conditions. E.g. recession, war.

A diversificable risk is a risk that can be eliminated by diversifying a portfolio. Examples include: a key employee suddenly resigns and accepts employment with a key competitor, a well managed firm reduces its work force and automates several jobs.

I hope my answer helps you.

8 0
3 years ago
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