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Pavel [41]
2 years ago
8

Find the APR in each of the following cases. EAR Number of Times Compounded APR 15.3% Semiannually 8.7% Monthly 9.4% Weekly 14.9

% Daily
Business
1 answer:
jasenka [17]2 years ago
3 0

Answer:

14.76%

8.37%

8.99%

13.89%

Explanation:

the formula for finding APR is - periodic interest rate x number of times compounded

Periodic interest rate = (EAR + 1 ) ^1/m - 1

(0.153 + 1)^1/2 - 1 = 0.0738 = 7.38

APR = 2 x 7.38% = 14.76%

(0.087 + 1)^1/12 - 1 = 0.006976

APR = 0.006976 X 12 = 0.0837 = 8.37%

(0.094 + 1 ) 1/52 - 1 = 0.001729

0.001729 x 52 = 0.0899 = 8.99%

(0.149 + 1)^1/365 - 1 = 0.000381

0.000381 x 365 = 0.138918 = 13.89%

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On January 5, 2020, Sheffield Corporation received a charter granting the right to issue 5,100 shares of $100 par value, 7% cumu
andrew11 [14]

Answer:

 Sheffield Corporation

Journal Entries

Date             Description                              DR                           CR

Jan 11         Cash                                       292,500

                 Common stock                                                     195,000

                 Paid in Capital for common stock                         97,500

               

              <em>Being the amount received on issue of </em>

<em>              </em>

Feb 11     Equipment                                   53,300

              Factory Building                          152,000

              Land                                             295,000

             Prefereed stock                                                     410,000

             Paid -in -capital for Preferred stock                        90,300

July 29   Treasury stock                              25,600

              Cash                                                                            25,600

            Being the payment of own share purchased

Aug 10    Cash                                                   22,400

                Retained Earnings                               3,200

               Treasury stock                                                      25,600

 

Dec 31       Retained  earnings                              10,025

                 Dividend(0.35*19500)                                            6,825  

                 Treasury stock                                                         3,200  

Dec 31       Net Income ( Income Summary)      158,400

                  Retained Earnings                                               158,400

Balance sheet as at Dec 31

Equity

Common stock at $10 par value                                      $195,000

7% Preferred Stock                                                            410,000

Paid in capital for common stock                                        97,500

Paid in capital for Preferred stock                                        90,300

Retained Earnings ( 158,400-6825-3200)                         <u> 148,375</u>

                                                                                             <u>  941,175</u>

Explanation:

4 0
3 years ago
A company pays each of its two office employees each Friday at the rate of $210 per day for a five-day week that begins on Monda
marusya05 [52]

Answer:

Correct answer is:

Debit Salaries Expense $840

Credit Salaries Payable $840

Explanation:

2 employees each paid at $ 210 per day so daily salary expense is $210*2 = $420.

The accounting period ends on Tuesday and both employees work for Monday and Tuesday so the 2 days salaries expense is $420*2= $840.

As the salaries are paid on every Friday so there is a liability on a company for the 2 days salary payable to be recorded on accounting period close date i.e Tuesday.

4 0
3 years ago
Read 2 more answers
What's the estimated length of a wall that has 31 studs 16 inches on center?
devlian [24]

Answer:

480 inches (40 feet)

Explanation:

Studs are boards placed on walls so as to support the walls. Studs are used in framing the wall and they are vertical.

Studs are usually spaced on walls with wall framing at either 16 inches on center, 19 inches on center or 24 inches on centers.

Given that on center spacing = 16 inches, number of studs = 31

The length of the wall is given by the formula:

number of studs = (length of wall in inches / on center spacing in inches) + 1

Length of wall (inches) = (number of studs - 1) * on center spacing

hence:

Length of wall (inches) = (31 - 1) * 16 inches = 480 inches

Length of wall = 480 inches = 40 feet

8 0
3 years ago
Donnie's Donuts incurs $450,000 per year in explicit costs and $200,000 in implicit costs. The bakery earns $800,000 in revenues
marshall27 [118]

Answer:

$150,000

Explanation:

Given that

Total revenue = $800,000

Explicit cost = $450,000

Implicit cost = $200,000

The computation of the accounting profit is as shown below :-

= Total revenue - Total cost

= $800,000 - $650,000

= $150,000

Total cost = Explicit cost -Implicit cost

= $450,000 + $200,000

= $650,000

Therefore for calculating the accounting profit we simply deduct the total cost from total revenue.

5 0
3 years ago
What is a product that is not an object or something that is owned called?
JulijaS [17]

Answer:A product that is not an object or something that is owned is called a non-economic good.

Explanation:

A product that is not an object or something that is owned is called a non-economic good.

5 0
3 years ago
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