Which types of post secondary education are examples of traditional academic education? Check all that apply

First City Bank pays 9 percent simple interest on its savings account balances, whereas Second City Bank pays 9 percent interest

4vir4ik [10]

Answer:

Future value is $14,944.22

Interest earned is $7444.22

Explanation:

The amount to earn from Second City Bank is the interest that would have been received at the end of the eight years,

In order to determine the amount of interest,it would be nice to first of all compute the future value-the worth of the savings at the end of eight year using the below formula:

FV=PV*(1+r)^N

PV is the $7,500 invested

r is the compound rate of return is 9%

N is the number of years the amount was invested which is eight years

FV=$7,500*(1+9%)^8

FV=$ 14,944.22

Hence Interest =FV-PV

=$ 14,944.22 -$7,500

=$7444.22

7 0

3 years ago

Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases

eimsori [14]

Answer:

The correct answer is $800

Explanation:

Giving the following information:

Fulbright Corp. uses the periodic inventory system.

Fulbright made the following purchases (listed in chronological order of acquisition):

· 40 units at $100

· 70 units at $80

· 170 units at $60

Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year.

Ending inventory= [(100 + 80 + 60)/3]*10

Ending inventory= 80*10= $800

6 0

3 years ago

The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credit

Umnica [9.8K]

Answer:

Blueboy Cheese Corporation

Income Statement

December 31, 2021

Account Title Debits Credits

Sales revenue 680,000

Less Cost of goods sold 408,000

Gross Profit 272,000

less

Salaries expense 108,800

Rent expense 18,000

Depreciation expense 53,000

Interest expense 3,900

Advertising expense 3,600

Un adjusted Profit 84,700

Adjusted Profit 82,900 

Blueboy Cheese Corporation 

Balance Sheet

December 31, 2021

Account Title Debits Credits 

Cash 51,900

Accounts receivable 290,000

Inventory 43,000

Office equipment 308,000

Accounts payable 56,000

Notes payable (due in six months) 39,000

Common stock 400,000

Retained earnings 115,000 + 82,900= 197,900

Total $ 692,900 692,900

Closing Entries

Dec 31 Sales Revenue $680,000 Dr

Income Summary $680,000 Cr

The first closing entry transfers credit balances in revenue ( and gain ) accounts to the income summary accounts.

Dec 31 Income Summary $ 187,300 Dr

Salaries expense 108,800 Cr

Rent expense 18,000 Cr

Depreciation expense 53,000 Cr

Interest expense 3,900 Cr

Advertising expense 3,600 Cr

The second closing entry transfers debit balances in expense ( and loss) to the income summary accounts.

Dec 31 Income Summary $ 82,900

Retained Earnings Accounts $ 82,900

The third entry transfers the balance of income summary account to the owner's capital account or retained earnings account.

5 0

3 years ago

Refer to the following selected financial information from McCormik, LLC. Compute the company's current ratio for Year 2. Year 2

swat32

Answer: 3.39

Explanation: Current ratio can be defined as a liquidity ratio which is used by the accountants the evaluate the ability of the company to pay its short term obligations. It can be computed as follows :-

$current\ ratio=\frac{curret\ assets}{current\ liabilities}$

where,

current assets = $38,500 + $100,000 + $90,500 + $126,000 + $13,100 = $368,100

current liabilities = $108,400

now putting the values into equation we get :-

$current\ ratio=\frac{368,100}{108,400}$

= 3.39

8 0

3 years ago

Assume you are a single person with no dependents who made $35,000.00 from your primary job and an additional $5,500.00 from a p

kirill [66]

Answer:

a) we will get a refund

b) $3,043.75

Explanation:

Given:

Income from primary job = $35,000.00

Income from part time job = $5,500

Total income = $35000 + $5500 = $40,500

Now, As per IRS, tax brackets for 2017 is as :

For income, 0 - $9325 = 10% of Taxable Income

For income, $9326 - $37950 = $932.50 + 15% of the amount over $9325

and, for income $37,950 - $91,900 = $5226.25 + 25% of amount over $37950

Standard Deduction is $6350 for single tax payer

Now,

The Net Income = Total income - Standard deduction

= $40,500 - $6,350

= $34,150

Total Tax due = $932.50 + ( $34150 - $9325 ) × 15%

= $932.50 + $3723.75

= $4,656.25

Thus, Withheld tax amount ( i.e $7700 ) is above the tax calculated

Hence, we will get a refund

b) Amount of refund = Withheld tax - Tax due as per IRS

= $7,700 - $4,656.25

= $3,043.75

5 0

3 years ago