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3 years ago

3. Kevin took out a loan for a car. He must pay $3,000.00 in interest, service

Business

1 answer:

ss7ja [257]3 years ago

8 0

Answer:

The finance charge

Explanation:

The finance charge is the total cost incurred when borrowing money, including interest amount and all other fees. It is the extra money paid on top of the borrowed amount. The finance charge may be a flat fee or a percentage of the principal amount.

The finance charge represents the expense incurred for using credit. The finance charge is an important consideration when choosing a preferred lender.

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Capital budgeting is the process Question 2 options: used in sell or process further decisions.

Kruka [31]

Answer:

Capital budgeting is the process "of making capital expenditure decisions"

Explanation:

Capital budgeting is a planning process employed by a firm's management to evaluate if embarking on long-term investments (like purchase of a new machinery, replacement of old non-current assets, new product line, etc) are viable and profitable.

Decisions made by management must be informed decisions and one of the ways in which an investment decision can be evaluated to check if it is worthwhile is the capital budgeting process

4 0

3 years ago

Susan can pick 4 pounds of coffee in an hour or gather 2 pounds of nuts. tom can pick 2 pounds of coffee in an hour or gather 4

Kryger [21]

Answer: Total earning is $96 for both Susan and Tom

Explanation:

Susan can pick 4 pounds of coffee or 2 pounds of nuts.

Tom can pick 2 pounds of coffee or 4 pounds of nuts.

Price of Coffee = $2 per pound

Price of Nuts = $2 per pound

Opportunity cost of producing coffee for Susan = 2/4 = 0.5

Opportunity cost of producing coffee for Tom = 4/2 = 2

Opportunity cost of coffee is low for Susan, so she has a comparative advantage in it.

So, Susan produces 6*4 = 24 pounds of coffee, total revenue from sale of coffee is $24*2 = $48

Opportunity cost of producing Nuts for Susan = 4/2 = 2

Opportunity cost of producing Nuts for Tom = 2/4 = 0.5

Opportunity cost of coffee is low for Tom, so he has a comparative advantage in it.

So, Tom produces 6*4 = 24 pounds of nuts, total revenue from sale of nuts is $24*2 = $48

So, $total earning = $48+$48 = $96$

5 0

3 years ago

Which of the following is true? AChecks and Debit Cards both withdraw money directly from a bank account. BDebit Cards often hav

Tems11 [23]

A.Checks and Debit Cards both withdraw money directly from a bank account.

3 0

3 years ago

Which of the following is a business organization owned by a group of people for their mutual benefit?

slava [35]

A cooperative. A cooperative--a business owned by a group of people to meet mutual (economic, social and cultural needs and aspirations).

4 0

3 years ago

Read 2 more answers

3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?

Andru [333]

Complete Question:

The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:

a. Checks outstanding totaled $19,427.

b. A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement.

c. The bank collected $26,500 on a $25,000 note, including interest of $1,500.

d. A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.

e. A check drawn for $195 had been erroneously charged by the bank as $915.

f. Bank service charges for June amounted to $55.

Answer:

Pala Medical Co.

Cash amount in the balance sheet = $189,281

Explanation:

a) Calculations:

Adjusted Cash balance at June 30, 20Y1

Cash balance $166,436

c) Note received by bank 25,000

c) Interest on the note 1,500

d) Returned check (3,600)

e) Bank charges (55)

Adjusted cash balance $189,281

b) Balance as per bank statement = $195,688

a. Checks outstanding totaled ($19,427)

b. A deposit of $12,300

e. Overstated cheque 720

Adjusted bank statement balance $189,281

c) Preparing a bank reconciliation helps to identify discrepancies between the cash book balance of Pala Medical Co and the company's bank statement balance. After the necessary adjustments, the two balances always agree and the adjusted figure is taken to the balance sheet.

4 0

3 years ago