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Citrus2011 [14]
3 years ago
12

Katie invested a total of ​$4000​, part at 2​% simple interest and part at 3​% simple interest. At the end of 1​ year, the inves

tments had earned ​$95 interest. How much was invested at each​ rate?
Business
1 answer:
alexandr402 [8]3 years ago
5 0

Answer:

$2,500; $1,500

Explanation:

Given that,

Total amount invested = $4,000

Let the amount invested at 2% be x,

and the amount invested at 3% be (4,000 - x)

Interest earned = $95

Time period = 1 year

Simple interest = Principle × Interest rate × Time period

$95 = (x × 0.02 × 1) + [(4,000 - x) × 0.03 × 1)

$95 = 0.02x + 120 - 0.03x

$95 = -0.01x + 120

0.01x = 120 - 95

0.01x = 25

x = 2,500

Therefore,

Amount invested at 2% = x = $2,500

Amount invested at 3% = (4,000 - x)

                                       = 4,000 - 2,500

                                       = $1,500

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Simora [160]

Answer:

Cash Dr 10975  

     To Sales  $10,000  

     To  Sales Tax Payable $975 ($10,000 × 9.75%)

(Being the cash is recorded)

Explanation:

The journal entry is shown below;

Cash Dr 10975  

     To Sales  $10,000  

     To  Sales Tax Payable $975 ($10,000 × 9.75%)

(Being the cash is recorded)

For recording this we debited the cash as it increased the assets and credited the sales and sales tax payable as it also increased the revenue and liabilities

4 0
3 years ago
Inventory records for Marvin Company revealed the following: Date Num of units unit cost Mar. 1 Beginning Inventory 1000 7.20 Ma
swat32

Answer:

Ending inventory= $5,040

Explanation:

Giving the following information:

Beginning Inventory= 1000 units for  $7.20

Mar. 10: Purchase= 600 units for $7.25

Mar. 16: Purchase= 800 units for $7.30

Mar. 23: Purchase= 600 units for  $7.35

Marvin sold 2,300 units.

Under the LIFO inventory method, the ending inventory cost is calculated using the first units incorporated to inventory.

Ending inventory in units= total units - units sold

Ending inventory in units= 3,000 - 2,300= 700 units

Ending inventory= 700*7.2= $5,040

8 0
3 years ago
Comet Company is owned equally by Pat and his sister Pam, each of whom hold 100 shares in the company. Comet redeems 50 of Pam's
lesantik [10]

Answer:

Total E&P = $ 160000

Total voting Right Sold = 50/ (100+100) = 25%

Reduction of E& P due to exchange = Total E&P*Total voting Right Sold

Reduction of E& P due to exchange = 160000*25%

Reduction of E& P due to exchange = 40000

Reduction of E& P Lower of Total E&P*Total voting Right Sold or Amount realised

Reduction of E& P Lower of 40000 or (50*1000)

Reduction of E& P Lower of 40000 or 50000

Answer

A reduction of $40,000 in E&P because of the exchange.

7 0
3 years ago
Archie Co. purchased a framing machine for $45,000 on January 1, 2021. The machine is expected to have a four-year life, with a
k0ka [10]

Answer: $10,000 and $25,000

Explanation:

DEPRECIATION FOR 2022.

Straight line method of depreciation means it depreciates by the same amount every year. You can calculate by

(Cost - Residual Value) / useful life.

=($45,000 - $5,000) / 4

= $10,000.

Each year the framing machine reduces by $10,000 meaning in 2022 the depreciation will be $10,000.

BOOK VALUE AT DECEMBER 31, 2022

We've established that every year the value drops by $10,000.

On December 31, 2021, it dropped by $10,000.

On December 31, 2022, it dropped by another $10,000.

Adding that together gives you 10,000 + 10,000 = $20,000.

$20,000 is the total depreciation at the end of 2022.

Subtract that figure from the cost,

=$45,000-$20,000

=$25,000.

BOOK VALUE ON DECEMBER 31, 2022 is $25,000.

8 0
3 years ago
Do you believe the statement "perception is reality"? Why or why not?
Allisa [31]
I wholeheartedly agree and think it’s practically self-evident.

Here’s an excellent example from history.

For 28 years, the Berlin Wall separated East Berlin from West Berlin and was the most heavily militarized border crossing in the Western hemisphere. In 1989, during a press conference with western media, Gunther Schabowski was handed a note explaining a change in policy governing border crossing. Several discussions took place about making a show of opening the border between East and West Germany, but nobody informed Schabowski.

At the end of the press conference, he appears to have remembered the note belatedly, and read it verbatim—which was not what was intended. When asked about when the border would open, he assumed it was immediate.

The reality of course was that East Germany had no intention of opening the border, and certainly not immediately.

Within hours, the border crossing was practically buried under thousands of East Germans eager to be reunited with their families and other loved ones after 28 years on the press conference, which had been broadcast live.

The East Germans believed what they were told: Schabowski said immediately, and they intended to go immediately.

Border guards kept calling for instructions, until finally, they relented.

Perception became reality, and the border between East and West Berlin opened, spelling the de facto end of the separation of Germany.
273 viewsView 2 Upvoters · Answer requested by Never Wong
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