1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ugo [173]
3 years ago
5

Swifty Corporation is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures we

re $6380000 on March 1, $5270000 on June 1, and $8350000 on December 31. Swifty Corporation borrowed $3240000 on January 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 3-year, $6380000 note payable and an 11%, 4-year, $12650000 note payable. What is the actual interest for Swifty Corporation
Business
1 answer:
daser333 [38]3 years ago
5 0

Answer:

Swifty Corporation

The actual interest for Swifty Corporation is:

$2,418,300

Explanation:

a) Data and Calculations:

Expenditures were

on March 1,          $6,380,000

on June 1,            $5,270,000

on December 31 $8,350,000

Borrowings:

on January 1 on a 5-year, 12% note = $3,240,000  Interest =   $388,800

Note payable, 10%, 3-year =                $6,380,000  Interest =  $638,000

Note payable, 11%, 4-year =               $12,650,000  Interest = $1,391,500

Total interest for Swifty Corporation = $2,418,300

b) Computation of interests:

12% note = $3,240,000 * 12% = $388,800

10% note = $6,380,000 * 10% = $638,000

11% note = $12,650,000 * 11% = $1,391,500

You might be interested in
The best way to achieve significant increases in interest accrual in a savings account is through
loris [4]
Compounding. If you compound your interest, then your interest rate will go up, and you get more interest.
6 0
3 years ago
How have newer work models made the workplace more efficient?
Lelu [443]

Explanation:

  • Don't be Afraid to Delegate. While this tip might seem the most obvious, it is often the most difficult to put into practice. ...
  • Match Tasks to Skills. ...
  • Communicate Effectively. ...
  • Keep Goals Clear & Focused. ...
  • Incentivize Employees. ...
  • Cut Out the Excess. ...
  • Train and Develop Employees. ...
  • Embrace Telecommuting.

8 0
2 years ago
Read 2 more answers
The Humongous Food Store (HFS) has a turnover ratio of 12. The turnover ratio is revenue divided by average inventory. This mean
Kazeer [188]

Answer: compare his turnover ratio to other grocery stores' ratios.

Explanation: The manager should "compare his turnover ratio to other grocery stores' ratios" since Humongous Food Store (HFS) is losing money but have a turnover ratio of 12.

A turnover ratio of 12 means that they sold everything in the store once per month. Turnover ratio is the percentage of mural fund or portfolio holdings that have been replaced in a given year or 12 months period.

8 0
3 years ago
Which of the following statements about lump-sum taxes is correct A. A lump-sum tax means that tax revenues vary directly with G
Deffense [45]
D

Lump-sum taxes are described as regressive taxes, meaning that the more income one has, the less they pay in proportion of their income to tax. As a result, they all pay the same, which coincides with D.
3 0
3 years ago
A company's Office Supplies account shows a beginning balance of $600 and an ending balance of $400. If office supplies expense
Yanka [14]

Answer:

A. $2,900.

Explanation:

Beginning balance of Office Supplies account = $600

Ending balance of Office Supplies account = $400

Supplies expense for the year = $3,100

Ending balance of Office Supplies account = Beginning balance of Office Supplies account + Purchases for the year - Supplies expense for the year

Purchases for the year = Ending balance of Office Supplies account + Supplies expense for the year - Beginning balance of Office Supplies account

Purchases for the year = 400 + 3100 - 600

Purchases for the year = 2,900

6 0
3 years ago
Other questions:
  • Assuming an upward-sloping AS curve, if an economy is at full employment and consumption spending decreases while all other leve
    5·1 answer
  • Why an investor might choose to have less than 20% holding in a company if they could have more?
    12·1 answer
  • Apply Six-Sigma quality standards and devise a plan for the hotel to monitor and control future process performance.
    14·1 answer
  • s has decided that he wants to build enough retirement wealth that, if invested at 7 percent per year, will provide him with $3,
    8·1 answer
  • Do you believe the statement "perception is reality"? Why or why not?
    13·1 answer
  • What is the relationship between risk and return?
    12·1 answer
  • On April 30, 1990, April purchased a $1,000 10% par-value seven-year bond having semiannual coupons; these were payable at the e
    13·1 answer
  • Bob and Sally were recently married. They are currently working on their estate plan. As their Financial Planner, they tell you
    9·1 answer
  • For the scenario below, determine the legality of the company's actions.
    12·1 answer
  • What is true about hotel management companies?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!