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3 years ago

Benjamin's credit card has an APR of 19%, calculated on the previous monthly

Business

1 answer:

worty [1.4K]3 years ago

3 0

Answer:

It can be tempting to pay the minimum amount due on your credit card bill, but it can be really expensive in the long run. Here's what happens if you only pay the minimum on your credit card.

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The Financial Accounting Standards Board has the authority to develop generally accepted accounting principles. Choose the optio

olga2289 [7]

Answer:

Explanation:

Based on the information provided within the question it can be said that the correct steps that are used by the FASB in developing GAAP (generally accepted accounting principles) would be the following: issuing a discussion memorandum, issuing an exposure draft, and issuing a statement of principle. This collection of accounting rules was then adopted by the U.S. Securities and Exchange Commission.

4 0

4 years ago

Crane, Inc. had net sales in 2020 of $1,488,400. At December 31, 2020, before adjusting entries, the balances in selected accoun

Arte-miy333 [17]

Answer:

Explanation:

The journal entry to record the bad debt expense is shown below:

Bad debt expense A/c Dr $11,181

To Allowance for doubtful debts $11,181

(Being bad debt expense is recorded)

The computation of the bad debt expense is shown below:

= (Accounts receivable × estimated percentage given ) - (credit balance of Allowance for Doubtful Accounts)

= ($206,300 × 7%) - ($3,260)

= $14,441 - $3,260

= $11,181

4 0

3 years ago

Larry tells you that his 10-year-old cousin recently completed an intelligence test that translated raw scores into deviation iq

IrinaVladis [17]

A scored at the mean the average 12-year old

4 0

3 years ago

Read 2 more answers

A. On April 1, the company hired an attorney for a flat monthly fee of $2,500. Payment for April legal services was made by the

Crazy boy [7]

Answer:

A. Apr 30

Dr Legal fees expense 2,500

Cr Legal fees payable 2,500

May 12

Dr Legal fees payable 2,500

Cr Cash 2,500

B. Apr 30

Dr Interest expense 2,175

Cr Interest payable 2,175

May 20

Dr Interest expense 4,350

Dr Interest payable 2,175

Cr Cash 6,525

C. Apr 30

Dr Salaries expense 5,600

Cr Salaries payable 5,600

May 03

Dr Salaries expense 8,400

Dr Salaries payable 5,600

Cr Cash 14,000

Explanation

Preparation of the adjusting entry for both April 30 and the subsequent entry during May to record the payment of the accrued expenses.

A. Apr 30

Dr Legal fees expense 2,500

Cr Legal fees payable 2,500

May 12

Dr Legal fees payable 2,500

Cr Cash 2,500

B. Apr 30

Dr Interest expense 2,175

Cr Interest payable 2,175

May 20

Dr Interest expense 4,350

(6,525-2,175)

Dr Interest payable 2,175

Cr Cash 6,525

C. Apr 30

Dr Salaries expense 5,600

(14,000*2/5)

Cr Salaries payable 5,600

May 03

Dr Salaries expense 8,400

(14,000*3/5)

Dr Salaries payable 5,600

(14,000*2/5)

Cr Cash 14,000

4 0

3 years ago

Mr. Alvarez's simple interest savings account currently has a balance of $12,500. He earns 6% Interest annually. Calculate his b

nata0808 [166]

Answer:

A $13,250.00

Explanation:

The formula for calculating balance at the end of a period using simple interest is as below.

A = P(1+rt)

A = final amount

P= principal amount which is $12500

r= interest rate 6% or 0.06

t = time which is 1 year

A = $12,500(1+0.06 x 1)

A = $12500 x1.06 x 1

=$12500 x 1.06

=$13,250

4 0

3 years ago