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alex41 [277]
2 years ago
5

John borrowed $6,000,000 for a period of 15 years.is interest rate is 8%. How much interest will John pay in all?

Business
1 answer:
Reil [10]2 years ago
7 0

Based on the information given the amount of interest that John pay in all is his $7,200,000.

<h3>Interest:</h3>

Using this formula

Interest=Amount borrowed×Number of years×Interest rate

Where:

Amount borrowed=$6,000,000

Number of years=15 years

Interest rate=8%

Let plug in the formula

Interest=$6,000,000×15×8%

Interest=$7,200,000

Inconclusion the amount of interest that John pay in all is his $7,200,000.

Learn more about interest here:brainly.com/question/16134508

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Lambert Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purc
svetoff [14.1K]

Answer:

Fifo Inventory $665

Moving Average= $ 606

Lifo Inventory $ 592

Explanation:

Purchases                

Date                 Units               Unit Cost             Sales Units     Fifo Inventory

July 1                       13                     $115

<u>July 6                                                                              9              </u>

<u>                                4                      $115                                               $460</u>

July 11                       6                      $122

<u>July 14                                                                               6                            </u>

<u>                                   4                      $122                                             $488</u>

July 21                      7                        $132

<u>July 27                                                                               6                           </u>

<u>                             5                             $ 133                                         </u><u> $665</u>

<u />

Moving Average Method

=   Total Cost of Purchases/ No of items= 13*115 + 6*122+ 7*132/13+6+7

 = 1495+ 732+ 924/26= 3151/26= 121. 192

No of units in the Ending Inventory= 5 * 121.192= $ 605.96

Purchases              

Date                 Units               Unit Cost             Sales Units    Lifo Inventory

July 1                       13                     $115

<u>July 6                                                                              9              </u>

<u>                                4                      $115                                               $460</u>

July 11                       6                      $122

<u>July 14                                                                               6                            </u>

<u>                                   4                      $115                                             $460</u>

July 21                      7                        $132

<u>July 27                                                                               6                           </u>

                              1                          132                                              $132

<u>                             4                            $ 115                                          $460</u>

<u>                             5                                                                       </u><u>       $ 592</u>

6 0
3 years ago
On September 3, 2018, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:
emmasim [6.3K]

Answer:

In Robers Company:

Debit Accumulated depreciation $75,000

Debit Equipment $72,500

Debit Cash $10,000

Credit Equipment $145,000

Credit Gain on exchange asset $12,500

In Phifer Corporation

Debit Accumulated depreciation $83,000

Debit Equipment $82,500

Debit Loss on exchange asset $9,500

Credit Cash $10,000

Credit Equipment $165,000

Explanation:

In Robers Company:

Book value of the equipment =  $145,000 - $75,000 = $70,000

Fair value of the equipment: $82,500 > Book value

The company will record gain on exchange:

Debit Accumulated depreciation $75,000

Debit Equipment $72,500

Debit Cash $10,000

Credit Equipment $145,000

Credit Gain on exchange asset $12,500

In Phifer Corporation

Book value of the equipment =  $165,000 - $83,000 = $82,000

Fair value of the equipment: 72,500 < Book value of the equipment

The company will record loss on exchange:

Debit Accumulated depreciation $83,000

Debit Equipment $82,500

Debit Loss on exchange asset $9,500

Credit Cash $10,000

Credit Equipment $165,000

5 0
3 years ago
Booker Corporation had the following comparative current assets and current liabilities: Dec. 31, 2019 Dec. 31, 2018 Current ass
Y_Kistochka [10]

Answer:

1. 1.5 Times

2.$100,000

3.0.775 Times

4.$75,000

5.$100,000

Explanation:

Liquidity ratios can be found by just simply putting the given values in their appropriate formulas. All you have to memorize is the simple formulas

1.Current Ratio  

CURRENT RATIO = CURRENT ASSETS/CURRENT LIABILITIES

CURRENT RATIO = $300,000/$200,000

CURRENT RATIO = 1.5 Times

2. Working Capital

WORKING CAPITAL= CURRENT ASSETS- CURRENT LIABILITIES

WORKING CAPITAL= $300,000 - $200,000

WORKING CAPITAL= $100,000

3. Acid ratio

ACID RATIO = CURRENT ASSETS - INVENTORY - PREPAID EXPENSES/CURRENT LIABILITIES

ACID RATIO = ($300,000 - $110,000 - $35,000)/$200,000

ACID RATIO = 0.775 Times

4. Receivable turnover

RECEIVABLE TURNOVER = CREDIT SALES/AVERAGE RECEIVABLE

RECEIVABLE TURNOVER = $750,000/$75,000

RECEIVABLE TURNOVER = 10 Times

<u>Working</u>

AVERAGE RECEIVABLE = (Opening receivables+Closing receivables)/2

AVERAGE RECEIVABLE = ($55,000 + $95,000) / 2 = $75,000

5. Inventory Turnover

INVENTORY TURNOVER = COST OF GOODS SOLD / AVERAGE INVENTORY

INVENTORY TURNOVER = $400,000 / $100,000

INVENTORY TURNOVER = 4 Times

<u>Working</u>

AVERAGE INVENTORY = (Opening inventories+Closing inventories)/2

AVERAGE INVENTORY = (110,000 + 90,000)/2

AVERAGE INVENTORY = $100,000

3 0
3 years ago
Wildhorse Co. sells merchandise on account for $2800 to Morton Company with credit terms of 2/8, n/30. Morton Company returns $8
kipiarov [429]

Answer: Cash $1,960

Sales returns and allowances $800

Sales discount $40

Accounts receivable $2,800

Explanation:

Sales = $2,800

Sales returns = $800

Discount rate = 2%

The final amount due will be:

= Sales- Sales returns

= $2,800 - $800

= $2,000

Sales discount = 2% × $2,000 = $40

Cash received will be:

Final amount due - Sales discount

= $2,000 - $40

= $1,960

The journal entry will be:

Debit Cash $1,960

Debit Sales returns and allowances $800

Debit Sales discount $40

Credit Accounts receivable $2,800

5 0
2 years ago
On May 1, Ramona and Santonio orally agree that Santonio will guide a party from the base of Mount McKinley to its summit and fr
yan [13]

Answer:

1.Contract is express

2.Contract executory

Please explanation below.

Explanation:

1)Contract is Expressed

Expressed contract consist of agreement in which terms are stated by parties either orally or in written .  

2) The contract is executory

Since contract is performed only by Santonio and since Ramona will make payment on 1 june ,on 31 may it is still to be performed by ramona  so the contract is executory (only part performance is made) .An executory contract is a contract that has not yet been fully performed or fully executed. It is a contract in which both sides still have important performance remaining.

4 0
3 years ago
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