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2 years ago

Your credit limit is $2,500 what is the max you should ever owe on this card?

2 answers:

4 0

The maximum amount that you can owe on this card is $2,500. Credit limit is the amount of which the bank or a lender gives to a borrower who has the capacity to pay based on the declared income of the borrower when he filled his credit card application. In addition, spending more than your credit limit means additional fines and penalties that the bank may charge on your card.

grandymaker [24]2 years ago

4 0

The maximum amount that you can owe on this card is $2,500. Credit limit is the amount of which the bank or a lender gives to a borrower who has the capacity to pay based on the declared income of the borrower when he filled his credit card application. In addition, spending more than your credit limit means additional fines and penalties that the bank may charge on your card.

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Based on your knowledge of word parts, complete the sentence with the correct word. sam had to mix __________ parts of the two c

AURORKA [14]

The answer for this question is. Sam had to mix equal parts of the two chemicals for the experiment. When we say equal, the same in number or amount. If equitably, dealing fairly or equitably with everyone. If equation, a complicated situation or issue. So the right answer is equal.

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2 years ago

Read 2 more answers

Vintage Audio Inc. manufactures audio speakers. Each speaker requires $115 per unit of direct materials. The speaker manufacturi

Karo-lina-s [1.5K]

Answer:

1. Purchase materials to manufacture 750 speakers

Debit Raw and In Process Inventory $86,250

Credit Accounts payable $86,250

2. Conversion costs to 715 units

Debit Raw and In Process inventory $64,350

Credit Conversion costs $64,350

3.Completed and transferred 665 units to Finished Goods

Debit Finished Goods Inventory $136,325

Credit Raw and In Process Inventory with $136,325

4. Sales of 655 units

Debit Account receivable $204,360

Credit Sales $204,360

5. Cost of Goods sold - 655 units

Debit Cost of Goods sold $134,275

Credit Finished Goods inventory $134,275

Closing balance of Raw & In process Materials = $14,275

Closing balance of Finished Goods inventory = $2,050

Explanation:

Vintage Audio Inc.

Cell process time = 15 minutes per speaker

Conversion cost for 165 operating hours = $59,400.

Units produced in 165 hours = (165hrs x 60mins) / 15

= 660 units

Conversion costs per Unit = $59,400 / 660 units = $90

Refer to the attached for very detailed presentation of answers

8 0

2 years ago

The cost method that will yield the highest taxable income during times of inflation is the a.weighted average inventory cost me

vichka [17]

Answer:

The answer is B.

Explanation:

FIFO inventory cost method will yield the highest taxable income during times of inflation or period of rising price.

FIFO is First in First out i.e the inventory that was purchase first will go out first. This method reflects the current market price because last inventories bought during inflation are part of the ending inventories. Ending inventories are high, cost of sales are low and gross profit is high.

Because gross profit is high, high tax will be charged

8 0

2 years ago

On January 1, 2021 Exibit Company purchased land costing $800.000. Instead of paying cash at the time of purchase. Jalen plans t

Murrr4er [49]

Answer: Exhibit journal $

Date

January 1 2021

Land Dr. 800,000

Creditors. Cr. 800,000

Recognition of land purchased on four installment payment with 6% interest.

June 30,2021

Installment principal Dr 191,221.64

Installment Interest Dr 24,000

Bank Cr. 215,221.64

Narration. Payment of installment principal and interest as at date.

December 31,2021

Installment principal Dr 191,221.64

Installment Interest Dr. 24,000

Bank Cr. 215,221.64

Narration.Payment of installment principal and interest due for date.

B. The balance on notes payable and Interest as at December 31 2021 is zero.

Explanation:

The notes is recognised by increasing the creditors accounts with a credit posting while the land is recognised by debiting the asset accounts.

The interest elements which is calculated on the total sum of 800,000 per annum is divided into two and the results separated from the biannual installment payment, the interest elements will be equally debited to the income statement.

There is no outstanding installment or Interest to be paid as at December 31 2021 , though there is two equal installment and interest still outstanding on the loan but they will not be due until 2022 based on facility agreement.

3 0

2 years ago

(6) Erik receives an eight-year annuity-immediate with monthly payments. The first payment is $300 and payments increase by $6 e

Tamiku [17]

Answer:

$70,264.03

Explanation:

You need to calculate the value of 8 × 12 = 96 different cash flows.

There is not a formula to calculate that, because the $6 dollar increase does not represent growing with a constant rate.

The monthly payments are:

Month payment ($)

0 (today) 300

1 306

2 312

3 318

n 306 + 6 (n-1)

96 (last) 876

Then you must create a spreadsheet with these features:

Five columns
First column is the month, and starts with month 0 (today)
Second column is the initial balance, the first balance is 0
Third column is the interest: it is calculated as the monthly interest by the initial balance. The monthly interest is 6%/12 = 0.06/12 = 0.005
Fourth column is the amount deposited: for month zero it is $300, and every month you add $6.
Fith column is the final balance: it is the sum of the initial balance (second column) + interest (third column) + deposit (fourth colum)
96 rows: 8 years × 12months/year = 96 months.
The initial balance of each row is equal to the final balance of the previous row.

Here a sample of the first three rows:

Month Initial balance Interest Deposit Final balance

0 0 0 300 300

1 300 300×0.005 = 1.5 306 607.5

2 607.5 607.5×0.005 312 922.54

When you do it up to the row 96, the final balance is the balance in the acccount at the end of the eight years.

The last row of your spreadsheet will show:

96 69,042.81 345.21 876 70,264.03

Thus, the balance at the end of eight years will be $70,264.03

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2 years ago