1104 Exam 1 Review 3e
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Prince George's Community College, Largo *
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Course
1104
Subject
Mathematics
Date
Apr 3, 2024
Type
docx
Pages
11
Uploaded by BaronIbexMaster1120
Math 1104 Exam 1 Review Material
Chapter 6 Bank Statement, Line Item, Endorse, Blank Endorsement, Full Endorsement, Restrictive Endorsement, Budget, Check, Check Register, Check Stub, Deposit Slip, Credit Memo (CM), Debit Memo (DM), Drawee, Drawer, Payee, Payer, Outstanding Checks, Deposits in Transaction, Nonsufficient Funds (NSF), Electronic Funds Transfer (EFT), Bank Reconciliation, Overdrafts, and Opportunity Costs
1.
What is the expected cash profit or loss given the following information:
Expected merchandise sales (in cash) $125,000
Expected service sales (in cash) $80,000 Expected fixed cash expenses $75,000 Expected variable cash expenses $120,000
2.
On May 31, 2020, Kane Company's bank statement showed a $9,900.50 bank balance. The bank statement also showed that it collected a $1,200 note for Kane Company. A $1,315.80 deposit made on
May 31 was in transit. Check number 314 for $48.50 and check number 485 for $465.12 were outstanding. Kane's bank charges $.15 per processed check. This month Kane wrote 68 checks. Kane has a $9,512.88 checkbook balance. Prepare a reconciled balance.
Checkbook Statement
Bank Register
Ending Balance = $
Ending Balance = $ Page | 1
Reconciled Balance= $
Reconciled Balance= $
Page | 2
Chapter 7 Biweekly, Payroll register, Differential Pay, W-4, Cumulative Earnings, Fair Labor Standards Act, FICA, FUTA, SUTA, FIT, Gross Pay, Taxable Earnings, Net Pay, Override, Percentage Method, Semimonthly, Straight Commission, Variable Commission, and Wage Bracket
1.
Calculate Jim's gross pay (assume time and a half over 40 hours):
Mon
Tues
Wed
Thur
s
Fri
Total Hours
Rate per Hour
Total Pay
9
8
7.5
8.25
12.25
$10.50
2.
Complete the following weekly payroll:
Assume: (1) FIT calculated by percentage method and (2) Social Security 6.2% on $147,000; Medicare 1.45%. Balance before this payroll is $400 below maximum as related to cumulative earnings in calculating Social Security.
Marital Status
Gross Pay
FIT
Social Security
Medicare
Net Pay
David
Renner
Married
filing jointly
$1400
Page | 3
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3.
Maggie Vitteta. Married filing separately, works 40 hours per week at $15.00 an hour. How
much is taken out for federal income tax? Use the percentage method.
4.
Alvin Shore sells jewelry at Ross Jewelers. Ross pays Alvin $8.50 per hour plus a 6% commission on all sales. Assume Alvin works 36 hours and had sales of $4,900. What is Alvin's gross pay?
Chapter 8 Assessed Value, Excise Tax, Mills, Property Tax, Sales Tax, Tax Rate Per Dollar, and Market Value.
1.
Calculate the assessed valuation:
Page | 4
2.
Calculate the total purchase price: Given
:
3.
Total sales for Appliance Center were $205,000 for the week. These sales included a 6% sales tax. What were the actual sales?
4.
Ralph's home is assessed at $80,000. The tax rate is 16.52 mills. What is the actual amount of tax on Ralph's home? (Round your final answer to the nearest cent).
Page | 5
5.
Calculate the tax rate in decimal form (six decimal places):
Chapter 10
Amount Financed, APR, Average Daily Balance, Cash Advance, Deferred Payment, Down Payment, Finance Charge, Amortization, Open-End Credit, Revolving Charge, Truth In Lending Act.
1.
Calculate the finance charge:
Page | 6
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2.
Calculate APR (to nearest hundredth percent):
3.
Joanna Revis bought a home computer for $1,299. She plans to pay $300 per month till the purchase is paid off. Assume there is a 1.5% interest charge on the unpaid balance and the U.S. Rule is used. What is the outstanding balance due at the end of the first month?
4.
Calculate the monthly payment:
Page | 7
Purchase Price
$26,000
Down Payment
$5,000
11% for 36 months
5.
Mary Jones just received the following statement. Can you help her calculate (A) the average daily balance and (B) the finance charge? The finance charge is 1.5% of the average daily balance.
Page | 8
Tables for Exam 1
Page | 9
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Page | 10
Formulas for Exam 1
Actual Sales = TotalSales
1
+
taxrate
Assessed Value = Assessment Rate
∗
Market Value
Property Tax = AssessmentValue
∗
Tax Rate
Property Tax Rate =
Budget Needed
Total AssessedValue
Total Finance Charge = All monthly payments
−
Amount Financed
APR = 72
∗
I
3
P
(
N
+
1
)
+
I
(
N
−
1
)
PMT = PV
(
i
)
1
−
1
(
1
+
i
)
n
Finance charge = Monthly Interest Rate
∗
Average Daily Balance
Page | 11