a) Determine the interest charged for the cash advance. b) When he repaid the loan, how much did he pay the credit card company?

Q: Loan structuring is the process of designing a loan to satisfy the financing demands of a business…

A:

Q: What are the factors that may influence the use of money vs credit cards?

A: There are several factors that influence someone's decision to buy goods or services through money…

Q: On a bank reconciliation, which of the following is added to the balance per book? Interest earned…

A: In order to make sure that their bank records—bank statements—and their own accounting…

Q: 2. Should you use a credit card when you can pay cash? Explain your reasons.

A: A credit card provides the holder access to funds for their use for which they have to pay later. It…

Q: Vhen a bank grants a consumer loan to someone, it leads to: O a. an indirect flow of funds Ob. Oc a…

A: Consumer loans are a type of loan offered by banks and other financial institutions to individuals…

Q: can you please show your calculations on how you got the cash amounts?

A: Term 1/10 represents the discount allowed, it means 1% discount is allowed to the buyer if they paid…

Q: Question: 1. What is the correct source documents for credit purchase by business. 2. what is the…

A: Source Documents - Source Document is the document of proof for the transactions takes place.…

Q: The bank does not subtract the amount of your payment from the beginning balance but charges you…

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…

Q: 1. What is the definition of a total cash received during the year? How it is important to the to…

A: Approach to Solving the Question:Define Each Concept: Let commence with the description of what each…

Q: Is granting credit to customers good? And as a future business owner how would you handle or manage…

A: Explanation to Credit When products are sold to customers on credit and customers agree to pay the…

Q: The "principal" of a note receivable refers to: a.the amount of cash borrowed. b.the present value…

A: The principal amount of a note receivable is the amount of cash borrowed.

Q: 60) Beginning inventory is $30,000. Purchases of inventory during the year are $50,000. Cost of…

A: Ending Inventory = Beginning Inventory + Purchases - Cost of Goods Sold

Q: What do you call to the evidence of receipt of cash by the seller? 2. What do you call to the one…

A: 1. whatever evidence that you received by the seller for receiving the cash has formal format it is…

Q: What is the difference between a credit card and a debit card? O A credit card is loaned money, plus…

A: Debit card is the facility given by the banks to their customers so that they can withdraw cash from…

Q: Explain the difference between how you would characterize bank deposits and loans as assets and…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: Every deposit accepted by the bank constitutes: a. A credit on the part of the banker towards the…

A: Deposit: It is a financial term which means money held at bank.

Q: when a company establishes a credit line with a bank, it is the same as borrowing from the bank True…

A: Credit line is similar to taking a loan but in credit line loan is taken on a regular basis. There…

Q: A Credit Note would be issued by a business: A. as evidence of goods sold on credit. B. as reference…

A: Accounting refers to the process of recording, summarizing, interpretation the financial information…

Q: Reconciling Items per Bank - Outstanding Cheques For a bank reconciliation, how would one account…

A: Bank reconciliation is a statement prepared to reconcile the differences in balance in cash account…

Q: Bank loans often are arranged under existing lines of credit. What is a line of credit? How does a…

A:

Q: What is credit history? A record of a person's borrowing and repayment activity used to calculate…

A: Credit history checks if the borrower has been responsible with the debt payments or not. It checks…

Q: about a business wo

A: Before making a loan to a borrower, banks examine the firm's key financial figures. To establish the…

Q: Explain

A: Question 1)An NSF fee stands for Non-Sufficient Funds fee. It's a penalty charged by your bank when…

Q: ing source of finance allows the holders to withdraw more than their balance ? a. Commercial Paper…

A: Financial instruments are instruments that have some monetary value and are created due to the…

Q: Which is the correct action to reconcile the bank statement for a Bank service charge? OA) Add to…

A: Explanation of each item are provided as below : A. Added to Book Balance :  In Bank reconciliation,…

Q: When you borrow money to pay for goods and services, you are using what form of payment? Savings…

A: Payment means the transfer of money or goods and services in return or exchange of any product or…

Q: From a bank's viewpoint, a customer's account in the bank is considered a: a.donation. b.liability.…

A: Bank statement: This is a periodic or monthly statement issued by bank reporting the account summary…

Q: Why should a company have clear strategy for collecting Accounts receivable from its customers? For…

A: STEP 1 In a general sense companies have a clear strategy which is predetermined but it subject to…

Q: what the effect to asset, liability and owner's equity if the company receives cash from a bank loan

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.

Q: Which one of the following statements is false? a. Consumer loans are loans banks advance to…

A: Solution:- Loans means the advances made by the bank to the customers, while deposits means the…

Q: Is this true or false? When recording a cash transaction from a client for a service that will be…

A: Unearned revenue is a liability for which services are yet to be provided in the near future.

Q: additional loan from bank should it be included in cash at hand/cash on bank

A: The company maintain certain amount of the cash for working capital management and smooth operations…

Q: How do banks use your credit reports? Sight an example to illustrate the answer

A: Answer: As per Q/A guidelines, first question has been answered. please repost remaining questions…

Q: A company repays its bank borrowings.  The entry to record that transaction should be Group of…

A: Borrowing means where business taken loan from outsider to be used in business and repaid later.

Q: Why are credits and debits different for banks compared for personal finance usage?

A: In personal account, all expenses, assets, and losses will be debited. All incomes, liabilities, and…

Q: Summarize the procedures to follow when accepting credit cards, bill-to-accounts, cash, checks, and…

A: There are different methods through which the customers make the payment to the company like for the…

Q: What is the procedure for recording a short-term bank loan?

A: Business requires money and sometimes there exists a situation in which company or business does not…

Q: A credit report keeps track of money you borrow from banks, credit card companies, and other…

A: Loan means the amount taken from another person to be repaid back with interest.

Q: How can money be deposited into a Spruce account? Tax refund. Direct deposit. Linked bank…

A: Several options have been given to fund the Spruce Account. We have to find the correct answer.

Q: In preparing  a bank reconciliation,  what is the proper treatment of interest earned on the bank…

A: Bank reconciliation is the process of reconciling the cash balance in books with the bank balance.…