Consider the following credit card activity for the month of September:DateBalanceSeptember 1$0September 6 $355September 15 $1,052September 19 $1,798September 25 $2,326If this card's annual APR is 15.8% and the September balance is not paidduring the grace period, how much interest is owed for September?• There are 30 days in September.Round your answer to the nearest dollar.

We need to compute average daily balance to determine the interest rate.

Answered: Consider the following credit card…

Consider the following credit card activity for the month of September: Date Balance September 1 $0 September 6 $355 September 15 $1,052 Septemher 19 $1.798

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. Monthly Periodic Purchases Payments and Cash Advances Annual Finance New Previous Balance Percentage Rate (APR) Charge (in $) and Balance Rate Credits (in $) (as a %) $15.00 12% % $177.40 $45.00
The January 1 balance in accounts receivable was $22,000. All sales during the period were on credit and totaled $647,000. Collections on account were $631,000. Write-offs during the year totaled $28,000. What is the ending balance in accounts receivable? A. $10,000 Dr balance B. $18,000 Cr balance C. $6,000 Dr balance D. $34,000 Dr balance
A credit card has a monthly rate of 1.6% and uses the average daily balance method for calculating interest. Here are some of the details in the June 1-June 30 itemized billing: June 1 Unpaid Balance: $450.98 Payment Received June 9: $130 Purchases Charged to the Account: $259.1 Average Daily Balance: $355.65 Last Day of the Billing Period: June 30 Payment Due Date: July 9. Click the icon to view the table. O A. a. $5.51 b. $326.49 c. $20.00 O c. a. $5.69 b. $585.77 c. $58.58 a. Find the interest due on the payment. due date. b. Find the total balance owed on the last day of the billing period. c. Minimum payment terms are shown in the accompanying table. What is the minimum payment due by July 9? C OB. a. $5.76 b. $320.98 c. $20.00 OD. a. $5.76 b. $676.63 3. $58.58
A credit card issuer calculates interest using the average daily balance method. The monthly interest rate is 1.1% of the average daily balance. The following transactions occurred during the November 1 – November 30 billing period. Transaction Description Transaction Amount Previous balance, $4620.80 November 1 Billing date November 7 Payment $650.00 credit November 11 Charge: Airline Tickets $350.25 November 25 Charge: Groceries $125.70 November 28 Charge: Gas $38.25 November 30 End of billing period Payment Due Date: December 9 Find the average daily balance for the billing period. Round to the nearest cent. Find the interest to be paid on December 1, the next billing date. Round to the nearest cent. Find the balance due on December 1. This credit card requires a $10 minimum monthly payment if the balance due at the end of the billing period is less than $360. Otherwise, the…
Suppose that your credit card activity for December looked like this: Date Activity December 5 $323 purchase December 10 $430 purchase December 15 $217 purchase December 20 $344 purchase December 25 $171 purchase What was your average daily balance for December? Round your answer to the nearest dollar.
What is the Correct Answer
On December 1, 2022, Blossom Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 1. 12 2. 17 During December, the company completed the following transactions. 19 22 26 31 Debit Adjustment data: $18,800 Accumulated Depreciation-Equipment 2,400 Accounts Payable Common Stock Retained Earnings 7,000 15,500 1,700 29,000 $74,400 Credit Received $3,600 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $12,400, terms 1/10, n/30. Sold merchandise on account $16,400, terms 2/10, n/30. The cost of the merchandise sold was $9,600. $2,900 6,200 50,100 15,200 $74,400 Paid salaries $2,100. Paid Vance Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,800 cash from customers in payment of account (no discount allowed). Depreciation was $200 per month. Insurance of $400 expired in December.
H5.
How to calculate the total outstanding receivables?? For example if at the Dec 31 2013, total sales on account and invoiced during the year, the account receivable balance outstanding at the year end, the date when the invoice was issued and the date when the invoice was paid off was given!
7. Raoul's credit card statement showed these transactions during May. May 1 May 6 May 10 May 15 May 26 Previous balance $304.29 Payment $100.00 Purchases $58.10 Payment $100.00 Purchases $114.73 18% per month on the average daily balance. Find the average daily balance, The interest rate is the finance charge for the month, and the new balance on June 1. [Hint: Remember that May has 31 days.]
The following select financial statement information from Candid Photography. CANDID PHOTOGRAPHY Year Net Credit Sales Ending Accounts Receivable 2017 $2,988,000 $1,290,450 2018 2019 3,750,860 4,000,350 1,345,600 1,546,550 Compute the accounts receivable turnover ratios and the number of days' sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What is the Average Accounts Receivable? What is the Net Credit Sales that would be used? What is the Accounts Relievable Turnover? what is the Days in Receivable Ratio?

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