For the credit card account, assume one monthbetween billing dates (with the appropriate numberof days) and an interest of 1.4 % per month on theaverage daily balance.Previous Balance: $762.69July 6 Payment Billing DateJuly 14 Payment $300.00July 29 Lunch $45.19August 5 Concert Tickets $89.54

Key Information:Interest rate: 1.4% per monthBilling Period: July 14 to August 14 (32 days)Previous…

Answered: For the credit card account, assume one…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% per month on the average daily balance Find (a) the average daily balance, (b) the monthly finance charge, and (e) the account balance for the next billing Previous Balance: $485.26 January 13 Billing Date January 15 Retums January 20 Clothes January 27 Bus Sickets February 2 Payment February 6 Flowers $105.09 $114.34 $76.83 $130 $64.41 (a) The average daily balance is (Round to the nearest cent as needed.) (b) The finance charge is (Round to the nearest cent as needed) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.)
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $130 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $28.59 October 16 Credit $20.00 October 25 Purchase $122.60 average daily balance = $ ___
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $10.00 October 25 Purchase $122.60
K For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $464.26 January 12 Billing Date January 14 Returns January 21 Clothes January 25 Bus tickets February 3 Payment February 8 Flowers $105.64 $122.68 $63.87 $125 $56.36 ...
uppose you have a revolving credit account at an annual percentage rate of 12%, and your previous monthly balance is $389.79. Find your new balance (in $) if your account showed the following activity. Use the unpaid balance method. (Round your answer to the nearest cent.) Statement of Account Billing cycle: July 1–31 DATE DESCRIPTION OF TRANSACTIONS CHARGES July 04 Kit and Capoodle Pets $109.08 July 08 Payment 61.00 July 16 Cash advance 98.82 July 22 Mountain Vineyards 31.37 July 29 Vu Video (credit) 95.97 $
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $775.30 July 7 Billing Date July 19 Payment July 25 Lunch August 5 Concert tickets $300 $34.59 $89.82 (a) The average daily balance is $ (Round to the nearest cent as needed.)
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.)
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $775.64 July 8 July 15 July 27 August 2 Concert tickets Billing Date Payment Lunch $200 $43.82 $85.87 (a) The average daily balance is S. (Round to the nearest cent as needed.)
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $754.46 July 8 Billing Date Payment July 15 July 25 Lunch August 2 Concert tickets $300 $53.79 $76.67 (a) The average daily balance is $. (Round to the nearest cent as needed.) (b) The finance charge is $. (Round to the nearest cent as needed.) (c) The account balance for the next billing is $. (Round to the nearest cent as needed.)
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% per month on the average daily balance Find (a) the average daily balance. (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $455.28 January 12 Billing Date January 15 Returns January 21 Clothes January 25 Bus tickets February 4 Payment February 7 Flowers $102.86 $117.89 $89.76 $125 $66.36
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $464.30 January 12 Billing Date January 16 Returns January 21 Clothes January 26 Bus tickets February 4 Payment February 7 Flowers $102.74 $113.66 $69.74 $105 $67.29 (a) The average daily balance is $ (Round to the nearest cent as needed.) (b) The finance charge is $ (Round to the nearest cent as needed.) (c) The account balance for the next billing is $. (Round to the nearest cent as needed.) Enter your answer in each of the answer boxes. fg f10 insert prt sc f5 f6 fg esc & backspace 2 3 7 00 T 5 %24
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.5 % per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $449.12 January 10 Billing Date January 12 Returns $102.72 January 21 Clothes $117.41 January 25 Bus tickets $76.64 February 2 Payment $135 February 8 Flowers $56.23 (a) The average daily balance is $

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