J.Lo's Clothiers has forecast credit sales for the fourth quarter of the year:Fourth QuarterSeptember (actual)OctoberNovemberDecemberCredit salesCollections:Experience has shown that 40 percent of sales are collected in the month of sale, 50 percent are collected in the following month, and10 percent are never collected.Prepare a schedule of cash receipts for J. Lo's Clothiers covering the fourth quarter (October through December).In month of salesOne month after sales$ 62,000$ 52,000Total cash receipts47,00072,000J. Lo's ClothiersSeptember$OctoberNovember0 $December0 $0

Cash collection: October In the same month: 40% of October sales = $52,000 × 40% = $20800…

Answered: J. Lo's Clothiers has forecast credit…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Ashley lives in a condominium in downtown Toronto and works as a business analyst. He earns an annual take-home salary of $61,200, and every month he spends $1,500 on rent, $500 on car expenses, $200 on a line-of-credit interest payment, $400 on miscellaneous expenses, and saves $2,500. a. What percent of his monthly take-home salary are his monthly expenses? %= Round to two decimal places. b. His financial advisor suggested he invest 27% of his take-home salary in a mutual fund. What percent of his current savings would this amount be? %E Round to two decimal places.
Often lottery winnings are divided into equal payments given annually for 20 – 25 years. So the present value of the winnings is worth less than the actual jackpot, depending on the rate at which money could be invested. Find the present value in dollars using the given conditions. Complete the table for each amount, interest rate, and number of payments. Jackpot Amount Interest Rate Equal Annual Payments Present Value (in dollars) $7,000,000 8% 20 $7,000,000 14% 20 $4 $7,000,000 8% 25 $ $7,000,000 14% 25 (Round to the nearest dollar as needed.)
For the following cash flow, use the interpolation technique to compute the interest rate at which the $240 cost is equivalent to the subsequent benefits. Year 0 1 Cash Flow -240 75 2 95 3 100 4 85
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6230.00 October 1 Billing date October 5 Payment October 7 Charge: Visit to Doctor October 12 Charge: Groceries October 21 Charge: Car Repairs October 31 End of billing period Payment Due Date: November 9 Transaction Amount a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.) c. Find the balance due on November 1. The balance due on November 1 is $. (Use the answer from part b to find this answer.) $400.00 credit $30.00 $70.00 $260.00 b. Find the interest to be paid on November 1, the next billing date. Round to the nearest cent. The interest to be paid on November 1 is $ (Use the…
For the cash flows shown in the diagram, determine the value of x and 2x that will make the future worth in year 14 equal to $275,000. i = 10% per year 2 3 4 5 6 7 8 2x 2x 2x 2x The value of x is determined to be $ The value of 2x is determined to be $
A principal amount of 6,000 will be placed in a savings account. A simple interest account earns an annual percentage of 6.8%, while a compund interest account has an APR of 3.7% compunded quartely. Which account has a larger balance after 20 years?
21. The income statement for Otto Construction Company appear below: Net sales (all credit sales) $180000 Cost of goods sold 100000 Gross margin 80000 Operating expenses 30000 Interest expense 12000 Income before taxes 38000 Income tax 9500 Net income $28500 Average total assets total $240000. Otto’s income tax rate is 25%.What is the gross margin percentage? (a) 12.5% (b) 15.8% (c) 33.3% (d) 44.4%
Kier Company issued $740,000 in bonds on January 1, Year 1. The bonds were issued at face value and carried a 3-year term to maturity. They had a 5.50% stated rate of interest that was payable in cash on December 31st. Based on this information alone, the amount of interest expense shown on the December 31, Year 1 income statement and the cash flow from operating activities shown on the December 31, Year 1 statement of cash flows would be: Interest Expense Cash Outflow A. $40,700 zero B. zero $40,700 C. $40,700 $40,700 D. zero zero Multiple Choice Choice A Choice B Choice C Choice D
A certificate of deposit (CD) is similar to a savings account, but deposits are generally held to maturity. They usually offer higher rates than savings accounts because they "tie up" money for a period of time and often require a minimum deposit. A 3-year CD at a certain bank has a nominal rate of 2.085%, and an effective annual yield of 2.100%. If $800 is deposited with this bank, how much will be in the account at the end of the 3 years?

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