You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account.STATEMENT OF ACCOUNT Billing cycle: July 1-31July 1Previous month's balance$143.85July 5McDermott Engineering35.95July 9Payment32.30July 17Hi-Def Video (credit)25.31July 25Sunny Flowers30.93O $153.12O $155.31O $268.34O $299.05

The average daily balance is a typical accounting technique for calculating interest charges that…

Answered: O $153.12 O $155.31 O $268.34 O $299.05

Business

Finance

O $153.12 O $155.31 O $268.34 O $299.05

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

See similar textbooks

Similar questions

On November 1, Alan Company signed a 120-day, 11% note payable, with a face value of $14,400. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.) Multiple Choice $14,928 $14,576 $14,664 $14,400 Mc raw Hill Type here to search 9:10 PM 96% 3/21/202
Malander Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During November, the kennel budgeted for 3,400 tenant-days, but its actual level of activity was 3,390 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for November: Data used in budgeting: Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses Total expenses Actual results for November: Fixed element per month $0 $ 2,700 500 9,600 6,600 $ 19,400 $ 90,470 $ 20,606 Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses The food and supplies in the flexible budget for November would be closest to: Variable element per tenant-day $28.00 $ 5.40 10.20 3.30 0.20 $ 19.10 $ 35,838 $ 20,857 $ 7,518
Republic Industries decides to price delivery services according to the results of a recent activity-based costing (ABC) study. The study indicates Republic should charge $8 per order, 3% of annual order value for general delivery costs, $1.40 per item, and $30 for delivery. A year later, Republic collected the following information for two of its best customers: Cost driver Number of orders Number of deliveries Total number of items Annual order value Customer C Customer D 17 8 10 10 2,200 $195,000 4,400 $70,000 What are the total delivery costs charged to Customer C during the year?
jagdish
Flowers for All Occasions (FLO) produced a special Mother's Day arrangement that included eight roses. The standard and actual costs of the roses used in each arrangement follow: Standard 8.0 Actual 8.2 Average number of roses per arrangement Price per rose Cost of roses per arrangement Flow planned to make 350 arrangements but actually made 420. What is the total materials variance based on the flexible budget? 0.35 2.80 0.30 2.46
Puvo, Incorporated, manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product Standard Quantity 7.1 pounds 0.5 hours Direct materials Direct labor Variable manufacturing overhead During March, the following activity was recorded by the company: 0.5 hours Standard Price or Rate $.90 per pound $ 46.50 per hour $9.80 per hour . During March, 1,220 direct labor-hours were worked at a rate of $43.50 per hour. • Variable manufacturing overhead costs during March totaled $15,361. Standard Cost $6.39 $ 23.25 • The company produced 3,700 units during the month. • A total of 20,700 pounds of material were purchased at a cost of $14,880. . There was no beginning inventory of materials on hand to start the month; at the end of the month, 4,920 pounds of material remained in the warehouse. The direct materials purchases…
Using the following information, what is the cost to lease a car? (Assume there are no charges for damage at the end of the lease) Security deposit Monthly lease payment Opportunity cost of security deposit End-of-lease charges $140 $140 per month for a five-year lease $140x loan period (in years) * 3% interest $340
rr
Erie Company reports the following comparative balance sheets and income statement information for the current year. All revenues are from credit sales. Comparative Balance Sheets Assets Cash Accounts receivable Prepaid insurance Inventory Property, plant & equipment Total Assets Liabilities and Stockholder's Equity Accounts payable Salaries payable Long-term notes payable Common stock Retained earnings Total Liabilities and Stockholders' Equity Income Statement Revenue Cost of goods sold Gross margin Operating expenses Net income $ What was the cash received from customers during the year? $ 290,000 (162,000) 128,000 (82,000) 46,000 Beginning of Year $ 90,000 34,000 34,000 10,000 42,000 $ 210,000 $ 50,000 18,000 26,000 22,000 94,000 $ 210,000 End of Year $ 50,000 18,000 42,000 26,000 50,000 $ 186,000 $ 34,000 42,000 34,000 22,000 54,000 $ 186,000
Lenci Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May, the company budgeted for 5,100 units, but its actual level of activity was 5,050 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May: Data used in budgeting: Revenue Direct labor Direct materials Manufacturing overhead Selling and administrative expenses Total expenses Actual results for May: Revenue Direct labor Direct materials Fixed element per month $0 $0 0 41,500 22,700 $ 64,200 $ 197,810 $ 28,565 $ 80,265 $ 47,905 $ 22,680 Manufacturing overhead Selling and administrative expenses The spending variance for manufacturing overhead in May would be closest to: Variable element per unit $ 39.60 $ 5.50 15.70 1.30 0.20 $ 22.70
Refer to the following selected financial information from Texas Electronics. Compute the company's working capital for Year 2. Year 1 $ 33,250 Year 2 $ 38,500 100,000 90,500 65,000 84,500 126,000 130,000 13,100 10,700 393,000 343,000 108,400 112,800 Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold 716,000 395,000 681,000 380,000
Data for January for Bondi Corporation and its two major business segments, North and South, appear below: Sales revenues, North Variable expenses, North Traceable fixed expenses, North Sales revenues, South Variable expenses, South Traceable fixed expenses, South $ 673,000 $ 390,600 $ 80,600 $ 520,300 $ 296,900 $ 67,400 In addition, common fixed expenses totaled $182,700 and were allocated as follows: $94,900 to the North business segment and $87,800 to the South business segment. A properly constructed segmented income statement in a contribution format would show that the segment margin of the North business segment is:

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

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

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

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

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS