Sunset Photography requires a 40% deposit on all bookings. In March, they received deposits for weddings totaling $24,000. What is the total contract value of these bookings?
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- SorCo. Inc. has just entered into a sale agreement with a customer. The contract is for $600,000. However, the payments will be made as follows: 1 August 20X1 on date of delivery $400,000; 1 August 20X2 $100,000 and 1 August 20X3 $100,000. SorCo has estimated that the interest rate required for this customer is 8%. SorCo follows IFRS. Required: Prepare the journal entry required to record the sale on 1 August 20X1 and the receipt of cash on 1 August 20X2 and 20X3. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to the nearest whole dollar.)The payments required on a contractual obligation are $800 per month. The contract was purchased for $9,250 just before a regular payment date. The purchaser determined this price based on a required rate of return of 4.3% compounded monthly. How many payments will be required, include the partial final payment? 12 payments 24 payments 9 payments 6 payments 18 paymentsA gym offers an annual membership for an upfront payment of $1,175. Alternatively, a customer can choose to pay beginning-of-month payments of $110 for 12 months. What monthly compounded rate is the gym charging a customer who selects the monthly payment plan?
- 25% of the price of a living room furniture is paid with a document with a face value of $4,000 and expiration in 30 days. 30% is settled through a payment within 60 days, another 30% with a document within 90 days of the purchase and the remaining 15% is left as an advance payment. Obtain a) The price of the furniture. b) The advance payment and the other two payments. c) The total interest charge. Assume that the furniture store charges 22.20% annually compounded by months on its credit sales.help meK Jie purchased a computer priced at $1316.21, financing it by paying $60.16 on the date of purchase, and signing a contract to pay equal monthly payments over the next seventeen months. If the terms of the contract state that interest is calculated at 9.4% compounded monthly, how much does Jie have to pay at the end of each month? ... Jie must make payments of $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 2
- You have been offered a contract to work as a consultant. The company will pay you $6215 per month. In addition, once you complete the work in 4 years, you will receive $46865. Your required return is 6.57%, what is this contract worth today? show all step and fomular. AnswerHot Tub Builders sells to three retail dealers under an agreement wherein each dealer pays monthly. The average payments are $148,500, $162,900, and $74,500 from these dealers. Each payment has a collection delay of 1.5 days. What is the amount of the average daily receipts assuming each month has 30 days?Your company agreed to pay a maintenance contractor $ 3.677 as the first payment at the end of the first month. Then, the payment amount will increase by 6 every month. The duration of the maintenance contract is 5 years. If the interest rate is 6% per month, the present worth (now) of this maintenance contract is:
- Gold's Gym wants to offer its clients a monthly payment option on its annual membership dues of $490. If the gym charges 7.75% compounded quarterly on its membership fee, what beginning-of-month payments should it advertise?Velocity, a publicly traded corporation with a calendar fiscal year, entered into an agreement with Wedding Planners, Inc. an wedding event planning company on September 15, 2021. The contract specifies that the services will begin on October 1, 2021. Velocity will design a marketing strategy to increase “hits” on Wedding Planners website by 40%. The contract will last for 3 months (though December 31, 2021). Wedding Planners promises to pay $25,000 at the beginning of each month for Velocity’s services with the first payment on October 1, 2021. At the end of the contract, Velocity will be entitled to an additional $10,000 bonus, depending on whether traffic on Wedding Planners’ website has increased by the desired 40%. At the inception of the contract, Velocity estimated there is a 80% chance that they will earn the $10,000 bonus and 20% likelihood they will not. These probabilities are based on past experience with similar projects and the company has significant…Velocity, a publicly traded corporation with a calendar fiscal year, entered into an agreement with Wedding Planners, Inc. a wedding event planning company on February 14, 2022. The contract specifies that the services will begin on March 1, 2022. Velocity will design a marketing strategy to increase “hits” on Wedding Planners website by 40%. The contract will last for 3 months (though May 31, 2022). Wedding Planners promises to pay $25,000 at the beginning of each month for Velocity’s services with the first payment on March 1, 2022. At the end of the contract, Velocity will be entitled to an additional $15,000 bonus, depending on whether traffic on Wedding Planners’ website has increased by the desired 40%. At the inception of the contract, Velocity estimated there is an 85% chance that they will earn the $15,000 bonus and 15% likelihood they will not. These probabilities are based on past experience with similar projects and the company has significant experience in these…