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Annuity Payment and EAR
Question 1: You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over 4 years (48 months), and the nominal interest rate would be 15%, with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent.
Question 2: What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places.
To write-off an AR account between afilliates, the journal entry, before consolidating, in the books of the company carrying the accounts receivable, would be debit to retained earnings as well as credit to accounts receivable? If not, what would ..
John, a calendar-year taxpayer subject to a 34 percent marginal tax rate, claimed a charitable-contribution deduction of $15,000 for a sculpture that the IRS later valued at $10,000. Compute the applicable overvaluation penalty. Show your calculation..
Cadion Co. owned a controlling interest in Knieval Inc. Cadion reported sales of $420,000 during 2011 while Knieval reported $280,000. Inventory costing $28,000 was transferred from Knieval to Cadion (upstream) during the year for $56,000. Of this am..
Listed below are the transactions that occurred. Post each of the journal entires to the appropriate ledger (T) accounts. Prepare an unadjusted trial balance. Post adjusting journal entries to the ledger accounts
Choice inc, Sec 501(c) (3) organization pays unreasonable compensation to Kayla, the CFO of Choice. Kayla’s compensation is $750,000. Assume reasonable compensation would be $600,000. Determine any adverse tax consequences for Choice Inc. Determine a..
Purchased 40,000 additional units at a cost of $11.00 per unit. Terms of the purchases were 2/10, n30, and 80% of the purchases were paid for within the 10 day discount period. The company uses the gross method to record purchase discounts. The merch..
Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by ot..
Check by number the accounting assumption, principle, or constraint that explains each situation below. Do not use a number more than once.
Describe the perpetual and the periodic inventory systems. How are they different? Are there circumstances in which one system is better than the other?
Moore Company uses a job-order costing system and the following information is available from its records. The company has three jobs in process: #6, #9, and #13. Refer to Moore Company. If Job #13 is completed and transferred, what is the balance in..
FINANCIAL ACCOUNTING PRACTICE (BBAC301). The ledger of Daniel Penny, Financial consultant, contains the following account balances on 30th June 2015 and additional information for adjusting accounts. You are required to: Prepare the income statem..
Accounting Financial ACC701 - Was liabilities a major factor contributinng to the liquidation of the company?
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