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A local finance company quotes a 16.8 percent interest rate on one-year loans. So, if you borrow $30,000, the interest for the year will be $5,040. Because you must repay a total of $35,040 in one year, the finance company requires you to pay $35,040/12, or $2,920.00 per month over the next 12 months.
What rate would legally have to be quoted? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
What is the effective annual rate? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
Get a clear understanding of the (LIO) Localization Implementation options events that would trigger testing What type of testing is required manual/automated?
It is necessary for the auditor to understand the client's business. Why is that the case? How does classifying the client into a safe or risky client affect the audit?
I understand that non-recurring items such as adjustments for changes in accounting methods, extraordinary gains/losses, income from discontinued operations, etc. must not be included. However, what items should I address?
Tom Hughes died in 2009 with a gross estate of $3.9 million and debt of $30,000. He made post-1976 taxable gifts of $100,000, valued at $80,000 when he died. His estate paid state death taxes of $110,200. What is his estate tax base?
During the year 2010, the corporation earned $600,000 after deducting all expenses. The tax rate was 30%. Compute the proper earnings per share for 2010.
In this way we could combine the recording and posting process into one step and save ourselves a lot of time. What do you think?
Differentiate between accounting for restricted funds in nonprofits and governments. Examine some of the possible reasons GASB issued statement 54 clarifying the reporting and classification of funds for governmental accounting.
Based on the formulas you have reviewed, what happens to contribution margin per unit when unit selling prices increase? Illustrate your explanation with an example from a fictitious company of how an increase in unit selling prices might affect cont..
Name the steps in completing the accounting cycle and explain how they impact the financial statements. What happens is a step is missed? Explain.
Decker Corporation purchased 1,000 shares of Kent common stock at $75 per share plus $3,000 brokerage fees as a short-term investment. The shares were subsequently sold at $80 per share less $3,400 brokerage fees.
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2012, it assigned, under guarantee, specific accounts amounting to $150,000.
What amount of interest expense will be displayedon the 2013 income statement? c) What amount of liability for the note will be displayed on the balance sheet on December 31, 2013?
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