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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).)
Prepare the necessary journal entry to close the overhead account of the balance is considered immaterial.
A competitive environment means that organizations will be:
Describe the process of selecting and evaluating a sample. Why is sampling important to business? Are there situations in business where sampling would not be effective?
What accounts does a company debit and credit in a prepaid expense adjusting entry? What accounts are debited and credited in an unearned revenue adjusting entry.
Prepare the required journal entries that MMM Store must make to record these transactions.
Display Labs Inc recently began production of a new product, flat panel displays, which required the investment of $1,800,000 in assets.
After Tiger released its 2010 financial statements, the company's stock was trading at $17. After the release of its 2009 financial statements, the company's stock price was $12 per share.
The Florida Investment Fund buys 90 bonds of the Gator Corporation through a broker. The bonds pay 8 percent annual interest.
Instructions Prepare the general journal entries necessary to record these transactions. Equity transactions. Presented below is information related to Wyrick Company:
You have been employed as an entry level management accountant for a little under a year. you suspect that your immediate supervisor is involved in asignificant fraud involving diverting of company assetts to personal use.
What is the relationship between receivables and cash? What is their influence on liquidity and solvency? How do they affect competitiveness? Why are sales revenue and gross margin so important?
Objective questions in accounting, Accounting is an information and measurement system that identifies, records, and communicates financial information to users. External users of accounting information include
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