Stephen is a graduate student at West University. He works part-time at the campus coffee shop earning $5,000 this year. Stephen also receives a $25,000 scholarship that pays for his tuition, fees, and books. What amount does Stephen include in his gross income

Answers

Answer 1

Answer:

5,000

Explanation:

Stephen is a graduate student at a university

He works part time at a shop where he earns 5,000 this is als like compensation

He receives $25,000 for scholarships

The amount Stephen includes in id groas income is 5,000


Related Questions

odson Company manufactures a product with a standard direct labor cost of 2.3 hours of labor per unit at $10.60 per hour. Last month, 170 units were produced using 90 hours at $11.60 per hour. What was the company's labor quantity variance

Answers

Answer:

Direct labor time (efficiency) variance= $3,190.6 favorable

Explanation:

To calculate the direct labor quantity variance, we need to use the following formula:

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Direct labor time (efficiency) variance= (391 - 90)*10.6

Direct labor time (efficiency) variance= $3,190.6 favorable

Standard quantity= 2.3*170= 391

Halsted Corp. has identified three cost pools in its manufacturing process: equipment maintenance, setups, and quality control. Total cost assigned to the three pools is $214,500, $101,400, and $153,000, respectively. Cost driver estimates for the pools are 10,000 machine hours, 150 setups, and 450 quality inspections, respectively.

Required:
Calculate the activity rate for each of Halsted's cost pools.

Answers

Answer:

Maintenance $21.45 per Machine Hour

Setup $676 per Setup

Quality Control $340 per Inspection

Explanation:

Calculation to determine the activity rate for each of Halsted's cost pools.

Activity rate for MAINTENANCE COST

Using this formula

Activity rate= Total maintenance cost / Total machine hours

Let plug in the morning

Activity rate=$214,500/ 10,000

Activity rate= $21.45 per Machine Hour

Activity rate for SETUPS

Using this formula

Activity rate= Total Setups /Setups

Let plug in the formula

Activity rate= $101,400/150

Activity rate=$676 per Setup

Activity rate for QUALITY CONTROL

Using this formula

Activity rate= Total Quality control /Quality inspections

Let plug in the formula

Activity rate= $153,000/450

Activity rate= $340 per Inspection

Therefore the activity rate for each of Halsted's cost pools will be:

Maintenance $21.45 per Machine Hour

Setup $676 per Setup

Quality Control $340 per Inspection

Question
In 2 hours, China can produce 6 bottles of milk. In 5 hours, it can produce 15 batches of pumpkins. What is the country's
opportunity cost of producing 1 bottle of milk (in terms of batches of pumpkins)?
your answer below:

Answers

Answer:

China's opportunity cost of producing 1 bottle of milk is equal to one batch of pumpkins.

Explanation:

Given that in 2 hours, China can produce 6 bottles of milk, and in 5 hours, it can produce 15 batches of pumpkins, to determine what is the country's opportunity cost of producing 1 bottle of milk (in terms of batches of pumpkins), the following calculation must be performed:

Milk = 6/2 = 3 per hour

Batches of pumpkins = 15/5 = 3 per hour

3/3 = 1

Therefore, China's opportunity cost of producing 1 bottle of milk is equal to 1 batch of pumpkins.

Now- a quick question. Assume at the beginning of Year2, Becker Company has a credit (positive) balance in the AOCI account of $10800. Becker Company reports $653000 of net income for Year2. Becker has an unrealized gain of $12000 during Year2. The gain qualifies as OCI (Other comprehensive income). 1. What will Becker report as Accumulated Other Comprehensive Income on the Year2 balance sheet

Answers

Answer:

Becker Company

The amount that Becker will report as Accumulated Other Comprehensive Income on the Year 2 balance sheet is:

= $22,800.

Explanation:

a) Data and Calculations:

Year 2 Beginning balance:

Accumulated other comprehensive income (AOCI) = $10,800 credit

Year 2 reported net income = $653,000

Unrealized gain during Year 2 = $12,000

The Accumulated Other Comprehensive Income on the Year 2 balance sheet is:

Beginning balance $10,800

Unrealized gain        12,000

AOCI for Year 2 = $22,800

b) Becker's Accumulated Other Comprehensive Income includes unrealized gains and losses arising from some investments, pension plans, and hedging transactions.  These are usually reported in the equity section of the balance sheet and then netted off from the retained earnings.

The country of Bolivia had a Gross Domestic Product of $79 billion in 2016 and a population of 11 million people, the GDP per capita would be ________.

Answers

Answer:

The GDP per capita of country of Bolivia would be $7,181.82.

Explanation:

GDP Per capita refers to a measure that calculates a country's economic output per person by dividing its GDP by its population.

Therefore, we have:

GDP per capita = GDP / Population = $79 billion / 11 million = $79,000,000,000 / $11,000,000 = $7,181.82

Therefore, the GDP per capita of country of Bolivia would be $7,181.82.

Examples of cash equivalents include all of the following EXCEPT U.S. Treasury bills. notes issued by major corporations. money market funds. long-term notes receivable.

Answers

Answer:

long-term notes receivable.

Explanation:

Cash equivalents can be regarded as total cash value that is available on hand, this encompass items that has similarities with cash and must be regarded as current assets. cash or cash equivalents of a company can be seen at top line of the balance sheet.

Examples of cash equivalents are;

✓Treasury bills

✓notes issued by major corporations. ✓money market funds.

The bond contract rate determines the annual interest paid by multiplying the bond ______ value by the contract rate.

Answers

Answer:

par value

Explanation:

The bond's contract rate can also be regarded as bond's coupon rate. It can be explained as what the issuing company usually utilized in calculation of what it must pay as regards the interest on the bond. The market rate can be regarded as what other bonds which posses same risk pay in interest.

Coupon rate can as well be explained as nominal yield that is been paid by a fixed-income security. It is been regarded as annual coupon payments that is been paid by the issuer with relativity to the

par value or face of bond.

It should be noted that The bond contract rate determines the annual interest paid by multiplying the bond par value by the contract rate

Which of the following is not an example of what creates a hostile work environment?

1. Displaying sexually suggestive pictures or posters

2. Making sexual comments to other employees

3. All of these

4.Dispensing Assignments based on merit.

Answers

Answer:

4.Dispensing Assignments based on merit.

Explanation:

Dispensing Assignments based on merit is not an example of what creates a hostile work environment.

There are examples of what could cause a hostile work environment which include sexual harassment, use of foul language, etc.

However, giving assignments based on merit is not one of those.

In January, Dieker Company requisitions raw materials for production as follows: Job 1 $970, Job 2 $1,700, Job 3 $790, and general factory use $660. Prepare a summary journal entry to record raw materials used. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answers

Answer:

Dr Work in Process Inventory $3460

Cr Manufacturing Overhead $660

Cr Raw materials Inventory $2,800

Explanation:

Preparation of a summary journal entry to record raw materials used.

Based on the information given the summary journal entry to record raw materials used will be:

Dr Work in Process Inventory $3460

($970+$1700+$790)

Cr Manufacturing Overhead $660

Cr Raw materials Inventory $2,800

($3460-$660)

(To record raw materials used)

When the price of paintings is set at $500, the local art gallery supplies 20 paintings per week. When the price of paintings increases to $750, the gallery supplies 25 paintings. Calculate the price elasticity of supply using the mid-point formula. Instructions: Round your answer to two decimal places. If you are entering a negative number be sure to include a negative sign (-) in front of that number. The price elasticity of supply is: .

Answers

Answer:

the  price elasticity of supply is 0.555

Explanation:

The computation of the price elasticity of supply is given below:

= Percentage change in quantity supplied ÷ percentage change in price

= (25 - 20) ÷ (25 + 20) ÷ 2 ÷ (750 - 500) ÷ (750 + 500) ÷ 2

= 5 ÷45 ÷ 250 ÷ 125

= 0.555

Hence, the  price elasticity of supply is 0.555

The same is relevant

A small business owner visits his bank to ask for a loan. The owner states that she can repay a loan at $1,500 per month for the next 3 years and then $500 per month for three years after that. If the bank is charging customers 10 percent APR, how much would it be willing to lend the business owner?

Answers

Answer:

The bank will be willing to lend $ 28,800 to the business owner.

Explanation:

Given that a small business owner visits his bank to ask for a loan, and the owner states that she can repay a loan at $ 1,500 per month for the next 3 years and then $ 500 per month for three years after that, since the bank is charging customers 10 percent APR, to determine how much the business owner would be willing to lend the following calculation must be performed:

1500 x 12 x 3 + 500 x 12 x 3 = X

18000 x 3 + 6000 x 3 = X

54000 + 18000 = X

72000 = X

10 x 6 = 60

100 - 60 = 40

100 = 72000

40 = X

40 x 72000/100 = X

28800 = X

Therefore, the bank will be willing to lend $ 28,800 to the business owner.

On whom the trade bill drawn ?​

Answers

The bill of exchange is drawn by the seller of the goods and is accepted by the buyer.

Activity A is worth $100, is complete, and actually cost $150. Activity B is worth $500, is 75% complete, and has actually cost $400 so far. Activity C is worth $500, is 25% complete, and has actually cost $200 so far. What is the estimated cost at completion for this project, assuming current variances are typical of future variances?

Answers

Answer:

$1,375

Explanation:

Budget at completion = Worth of activity A + Worth of activity B + Worth of activity C

Budget at completion = $100 + $500 + $500

Budget at completion = $1,100

Earned value = Worth of activity A*% completed + Worth of activity B*% completed + Worth of activity C*% completed

Earned value = $100*100% + $500*75% + $500*25%

Earned value = $100 + $375 + $125

Earned value = $600

Actual cost = Actual cost of Activity A + Actual cost of Activity B + Actual cost of Activity C

Actual cost = $150 + $400 + $200

Actual cost = $750

Cost performance Index = Earned value / Actual cost

Cost performance Index = $600 / $750

Cost performance Index = 0.80

Cost performance Index = 80%

Estimate at completion = Budget at completion / Cost performance Index

Estimate at completion = $1,100 / 0.80

Estimate at completion = $1,375

TeleGlobal is an American firm producing TV sets. TeleGlobal imports TV set components from India and assembles them domestically. Suppose that in the United States, a TV set sells for $400 and that 80% of the TV set’s value comes from the value of the imported components. The United States imposes a 40% tariff on TV sets and a 10% tariff on the TV set’s components. Assume that costs of producing components are the same in the United States and India and that transit costs are nonexistent. Based on the information provided, the effective rate of protection that TeleGlobal receives from the tariff is

Answers

Answer:

135 %

Explanation:

Given that,

The selling price of T.V. set in the U.S. = $400

The Tariff imposed on T.V. sets = 30%

The Tariff on its imported components = 10%

To find,

The effective rate of protection gained from tariff = ?

Method:

As we know

Effective rate of protection

= tariff on finished imported good + cost/price of its components * (tariff on imported good - tariff on components imported)/(price of final good - price of its components)

So, by putting the given values in above formulae;

= 40% + 80% of 400 * (40% - 10 %)/(400 - 80% of 400)

= 40 + 320 * (30)/(400 - 320)

= 360 * 30/(80)

= 360 * 30/80

= 135%

You have just made your first $5,600 contribution to your retirement account. Assume you earn a return of 11 percent per year and make no additional contributions. a. What will your account be worth when you retire in 39 years

Answers

Answer:

the  account be worth when you retire in 39 years is $327.932.30

Explanation:

The calculation of the account be worth when you retire in 39 years is shown below:

As we know that

Future value = Present value × (1 + rate of interest)^number of years

= $5,600 × (1 + 0.11)^39

= $327,932.30

Hence, the  account be worth when you retire in 39 years is $327.932.30

A materials requisition slip showed that direct materials requested were $58,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom is:___________A) Work In Process Inventory 58,000Raw Materials Inventory 58,000B) Direct Materials 58,000Indirect Materials 9,000Work in Process Inventory 67,000C) Manufacturing Overhead 67,000Raw Materials Inventory 67,000D) Work In Process Inventory 58,000Manufacturing Overhead 9,000Raw Materials Inventory 67,000

Answers

Answer:

Work In Process Inventory 58,000Manufacturing Overhead 9,000Raw Materials Inventory 67,000

Explanation:

Account titles and explanation           Debit                    Credit

Work In Process Inventory              $58,000

Manufacturing overhead                    $9,000

Raw Materials Inventory                                                 $67,000

Direct  Materials from the storeroom is recorded as  work in process Inventory and is debited, Also Indirect materials is recorded as manufacturing overheads and debited. This should correspond with a  credit to the  raw material inventory.  

Firm A has a 21 percent marginal tax rate, and Firm Z has a 28 percent marginal tax rate. Firm A owns a controlling interest in Firm Z. The owners of Firm A decide to incur a $9,500 deductible expense that will benefit both firms.

Required:
Compute the after-tax cost of the expense assuming that:
a. Firm A incurs the expense
b. Firm Z incurs the expense

Answers

Answer:

a. $7,505

b.$6,840

Explanation:

a. Computation for the after-tax cost of the expense assuming that Firm A incurs the expense

Using this formula

After-tax cost = Deductible Expense - (Firm A Marginal tax rate* Deductible Expense)

Let plug in the formula

After-tax cost = ($9,500 - ($21%*9500)

After-tax cost = ($9,500 - $1,995)

After-tax cost=$7,505

Therefore the after-tax cost of the expense assuming that Firm A incurs the expense is $7,505

B. Computation for the after-tax cost of the expense assuming that Firm Z incurs the expense

Using this formula

After-tax cost = Deductible Expense - (Firm Z Marginal tax rate*Deductible Expense)

Let plug in the formula

After-tax cost =$9,500 -(28%*$9500)

After-tax cost =($9,500 - $2,660 )

After-tax cost=$6,840

Therefore the after-tax cost of the expense assuming that Firm Z incurs the expense is $6,840

Select the market segment that looks the most promising?
1. Luxury trenfollowers
Segment size 5,000(5%)
Growth rate 7%

2. School children
Segment size 35,000 (35%)
Growth rate 1%

3. University students
Segment size 24,099(24%)
Growth rate 5%

4. Outdoor enthusiasts
Segment size 14,000 (14%)
Growth rate 5%

5. Urban commuters
Segment size 20,000 (20%)
Growth rate 3%

Answers

Answer:

Luxury Trend followers

Explanation:

The consider which market segment shows the most or higest level of promise, we may have to the growth rate of each segment, which is the percentage change in earnings or revenue over a specific period of time. From the data given, the market segment with the greatest growth rate is the trend followers segment with a growth rate of 7%

Luxury trend followers : 7%

School children : 1%

University students : 5%

Outdoor enthusiasts : 5%

Urban Commuters : 3%

Medical profession is a very sensitive profession.Do U agree?Give 5 reason​

Answers

Answer:

Medical profession is very sensitive and intellectual where human life is at risk. A successful effort of a doctor can save a life. Due to that, a doctor is known as 2nd God. When he attempts a major and long surgery, his endurance, hard work and mental ability spotlight his character.

Selected accounts with a credit amount omitted are as follows: Work in Process Apr. 1 Balance 7,500 Apr. 30 Goods finished X 30 Direct materials 60,000 30 Direct labor 191,000 30 Factory overhead 57,300 Finished Goods Apr. 1 Balance 13,500 30 Goods finished 307,300 What was the balance of Work in Process as of April 30? a.$307,300 b.$13,500 c.$57,300 d.$8,500

Answers

Answer:

the balance in work in process in april 30 is $8,200

Explanation:

The computation of the balance in work in process in april 30 is as follows:

Balance of Work in Process as of April 30 is

= Apr 1 Balance + Direct material + direct labor + overhead - goods finished

= $7,500 + $60,000 + $191,000 + $57,000 - $307,300

= $8,200

Hence, the balance in work in process in april 30 is $8,200

This is the answer but the same is not provided in the given options

Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 40 per unit Direct labor $ 60 per unit Overhead costs Variable $ 30 per unit Fixed $ 7,000,000 (per year) Selling and administrative costs for the year Variable $ 770,000 Fixed $ 4,250,000 Production and sales for the year Units produced 100,000 units Units sold 70,000 units Sales price per unit $ 350 per unit 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing.

Answers

Answer:

Sims Company

Income Statements                   Variable Costing       Absorption Costing

Sales revenue                             $24,500,000               $24,500,000

Cost of goods sold:

Variable cost of manufacturing      9,100,000                     9,100,000

Variable cost of selling and admin.  770,000                                    0

Fixed manufacturing cost                             0                    4,900,000

Total cost of goods sold              $9,870,000                $14,000,000

Contribution margin                   $14,630,000                                   0

Gross profit                                                    0               $10,500,000

Fixed /Period costs:

Fixed manufacturing cost           $7,000,000                                  0

Selling and administrative expenses:

Variable                                                                              $ 770,000

Fixed                                              4,250,000                  4,250,000

Total period/fixed costs             $11,250,000               $5,027,000

Net operating income                $3,380,000                $5,473,000

Explanation:

a) Data and Calculations:

Manufacturing costs

Direct materials $ 40 per unit

Direct labor $ 60 per unit

Overhead costs

Variable $ 30 per unit

Total variable manufacturing cost per unit = $130

Fixed $ 7,000,000 (per year)

Selling and administrative costs for the year

Variable $ 770,000

Fixed $ 4,250,000

Production and sales for the year

Units produced 100,000 units

Units sold 70,000 units

Ending inventory = 30,000 units

Sales price per unit $ 350 per unit

On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $4,194,222. The bond issuance should be recorded as:

Answers

Answer: Debit Cash $4,194,222; Debit Discount on bonds payable $305,778; Credit Bonds payable $4,500,000

Explanation:

Based on the information given in the question, the journal entry will be prepared as follows:

Debit Cash $4,194,222

Debit Discount on bonds payable $305,778

Credit Bonds payable $4,500,000

Note that the discount on Bonds Payable was calculated as:

= $4,500,000 - $4,194,222

= $305,778

Is scented candle harmful to dogs?

Answers

Answer:

Scented candles are not harmful to dogs for normal use, but high concentrations in a confined space for a long time would have an impact on the dog's sense of smell.

Because the candles you use will cause a lot of burnt smoke which is harmful to dogs. And aromatherapy ingredients contain a lot of chemical substances. If the windows are opened, it will be ok, if not the more chemical substances accumulate, the more it will be harmful to dogs, or even to the health of people.

Here are several ways to avoid the harm caused by aromatherapy to dogs:

Do not ignite the two types of aromatherapy in a short time or at the same time, to avoid the two types of aromatherapy, which are mutually ineffective and produce toxic gas.

Try not to light candles in a closed bedroom when you sleep.

Keep air circulation.

Keep all kinds of aromatherapy out of reach of dogs.

Use Home Lights scented candles in the right way.

Explanation:

https://hlcandles.com/

Wasilko Corporation produces and sells one product The budgeted selling price per unit is $114. Budgeted unit sales for February is 9,900 units. Each unit of finished goods requires 6 pounds of raw materials. The raw materials cost $4.00 per pound. The direct labor wage rate is $24.00 per hour. Each unit of finished goods requires 2.4 direct labor-hours. Manufacturing overhead is entirely variable and is $9.00 per direct labor-hour. The variable selling and administrative expense per unit sold is $1.60. The fixed selling and administrative expense per month is $70,000. The estimated net operating income (loss) for February is closest to:

Answers

Answer: $21,080

Explanation:

First calculate the contribution margin per unit

= Sales - Variable costs

= Selling price - Raw materials - Direct labor cost - Manufacturing overhead - Variable selling and administrative expense

= 114 - (6 * 4) - (2.4 * 24) - (9 * 2.4) - 1.60

= $9.20

The Contribution margin is:

= 9.20 * 9,900 units

= $91,080

Net operating income = Contribution margin - fixed cost

= 91,080 - 70,000

= $21,080

Notes Receivable differ from Accounts Receivable in that Notes Receivable: A. are generally considered a weaker legal claim B. do not have to be created for every new transaction, so they are used more frequently C. are noncurrent assets D. generally charge interest from the day they are signed to the day they are collected

Answers

Answer: D. generally charge interest from the day they are signed to the day they are collected

Explanation:

The notes receivable refers to the written promise that an amount of money will be received at a future date.

It should be noted that such money consist of the principal and the interest accrued. It is written under the current assets section in the balance sheet.

On the other hand, the accounts receivable refers to the payment that a company will receive from the customers who have bought its goods on credit.

While the nite receivable charges interest, the account receivable doesn't. Therefore, notes receivable differ from accounts receivable in that notes receivable generally charge interest from the day they are signed to the day they are collected.

g Todd Foley is applying for a $210,000 mortgage. He can select either a $1,470 monthly payment with no points or a $1,323 payment with 4 points. How many months will it take Todd to cover the cost of the discount points if he takes the lower monthly payment

Answers

Answer:

57 months

Explanation:

Calculation to determine How many months will it take Todd to cover the cost of the discount points if he takes the lower monthly

payments

Number of months to cover cost=(.04 x $210,000)/($1470-$1323)

Number of months to cover cost = $8400/147

Number of months to cover cost =57 months

Therefore the number of many months it will take Todd to cover the cost of the discount points if he takes the lower monthly

payments is 57 months

Suppose a company is considering the following 5 independent projects:

Project

A

B

C

D

E

initial Investment

$100

$300

$400

$500

-$200

NPV

$20

$30

$40

$45

$15

What projects, if any, should be selected if the capital budget is $500?​

Answers

Answer:

A & C

Explanation:

NPV, The Net Present Value of an investment is used in finance to calculate the profitability of a projected investment.

Since the capital budgeted for any investment is $500 ; hence the total initial investment the company can make should not exceed $500 ;

The company will be looking indulge in the most profitable investment, this we can judge Yung the NPV of each investment :

Therefore, the total NPV on investment A and Investment C is the highest while maintaining the $500 capital budget value.

Investment : ___ NPV

$100 - - - - - - - - > $20

$400 - - - - - - - - > 40

$500 - - - - - - - - > $60

One key characteristic that is distinctive of an oligopoly market is that Group of answer choices the demand curve facing each firm is downward sloping, with a marginal revenue curve that lies below the firm's demand curve. the decisions of one seller often influence the price of products, the output, and the profits of rival firms. there is only one firm that produces a product for which there are no good substitutes. there are many sellers in the market and each is small relative to the total market.

Answers

Answer:

The decisions of one seller often influence the price of products, the output, and the profits of rival firms.

Explanation:

An oligopoly is a market structure where there are only a few sellers. Therefore, around two or more firms have control over the market. Collectively, they can influence the prices and supply.

This ultimately results in high-level competition between these sellers. Since there are a few sellers in the oligopoly structure, each of these company's profit levels not only depends on the decisions made by them but also on the decisions made by their rival firms.

Hence, option no. 3 "the decisions of one seller often influence the price of products, the output, and the profits of rival firms" is correct.

Good afternoon. Kindly assist on the following please. Assignment due by 4:30pm Mike bookshop had the following structure. Share capital 500000 ordinary shares of $1 each. 300000 10% preference of $1 each. Reserves Share premium 200 000 General reserves 100 000 Retained earnings 400 000 8% debenture 100 000 During the year the following transaction took place. 01 January issue of 200 000 $1 ordinary shares at$1,20 and 100 000 preference shares at $2 each. 01 June a 1 for 4 right issue at a premium of $0,10c each per share. 01 December 1 for 5 bonus shares fully paid. All shares issued during the year qualified for bonus and the company wishes to leave the reserves in their flexible form. Required. Balance sheet extract.​

Answers

Answer:

Mike Bookshop

Balance Sheet Extract as at December 31

Share capital:

1,050,000 ordinary shares of $1 each    $1,050,000

400,000 10% preference of $1 each           400,000

Total share capital                                   $1,450,000

Reserves:

Share premium                                            357,500

General reserves                                         100,000

Retained earnings                                      225,000

Total reserves                                          $682,500

8% debenture                                           $100,000

Explanation:

a) Data and Analysis:

Share capital:

500000 ordinary shares of $1 each.

300000 10% preference of $1 each.

Reserves:

Share premium 200 000

General reserves 100 000

Retained earnings 400 000

8% debenture 100 000

During the year the following transaction took place.

01 January Cash $240,000 Ordinary share capital $200 000 Share Premium $40,000

$1 ordinary shares at$1.20 and

01 January Cash $200,000 Preferred share capital $100 000 Share Premium $100,000

01 June Cash $192,500 Ordinary share capital $175,000 Share Premium $17,500

a 1 for 4 right issue at a premium of $0.10c each per share.

01 December Retained Earnings $175,000 Ordinary share capital $175,000

1 for 5 bonus shares fully paid.

Ordinary share capital:

Beginning balance         $500,000

January 1 issue                 200,000

June 1 rights issue            175,000

Dec. 1 bonus issue            175,000

Ending balance           $1,050,000  

Preferred share capital:

Beginning balance          $300,000

January 1 issue                  100,000

Ending balance              $400,000

Share Premium:

Beginning balance        $200,000

January 1 issues               140,000

June 1 rights issue             17,500

Ending balance            $357,500

General reserves         $100,000

Retained Earnings:

Beginning balance      $400,000

Dec. 1 Bonus issue        (175,000)

Ending balance          $225,000

g Find the monthly payment and estimate the remaining balance (to the nearest dollar). Assume interest is on the unpaid balance. 5-year car loan for $9700 at 5%; remaining balance after 4 years.

Answers

Answer:

Monthly payment $102.88

Outstanding balance after year 4 $1,201.76

Explanation:

First and foremost, the car loan amount of $9,700 is the present value of all monthly payments for 5 years as shown below:

PV=monthly payment*(1-(1+r)^-n/r

PV=car loan amount=$9,700

monthly payment=unknown

r=monthly interest rate=5%/12=0.004166667

n=number of monthly payments in 5 years=5*12=60

$9700=monthly payment*(1-(1+0.004166667)^-120/0.004166667

$9700=monthly payment*(1-(1.004166667)^-120/0.004166667

$9700=monthly payment*(1-0.607161016 )/0.004166667

$9700=monthly payment*0.392838984 /0.004166667

$9700=monthly payment*94.28134862

monthly payment=$9700/94.28134862

monthly payment=$102.88  

The outstanding balance after year 4 is the present value of monthly payments for the remaining 1 year(12 months)

PV=$102.88*(1-(1+0.004166667)^-12/0.004166667

PV=$102.88*(1-(1.004166667)^-12/0.004166667

PV=$102.88*(1-0.951328238 )/0.004166667

PV=$102.88*0.048671762 /0.004166667

PV=$1,201.76

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