Q: A credit card is advertised with an annual percentage rate (APR) of 24%. The advert also states that…
A: Effective annual rate is the annual interest rate for a nominal rate which is compounded multiple…
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: The average daily balance method is the method wherein the finance charges are calculated on the…
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Finance charge is the charge which is paid by the borrower for borrowing the money from the…
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A: Interest expenses = Average balance * interest rate Balance due with interest = Unpaid Balance +…
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A: Formula of Average Daily balance method:
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A: Average balance is calculated by dividing the adjusted balance with total number of days.
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A: The adjusted balance method is indeed an accounting technique that calculates finance charges on the…
Q: For the credit card account, assume one month between billing dates (with the appropriate number…
A: Computation of the average daily balance:Hence, the average daily balance is $352.80.
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A: Information Provided: Unpaid balance = $981.72 Purchase = $6000 Payment credited on Day 21 = $50…
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A: Finance Charge = Average Daily Balance x Monthly Interest rate
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A: Finance Charges for the month = Average Daily balance X Periodic Rate
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A: Firstly , calculate the average daily balance : Period Days Balance amount Total days amount…
Q: For the credit card account below, compute the average daily balance, the finance charge, and the…
A: Solution: Average Daily Balance Date Balance…
Q: Use average daily balance method to compute the charge on the credit card account for the previous…
A: Computation:
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A: In this we to determine the finance cost and than do the remaining task.
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A: The question is based on the calculation of financial charges on a credit card. The Financial…
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A: Finance charge It is basically the interest charge on the unpaid balance. With unpaid balance (P),…
Q: For the credit card account, assume one month between billing dates (with the appropriate number of…
A: Average daily balance is the
Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…
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Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Given: Period Amount 1-Apr 480 12-Apr 58 14-Apr -430 18-Apr 178 27-Apr 48
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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Here, Balance of Credit Card is $6,000 Interest Rate is 14% Payment made is $60 It takes 10 days for…
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Average-Daily-Balance shows an estimate amount that is due or held in an account on daily basis. It…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Finance charge refers to the amount that is billed to the card account if the previous month’s total…
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Finance charge is an additional amount which is charged on an amount financed through external…
Q: You have a credit card that charges an interest rate of 9.5% compounded monthly. The table below…
A: Average Daily balance method is the method in which interest charges for the period are calculated…
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Determine the average daily balance: Days Balance Number of Days x Balacne 7 $410 $2,870.00 2…
Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…
A: Here, APR is 21% Monthly Interest Rate will be: = 21%/12 = 1.75%
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Finance Charges on Credit Card: It is the fees associated with using a credit card. Credit card…
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: To find the finance charge for the month, we have to find the average daily balance. After that, we…
Q: For the credit card account below, compute the average daily balance, the finance charge, and the…
A: The following are the formulas used to calculate the answer;- 1. Average Daily Balance = ∑Daily…
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Finance charge refers to the type of cost used to incur through the borrowing of the funds. It…
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: First we have to find the average daily balance for the month of April by keeping day-by-day record…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Given information: Balance amount $3,000 Periodic rate is 17% Payment is $2,500
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Average daily balance is calculated by weighted average of balance with number of days as weigh of…
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Computation:
Q: Use the unpaid balance method to find the finance charge on the credit card account for April. The…
A: GIVEN DATA The starting balance from the previous month is $200. The transactions on the account…
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Date Details Increase Decrease Balance Aug 1 Balance 320 Aug 8 Payment made 82 238…
Q: For the credit card account below, compute the average daily balance, the finance charge, anc…
A: The credit cards are charged on the basis of average daily balance during the month and finance…
Q: Suppose that the average daily balance on William's American Express Card is $382.2 for a 30-day…
A: Latest Running Balance on the Card is $6941 Average Daily Balance of the Card is $382.2 Billing…
Q: On August 10, a credit card account had a balance of $335. A purchase of $52 was made on August 15,…
A: The average daily balance can be calculated by dividing the number of days from the sum amount owed…
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A: Date Opening balance Debit Credit Closing balance Aug 1 395 - - 395 2 395 - - 395 3 395 - -…
Q: A credit card balance at the beginning of the month is $6,000. on the fourth day a $200 charge is…
A: Average daily balance method =Daily balance*no of days/Total no of days outstanding. Days.…
Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $300. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 22% on the account and that the billing date is August 1st.
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- Question No.1 Product Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer Price per Unit $400 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of S620 cach by paying April 1 April 7 CBS purchases 30 desktop computers on credit at a cost of S400 cach. The credit terms are n/15 with an cash invoice date of April 7. April CBS makes full payment on the amount due from the April 7 purchase 17 May 1 CBS purchases 67 tablet computers at a cost of S60 cach on credit. The payment terms are S/10, n/30, and the invoice is dated May 1. May 10 CBS pays their account in fll. June 1 CBS purchased 300 landline telephones with cash at a cost of $60 cach. On June 3, CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund. June 8 CBS discovers that 60 more phones from the June I purchase are slightly damaged, CBS decides to keep the phones but reccives a…Discount on bills discounted 1550 Interest on loans 2590 Rebate on bills discounted 490 Interest on cash credit 2230 Interest on overdrafts 1540 From the above information Total of Note: 13 will be: a. OMR 7190 b. OMR 7240 c. OMR 7910 d. OMR 7420A purchase invoice shows 10 items priced at $120 less trade discount 20%. A cash discount of 2%2% is allowed if settlement is made within the allowed credit period. How much will be paid if the cash discount applies? A $1,170 B $1,200 C $936 D $960
- Tess3false Merchandise is sold for cash. The selling price of the merchandise is $2,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include a credit to Oa. Sales for $1,860 Ob. Cash for $2,000 O c. Sales Tax Payable for $140 Od. Sales for $2,140 Previous Submit Test f Email Instructor All work saved. 64°F ^ E I 99+EM6.11 Pay Credit Card Mookie the Beagle Concierge makes a payment on the VISA credit card on 01/31/2023 in the amount of $800. Required: To record the payment on the VISA credit card: From the Navigation Bar, select Expenses > select Expenses tab From the New transaction drop-down menu, select Pay down credit card For Which credit card did you pay?, select 2100 VISA Credit Card For How much did you pay?, enter 800.00 For Date of payment, enter 01/31/2023 For What did you use to make this payment?, select 1001 Checking Select Save and close What is the balance of the VISA Credit Card account after the credit card payment is recorded? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount.12 f an Electronics manufacturer has a catalogue or list price of OMR300 for a Laptop and sells it to a retailer for list price less a 25% discount, the sale and corresponding account receivable recorded by the manufacturer is OMR225 per Laptop. The discount offered by the manufacturer is known as ______________. a. Trade discount b. Both sales discount and cash discount c. Sales discount d. Both trade discount and sales discount Clear my choice
- Question 1 Superfan retails one type of premium computer fans which it sells for $72.6 (GST Inclusive) per unit. The following events took place during the month of September 2021: September 8 Superfan purchased 100 fans at $38.5 (GST Inclusive) per unit in cash. September 15 SuperFan purchased 160 fans at $37.4 (GST Inclusive) per unit on credit. September 20 Superfan sold 330 fans to FansAreUs on credit. September 23 FansAreUs returned 30 fans sold on 20 September which were damaged and written off by SuperFan. September 30 Stocktake revealed 28 fans on hand. Additional information: 1. Superfan had 100 fans valued at $3,100 on hand on 1 September 2021. It uses the moving average cost flow assumption and the perpetual inventory method to account for its inventory movement. 2. The opening balance for the allowance for doubtful debts account was $250 credit on 1 September 2021. SuperFan assumes 2% of all monthly net credit sales to be irrecoverable. Required: Record September 2021…On October 15, Cross Eyeglasses had a balance of $4,390 in its Social Security tax payable account and $1,026.69 in its Medicare Tax Payable account. It posted credit entries of $4,390 to Social Security tax payable and $1,026.69 to Medicare tax payable on its October 31 pay date. If Cross Eyeglasses is a monthly schedule depositor, what entry should appear on November 15 for the remittance of the month's FICA taxes?QUESTION 12 A credit card statement shows the following activity Compute the finance charge if 1.5% is charged on the average daily balance. 6/10/2014 Billing Date $157.35 6/20/2014 Payment 6/25/2014 Purchase $ (45.00) $ 52.20 7/2/2014 On-line Purchase $69.00
- MC Qu. 10-86 Zorn Inc. makes a sale for... Zorn Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%. What is the amount that will be credited to the Sales Tax Payable account? Multiple Cholce $36 $33 $200 $39 ype here to search. W Trop storm warning DELLSales Invoice #702 Dated July 7, 2021 Visa Sales Summary: Item Quantity Description Price RM01 8 Single room 150.00 RM02 25 Double room 200.00 M01 15 Boxed Lunch 30.00 MO2 26 Dinner: Prix Fixe 70.00 BO14 Two Stratfords: England & Ontario 80.00 BO3 1 History of Stratford Country Inn 50.00 T01 3 Guided Tour 500.00 GST 5% added to books, HST 13% added to all other items Store as a bi- weekly recurring entry general Journal20 Omani Marble Company LLC sells (on credit) OMR 15000 Marble to a retailer with credit terms of 3/10, n/30. If OMR 9,000 of the account receivable is collected from the customer within the ten-days discount period, identify the journal entry from the following. a. Dr Accounts receivables OMR 9000 and Cr Cash OMR 8730 Cr sales discount OMR 270 b. Dr Cash OMR 8730 Dr sales discount OMR 270 and Cr Accounts receivables OMR 9000 c. Dr Cash OMR 9000 and Cr Accounts receivables OMR 9000 d. Dr Cash OMR 15000 and Cr Accounts receivables OMR 15000 Clear my choice
