Daily Archives: August 18, 2018

Depreciation

P3-36A Journalizing and posting adjustments to the four-column accounts and preparing an adjusted trial balance

The unadjusted trial balance of Newport Inn Company at December 31, 2016, and the data needed for the adjustments follow.

Adjustment data at December 31 follow:

As of December 31, Newport had $600 of Prepaid Insurance remaining.

At the end of the month, Newport had $700 of office supplies remaining.

Depreciation on the building is $3,500.

Newport pays its employees weekly on Friday. Its employees earn $1,500 for a five-day workweek. December 31 falls on Wednesday this year.

On November 20, Newport contracted to perform services for a client receiving $2,500 in advance. Newport recorded this receipt of cash as Unearned Revenue. As of….

Prepaid Insurance

P3-36A Journalizing and posting adjustments to the four-column accounts and preparing an adjusted trial balance

The unadjusted trial balance of Newport Inn Company at December 31, 2016, and the data needed for the adjustments follow.

Adjustment data at December 31 follow:

As of December 31, Newport had $600 of Prepaid Insurance remaining.

At the end of the month, Newport had $700 of office supplies remaining.

Depreciation on the building is $3,500.

Newport pays its employees weekly on Friday. Its employees earn $1,500 for a five-day workweek. December 31 falls on Wednesday this year.

On November 20, Newport contracted to perform services for a client receiving $2,500 in advance. Newport recorded this receipt of cash as Unearned Revenue. As of….

formula for the sequence

(1) What is the 50 th term of the arithmetic sequence with initial term 4 and common

difference 3?

7

(2) Evaluate

4

X

k=−3

(2k + 5). (Hint: Since there are only eight terms in the sum, you can just

write them all out and add.)

(3) Evaluate

99

X

i=0

?

− 2

3

? i

. (Hint: Since there are 100 terms in the sum, it isn’t a good idea to

write them all out and add. Use the formula for the sum of terms of a geometric sequence.

Leave the answer with exponents rather than using a calculator to try to get a decimal

approximation of the answer.)

(4) (a) List the first four terms of the sequence defined recursively by a 0 =….

interest rates

Interest rates are a fact of life that you will encounter both professionally and personally. One area of interest rates that you may be most concerned about are those applied to credit card debt. Let’s say that you had $2400 on a particular credit card that charges an annual percentage rate (APR) of 21% and requires that you pay a minimum of 2% per month. Could you determine the minimum monthly payment? The minimum monthly payment would simply be 2% times the balance as shown:

2% x $2400.00 = 0.02 x $2400.00 = $48.00

So, your monthly minimum payment would be $48.00. Do you know how much of this is being applied to the principal and how much is going to interest? To determine this, you would need….

So, you are paying $42.00 per month towards interest. With a minimum payment of $48.00, that means you are paying $6.00 per month towards the balance ($48.00 – $42.00 = $6.00). No wonder it takes so long to pay off a credit card!

Interest rates are a fact of life that you will encounter both professionally and personally. One area of interest rates that you may be most concerned about are those applied to credit card debt. Let’s say that you had $2400 on a particular credit card that charges an annual percentage rate (APR) of 21% and requires that you pay a minimum of 2% per month. Could you determine the minimum monthly payment? The minimum monthly payment would simply be 2% times the balance as shown:

2% x $2400.00 = 0.02 x $2400.00 = $48.00

So, your monthly minimum payment would be $48.00. Do you know how much of this is being applied to the principal and how much is going to interest? To determine this, you would need….

Interest rates are a fact of life that you will encounter both professionally and personally. One area of interest rates that you may be most concerned about are those applied to credit card debt. Let’s say that you had $2400 on a particular credit card that charges an annual percentage rate (APR) of 21% and requires that you pay a minimum of 2% per month. Could you determine the minimum monthly payment? The minimum monthly payment would simply be 2% times the balance as shown: 2% x $2400.00 = 0.02 x $2400.00 = $48.00

Interest rates are a fact of life that you will encounter both professionally and personally. One area of interest rates that you may be most concerned about are those applied to credit card debt. Let’s say that you had $2400 on a particular credit card that charges an annual percentage rate (APR) of 21% and requires that you pay a minimum of 2% per month. Could you determine the minimum monthly payment? The minimum monthly payment would simply be 2% times the balance as shown:

2% x $2400.00 = 0.02 x $2400.00 = $48.00

So, your monthly minimum payment would be $48.00. Do you know how much of this is being applied to the principal and how much is going to interest? To determine this, you would need….

So, your monthly minimum payment would be $48.00. Do you know how much of this is being applied to the principal and how much is going to interest? To determine this, you would need to know the simple interest formula. I = Prt

Interest rates are a fact of life that you will encounter both professionally and personally. One area of interest rates that you may be most concerned about are those applied to credit card debt. Let’s say that you had $2400 on a particular credit card that charges an annual percentage rate (APR) of 21% and requires that you pay a minimum of 2% per month. Could you determine the minimum monthly payment? The minimum monthly payment would simply be 2% times the balance as shown:

2% x $2400.00 = 0.02 x $2400.00 = $48.00

So, your monthly minimum payment would be $48.00. Do you know how much of this is being applied to the principal and how much is going to interest? To determine this, you would need….

Many of today’s interest rates are variable rather than fixed. What difference does this make to pension plans, housing loans, and other personal finances?

Interest rates are a fact of life that you will encounter both professionally and personally. One area of interest rates that you may be most concerned about are those applied to credit card debt. Let’s say that you had $2400 on a particular credit card that charges an annual percentage rate (APR) of 21% and requires that you pay a minimum of 2% per month. Could you determine the minimum monthly payment? The minimum monthly payment would simply be 2% times the balance as shown:

2% x $2400.00 = 0.02 x $2400.00 = $48.00

So, your monthly minimum payment would be $48.00. Do you know how much of this is being applied to the principal and how much is going to interest? To determine this, you would need….

What are the typical interest rates applied to credit cards, mortgages, and other debt?

Interest rates are a fact of life that you will encounter both professionally and personally. One area of interest rates that you may be most concerned about are those applied to credit card debt. Let’s say that you had $2400 on a particular credit card that charges an annual percentage rate (APR) of 21% and requires that you pay a minimum of 2% per month. Could you determine the minimum monthly payment? The minimum monthly payment would simply be 2% times the balance as shown:

2% x $2400.00 = 0.02 x $2400.00 = $48.00

So, your monthly minimum payment would be $48.00. Do you know how much of this is being applied to the principal and how much is going to interest? To determine this, you would need….

How is consumer debt different today than in the past?

Interest rates are a fact of life that you will encounter both professionally and personally. One area of interest rates that you may be most concerned about are those applied to credit card debt. Let’s say that you had $2400 on a particular credit card that charges an annual percentage rate (APR) of 21% and requires that you pay a minimum of 2% per month. Could you determine the minimum monthly payment? The minimum monthly payment would simply be 2% times the balance as shown:

2% x $2400.00 = 0.02 x $2400.00 = $48.00

So, your monthly minimum payment would be $48.00. Do you know how much of this is being applied to the principal and how much is going to interest? To determine this, you would need….