1. What amount can you borrow if you make seven semiannual payments of $4,000 at an...
1. What amount can you borrow if you make seven semiannual payments of $4,000 at an 8% annual rate of interest? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)
Multiple Choice
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$28,000.00
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$35,691.20
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$24,008.40
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$31,049.00
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$25,760.00
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2. A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.)
Retained earnings $ 7,000 Dividends 9,600 Revenue 29,000 Rent expense 3,600 Salaries expense 7,200 Insurance expense 920 Depr. Expense-equipment 500 Accum depr.-equipment 1,500 Multiple Choice
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$16,780 debit.
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$7,180 credit.
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$18,280 credit.
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$23,780 credit.
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$16,780 credit.
Homework Answers
Part 1) The correct answer is $ 24008.4
Explanation
Amount that can be borrowed
= semiannual payment * ((1-(1.04)^-7)/.04)
= 4000 × 6.00205
= $ 24008.4
Part 2)
The correct answer is $ 16780 credit
Amount credit to retained earnings
= revenue - rent expense - salaries expense- insurance expense- depreciation expense
= 29000 - 3600 - 7200 - 920 - 500
= $ 16780
Thus the correct answer is $ 16780 credit
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