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linda_us, Master's Degree

Category: Multiple Problems

Satisfied Customers: 1402

Experience: A tutor for Business, Finance, Accounts and other related topics.

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Part A: Answer each of the following questions. Be sure to

Customer Question

Part A: Answer each of the following questions. Be sure to show all of your work and calculations. 1. Woody's Cafe's real estate tax of $1,110.85 was due on November 1, 2013. Due to financial problems, Woody was unable to pay his cafe's real estate tax bill until January 15, 2014. The penalty forlate payment is 81/ 4% ordinary interest.Answer the following questions: (a) How much is the penalty Woody must pay (b) What did Woody pay on January 15? Round all answers to the nearest cent.Part B: Answer each of the following questions. Be sure to show all work and calculation5. Find the amount of (a) net price and (b) trade discount using the following information:Stove List $1,400 Chain discount 13/10/46.6. Assume markup is based on cost. Solve for the actual cost using the information below. Round your answer to the nearest cent.Selling price $600 Markup percentage on cost 35%7. Mobilee Oil Company accepted a $10,000, 120-day note dated March 3 at 8112% to settle a past-due account receivable. Mobilee Oil discounted the note to raise cash on May 10 at a discounted rate of 9%. What proceeds did Mobilee Oil receive? Use ordinary interest.8. Adjax bought a machine for $86,000. Its estimated life is 10 years with a residual value of $6,000. Using the straight-line method, what is the book value of the machine at the end of year 2?10. Jim Leary insured his bookstore with a fire insurance policy of $90,000 at a cost of $0.58 per $100. Eight months later, his insurance company canceled the policy because of failure to correct a fire hazard. What did Jim have to pay for the eight months of coverage?