Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. There were $250 of supplies on hand as of December 31, Year 1. Required a. b.
Answers
The events resulted in increased accounts receivable and revenue from services provided on account, increased accounts payable and supplies from supplies purchased on account, and $250 worth of supplies on hand.
The impact of the events on the firm's financial statements is as follows:
a. Event (1) - Chase provided $25,000 of services on account, resulting in an increase in accounts receivable (asset) and revenue (income statement).
b. Event (2) - Chase purchased $2,800 of supplies on account, leading to an increase in accounts payable (liability) and supplies (asset).
Additionally, $250 worth of supplies on hand as of December 31, Year 1 would be included in the supplies account on the balance sheet.
In summary, the main effects are an increase in accounts receivable and revenue due to services provided on account, an increase in accounts payable and supplies due to supplies purchased on account, and the inclusion of $250 worth of supplies on hand in the supplies account.
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Related Questions
What could you do to make sure a new employee you hired complies will all applicable rules, laws, and regulations related to their position? Give at least two examples of policies, practices, or procedures that would help.
Answers
Answer:
Explanation:
Policies should provide good guidelines and expectations to ensure fair and consistent ... If there is a need for government laws and regulations compliance (e.g., the ... For example, "All employees will be subject to this new policy/revision as of [date].
Come up with a brand name for a hypothetical product of your
choice. Explain briefly.
Come up with a why statement for your brand
Describe how your product will be differentiated from competitor
produ
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I selected the SOUP CATEGORY from among the options offered by General Mills. There are already two brands in the soup category: Progresso & Annie's. General Mills is now planning to introduce a new brand in the soup area. In this situation, I urge General Mills to choose a LINE EXTENSION.
General Mills, Inc., is an American multinational manufacturer and marketer of branded processed consumer foods sold through retail stores. The firm was first well-known for being a significant General Mills.
It was established in Minneapolis near Saint Anthony Falls on the banks of the Mississippi River. The business now sells a number of well-known North American brands, such as Gold Medal Flour, Annie's Homegrown, Lärabar, Cascadian Farm,
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Do you think the current system of punishment for cimes committed in the United States works? Why or why not? What would you change about the system?
Answers
Answer:
According to my understanding of the text, the author suggests that the current system of punishment in the United States is not effective, as evidenced by overcrowded jails. They suggest that not everyone who commits a crime needs to be incarcerated and that some may benefit more from rehabilitation or counseling, particularly those who have experienced past traumas or abuse. The author suggests that this approach should depend on the specific crime committed, with substance abuse users being directed towards rehabilitation and juveniles in detention centers being treated differently depending on their offense. The author notes that there is no rehabilitation in incarceration and that it may not be the best option for some offenders. However, for offenders who commit violent crimes such as sex offenders, murderers, and criminals, the author believes that harsh punishment is warranted. The author also disagrees with pardoning drug traffickers and dealers who have not committed violent crimes and believes that they should be incarcerated for their offenses, which they consider to be just as bad as violent crimes.
In which situation would a savings account be the be investment to earn interest
Answers
me
Alan is young, but he decides to plan for his retirement early. He decides to formulate some estimates of his lifetime income. Which answer best describes Alan’s lifetime income?
Alan’s lifetime income is his employee benefits, like health insurance.
Alan’s lifetime income includes his salary and retirement benefits.
Alan’s lifetime income includes both his career outlook and his career environment.
Alan’s lifetime income is both his college classes and his vocational training.
Answers
Answer:
Alan is young, but he decides to plan for his retirement early. He decides to formulate some estimates of his lifetime income. Which answer best describes Alan's lifetime income? Alan's lifetime income is his employee benefits, like health insurance.
Answer:
Alan’s lifetime income includes his salary and retirement benefits.
Explanation:
Hello (●’◡’●)ﾉ pls help
Is from economy class
3.08 free trade and barriers
Answers
Paragraph 1: Introduction- The exchange boundary talked about within the article is "Biden's Hesitant Approach to Free Exchange." This tells about the cautious position taken by President Biden towards free exchange assertions and the potential boundaries he has forced or plans to force.
What is the free trade about?Article Outline:
The most thought of the news article is that President Biden's approach to free exchange has drawn backfire from different partners. The article was written by an creator (not indicated) and distributed within The Modern York Times.
Article Investigation: The article does not really express suppositions on the exchange issue, because it presents a truthful account of President Biden's approach to free exchange and the responses it has gotten from different partners.
Conclusion: My takeaway from this exchange case is that there are complex issues and trade-offs included in free exchange and exchange obstruction arrangements.
Citation:
Author(s). "Biden's Hesitant Approach to Free Exchange Draws Backfire." The Modern York Times, Date of distribution, URL (in case accessible).
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See text below
3.08 free trade and barriers
The New York Times
Biden's Reluctant Approach to Free Trade Draws Backlash
Paragraph 1 Introduction
Which trade barrier(s) is (are) discussed in the article you found? What is this type of barrier, and how does it generally work? In general, who is it expected to benefit, and how?
Paragraph 2-Article Summary
What is the main idea of the news article you found? Who wrote and published it? What type of trade issue(s) does the article focus on? What people and/or organizations have an interest in this trade
issue?
Paragraph 3-Article Analysis
What opinions on the trade issue are expressed in the article? Whose opinions are they? (The author might express their own opinion and/or those of political leaders and affected industry organizations.) Which opinion has the most support as presented in your news article? Does this reflect a potential bias of the author or the publisher?
Paragraph 4-Your Position
What is your reaction to the news article? Do you think the current events regarding this trade issue will be helpful or harmful to the affected U.S. industry? Will it benefit the overall U.S. economy? What would you recommend to political leaders who must make a decision on the issue?
Paragraph 5-Conclusion
What is your main takeaway, or memorable idea, from having read and considered this trade issue? How could the outcomes described or anticipated in the news article affect U.S. consumers? What do you think they should know about it?
You must include a list of citations for the news article and any other sources you used to complete this assignment. Use proper MLA format to compose your citations.
Can I Plss get some help on this
Answers
The reason the government monitors the size of the money supply is so that they can maintain stability and limit inflation.
Why should money supply be monitored?Money supply impacts the level of inflation in a country and therefore the stability of the nation as inflation is tied to economic stability.
The government would therefore try to maintain a level of money supply that leads to an inflation rate that is not too high or low, but will contribute to economic growth.
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The return of a portfolio is a __________ of individual
returns.
Multiple Choice
covariance
random outcome
productv
Answers
Option (c), The return of a portfolio is a "product" of individual returns.
What is the meaning of Portfolio return?A portfolio return refers to the profit or loss of an investment portfolio over a particular period. The return on a portfolio is a function of the combined returns of all of the investments in the portfolio. This implies that if the individual assets that make up a portfolio change, so will the portfolio's return.
What are individual returns?Individual returns are returns earned by an investor on a single investment. In contrast, Portfolio returns are returns earned on a group of investments, that is, in a portfolio of stocks or bonds.
The answer is product because portfolio returns are computed by adding the individual returns of a portfolio's investments together using weights assigned to each investment based on its portion of the portfolio's total value.
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Ethan
Ethan has always been interested in the stars. For his eighth birthday, his father bought Ethan a telescope that allowed him to see comets, satellites, and nearby planets clearly. Once in high school, Ethan struggled with his English Literature course until one of his classmates pointed out that many poems have a mathematical rhythm. This was really interesting to Ethan. Unfortunately, Ethan’s grandparents, who live in Thailand, suffered a complete loss of their home due to a tsunami. They have come to live with Ethan. Ethan wonders if there was a way to prevent the tsunami or if the kind of earthquakes that cause the tsunami here happen on the moon.
Based on what you know about Ethan, create a personalized career pathway form for him. On this form, you need to include the following information:
Recommended pathway for Ethan
Skills that Ethan has that would be valuable in this career
What type of education is required to work in this career pathway
A description of where he might work and what tasks he might perform
Answers
The most appropriate career for Ethan is astronomy because he is very interested in the physical phenomena of other planets and Earth.
What is vocational guidance?
Vocational guidance is a term that refers to the process used to help young people choose the professional career they will pursue in their life based on their interests and abilities.
From the above, the best option for Ethan is a career related to the study of the planets and the Earth, because he is interested in it. Additionally, these sciences are related to mathematics, another topic that has interested Ethan.
So, the best option for Ethan is Astronomy.
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if frank makes justin a night-shift supervisor, he would be engaging in which function of management?
Answers
If Frank makes Justin a night shift supervisor he would be engaging in the function of management that is called the Organizing function.
The organizing function is that stage that follows the planning stage. At this stage the resources would be distributed then the different tasks would be allocated to the personnel or employees that are responsible for them.
Delegation of these tasks to these personnel would be very useful because it helps to achieve those tasks that they set out in the planning stage.
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A stock has an expected return of 12.7 percent and a beta of 1.18, and the expected return on the market is 11.7 percent. Using CAPM, what must the risk-free rate be?
Answers
According to the Capital Asset Pricing Model (CAPM), the expected return of a stock is equal to the risk-free rate plus the stock's beta multiplied by the excess return of the market (i.e., the difference between the expected return on the market and the risk-free rate). Mathematically, this can be expressed as:
Expected return = Risk-free rate + Beta * (Expected market return - Risk-free rate)
Plugging in the given values, we get:
12.7% = Risk-free rate + 1.18 * (11.7% - Risk-free rate)
Simplifying and solving for the risk-free rate, we get:
Risk-free rate = (12.7% - 1.18 * 11.7%) / (1 + 1.18) = 3.27%
Therefore, the risk-free rate must be 3.27% in order to obtain an expected return of 12.7% for a stock with a beta of 1.18 and an expected market return of 11.7%.
Risk-free rate ≈ 3.03% So, the risk-free rate must be approximately 3.03%.
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Morning light does not enter the swamp. Even the sunrise is dark. Still, time progresses, night into day
A picture of bayou country is deceiving Slow streams converge under mud to make the appearance of land that is actually water. One net of moss hangs from one hundred trees. Lightning strikes the
same stump many times.
People pass the swamp's fringes in trains, on tracks that cling to the last solid ground. Out of their windows are landscapes that take the earth's colors to every periphery, Bright orange sunsets
surround people like sky on an airplane. On gray foggy mornings they ride through a dream that has no beginning or end. But time has its limits, these people know. They are expected places--Memphis
by midnight, New Orleans by dawn
Deep in the swamp, animals keep the only appointments Birds gather at high places in trees. Raccoons make their last noisy passes for food across someone's back porch before he awakes. Fish all
around splash up, although they cannot see the morning coming to clean the picture of day like clothes bleaching in a galvanized tub from dark gray to light gray
Joan looked out from the porch to the swamp she had known all her life. Ahead of her in the veiled light were the outlines of many trees. Below and around her were the crisp sounds of nature
awakening Cupped in both hands, perched on her knees was a warm mug of coffee.
Which of the following can the reader infer from the passage above?
O Travelers sleep throughout the journey.
O The ride is for airplane passengers to see the sky.
O Travelers lose their sense of the outside world.
Answers
Answer:
Travelers lose their sense of the outside world.
Explanation:
Study Island
quizlet you have just received a windfall from an investment you made in a friend's business. he will be paying you at the end of this year, at the end of the following year, and at the end of the year after that (three years from today). the interest rate is per year.
Answers
The windfall you received from your friend's business will be paid to you at the end of this year, the end of the following year, and the end of the year after that. You want to calculate the present value of these future cash flows using the given interest rate.
To calculate the present value of the future cash flows, we need to discount each cash flow back to the present value. The formula to calculate the present value of a future cash flow is:
Present Value = Future Cash Flow / (1 + Interest Rate)^n
Where:
Future Cash Flow is the amount of money you will receive at the end of each year.
Interest Rate is the annual interest rate.
n is the number of years until you receive the cash flow.
Let's calculate the present value for each cash flow:
1. Present Value at the end of this year:
PV1 = Future Cash Flow at the end of this year / (1 + Interest Rate)^1
2. Present Value at the end of the following year:
PV2 = Future Cash Flow at the end of the following year / (1 + Interest Rate)^2
3. Present Value at the end of the year after that:
PV3 = Future Cash Flow at the end of the year after that / (1 + Interest Rate)^3
To calculate the total present value, you need to sum up the present values of each cash flow:
Total Present Value = PV1 + PV2 + PV3
By using this formula and plugging in the values for each cash flow and the interest rate, you can calculate the present value of the windfall you received from your friend's business.
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How does competition help consumers?
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what is the impact of atm on banking sector?
Answers
Answer:
Explanation:
ATM s are of great use to the banks as the reduce the number of people storming the banks for withdrawal of money as well as deposit of money it reduces cost of operation and from customer point of view it is available easily near by hence travelling further distance to the bank is not required
ATMs are one of the most convenient services provided by the banks to customers. It is beneficial to banks as it is to its customers. It helps banks to save cost and time in withdrawing money and various other services which are now provided by ATM.
Automated teller machines, or ATMs as they are more commonly referred to, are a convenient way to conduct one-on-one transactions quickly and easily. One can do self-serviced transactions with these machines without a physical teller's aid or a trip to the bank branch. Cash withdrawals, cash deposits, and fund transfers are just a few of the many transactions possible with automated teller machines, or ATMs. Although the majority of customers only use ATMs to withdraw cash, these additional transactions make the service more effective.
With the advent of the ATM, users' financial lives became simpler because they could now perform simple transactions on their own with the aid of an ATM, which was much more practical than often visiting the bank. The ability for users to transact between banks is another significant advantage of an ATM. This means you can still use basic services like cash withdrawals from the ATM even if you don't have an account with the bank that runs the machine. Again, this saves you time and comes in handy in an emergency because you won't need to go to the ATM at your bank every time you need a quick infusion of cash. ATM helps banks operate more cheaply by lowering the number of human operations. The ATM provides service 24 hours a day which means customers can avail of money and other services at any time of the day.
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a company reported a gross profit percentage of 20% with net sales of $347,800. What is the amount of cost of goods sold
Answers
Based on the information given the amount of the cost of goods sold is:$278,240.
Cost of goods soldUsing this formula
Cost of goods sold=(1-Gross profit percentage)×Net sales
Let plug in the formula
Cost of goods =(1-.20)×$347,800
Cost of goods sold=.80×$347,800
Cost of goods sold=$278,240
Inconclusion the amount of the cost of goods sold is:$278,240.
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A company is trying to set up proper internal controls for their accounts payable/inventory purchasing system. Currently the purchase order is generated by the same person who receives the inventory. Together the purchase order and the receiving ticket are sent to accounts payable for payment. What changes would you make to improve the internal control structure
Answers
Answer: I would relieve the responsibilities of person doing both generating purchase and receiving inventory
Explanation:
Receiving inventory and generating purchase are two separate task done in the accounting sector of an organization. Their activities can be really tasking especially when the organization is big and has a lot to deal with. For this present organization, the change I will effect is to relieve the responsibilities of person doing both generating purchase and receiving inventory, and assign them to just one, either of them, then get someone else to do the other task. This makes it easier and faster for both the organization and the personnel.
What best describes the main purpose of a budget
Answers
Explanation:
A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term.
what multiplication do you do to convert currency
Answers
Hope it helpss:))
Explanation:
you multiply by the exchange rate.
MATCH EACH TERM WITH EACH DEFINITION
Credit report
Grace period
Secured card
Annual percentage rate
1. The amount of interest paid on a unpaid balance
2. Number of days to run a balance before fees or interest are charged
3.A credit card with money in a savings account to act as collateral
4. A listing of a persons financial information and history
Answers
Answer:
grace period = 2
credit report= 4
secured card = 3
annual percentage rate = 1
Answer:
annual percentage ; the amount of interest charged on unpaid balances
grace paid ; number of days to run a balance before fees or interest are charged.
balance transfer ; the movement of money owed on one credit card to another credit card.
credit report ; listing of a person's financial information and history.
Explanation:
ap3x correct
Suppose that in 2015, a typical U.S. student attending a state supported college bought 8 textbooks at a price of $90 per book and enrolled in 28 credit hours of coursework at a price of $400 per credit hour. In 2016, the typical student continued to purchase 8 textbooks and enroll in 28 credit hours, but the price of a textbook rose to $100 per book, and the tuition price increased to $440 per credit hour. The base year for computing a "student price index" using this info is 2015. The price index for any base year is 100. The value of the student price index in 2015 is
Answers
Answer:
$11,920
Explanation:
2015 prices:
8 textbooks x $90 = $720
28 credit hours x $400 = $11,200
total = $11,920
the base year, in this case 2015, will be used to adjust the relative prices of the goods and services purchased by students. E.g. for year 2016, the index based on 2015 should be (8 x $90) + (28 x $400) = $11,920 since the quantities didn't change, only the nominal prices.
Imagine you’re working on an important project at work. You’re writing some content about space exploration for your client. Your client has promised to send you a list of approved encyclopedias or reference books that you can use for your article. However, you haven’t received it yet. Write an email asking the client to provide you with the list. Remember to follow the email etiquette you learned in this lesson: Address your recipient by name. Mention the subject of the mail in the subject line. Clearly state the purpose of your email in the first sentence. End with an appropriate complimentary close. Make sure that your language is formal and professional.
Answers
Answer:
Subject: Request List: Approved Reference Books for Space Exploration Article
Dear Mr. Jackson,
I am writing to request you to email me the list of approved reference books for the space exploration article. We had discussed some tentative suggestions in our previous meeting. We are a bit behind schedule with writing the article. The reference book list will be a great help to us. Thank you for your time in considering this request.
Sincerely Yours,
Janice Collins
Head Writer
Star Communications
2563 Maple Road
Sunny City, CA 4523
Tel: (123) 456-7890
THIS IS THE EXAMPLE ANSWER!
An accounting firm ensures that the candidate pool for its new graduate program is diverse by recruiting at both public and private colleges and universities throughout 10 states, and posting information on multiple social media sites. This describes which type of affirmative action program?
targeted recruitment
Answers
The affirmative action program type described here is one that focuses on targeted recruitment.
What does targeted hiring entail?A predefined method for attracting individuals with certain experience, abilities, or attributes is known as a focused recruitment strategy. A successful focused recruitment plan employs data to monitor ROIs and is highly explicit in its objective and goals. Direct recruiting on college campuses and in career-related programs is one kind of targeted recruitment. Achieving internship as well as cooperative education arrangements with nearby colleges and high schools can assist in directing talented and motivated people toward entry-level roles inside your company.
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Which of the possible answers below is the correct ending to the following statement?
In a perfectly competitive market, the process of entry and exit will end when firms in the market …:
(a) are making zero economic profit.
(b) are operating with excess capacity.
(c) capture market power.
(d) experience decreasing marginal revenue.
additionally, use a diagram or diagrams to explain your answer.
Answers
In a perfectly competitive market, the process of entry and exit will end when firms are making zero economic profit.
The market price is determined by the interaction of supply and demand. If firms are making positive economic profit, then there is an incentive for new firms to enter the market.
[Diagram of a perfectly competitive market with zero economic profit]
The diagram shows a perfectly competitive market with zero economic profit. The market price is P*, and the quantity produced is Q*. The average cost curve (AC) is tangent to the demand curve at P*, so firms are making zero economic profit.
If firms were making positive economic profit, then the average cost curve would be above the demand curve. In this case, there would be an incentive for new firms to enter the market, which would drive down the market price and reduce the economic profit of existing firms.
If firms were making negative economic profit, then the average cost curve would be below the demand curve. In this case, there would be an incentive for firms to exit the market, which would drive up the market price and reduce the economic loss of existing firms.
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Which of these is NOT a Principle of Economic Interactions?
A. Trade can be mutually beneficial.
B. Markets are usually a good way of coordinating trade.
C. Govt can potentially improve market outcomes if there is a market failure or if the market outcome is inequitable.
D. People face tradeoffs
Answers
Answer:
the answer is D
Explanation:
The three principles concerning economic interactions are (1) trade can make everyone better off, (2) markets are usually a good way to organize economic activity; and (3) governments can sometimes improve market outcomes.
hope this helps!
"A" represents the new quantity demanded, while "B" represents the new quantity supplied.
1. What is the result of these changes?
a) equilibrium
b) excess supply
c) excess demand
2. Based on this graph, what will prices most likely do?
a) rise
b) fall
c) stay the same
**PLEASE INCLUDE EXPLANATION
Answers
Answer:
caExplanation:
because it is possible in the graph only
Answer:
1.) Excess supply
2.) Fall
Explanation:
Edge
The process by which prospective buyers "internalize" or consider the information presented by the salesperson is referred to as a black box because:A. sales actions lead to buyer reactions.B. salespeople cannot read a buyer's mind.C. psychological needs outweigh social wants.D. for every stimulus, there must be a response.E. salespeople seem untrustworthy to most buyers.
Answers
Answer:
B. salespeople cannot read a buyer's mind
Explanation:
Since in the question it is mentioned that the prospective buyer or the buyer who wants to purchased considerd that information which is presented by the seller that called as a black box as the sales people is not able to read the purchaser mind as they are also a human and they dont know what actually the buyer wants until the buyer didnt tell them about their need
Therefore, the correct option is B.
__________is the name for the doctrine that holds that the manufacturer of a product has legal responsibilities to compensate the user of that product for injuries suffered because the product's defective condition made it unreasonably dangerous, even though the manufacturer has not been negligent in permitting that defect to occur.
Answers
Answer:
Product liability
Scenario 3: Your first semester of college, you take out a small loan to help pay for books. Despite being busy, you get a part time job. Although you don't have to pay your loan back until you graduate, you've saved enough by the end of the semester and you will pay off the loan in full. Does your credit score go up or down? Why does it go up or down? If your score goes down, how can you fix it?
Answers
A credit score rating is based on a credit score report, statistics usually sourced from credit score bureaus.
What is a credit score?A credit score rating is a numerical expression primarily based totally on a degree evaluation of a person's credit score files, to symbolize the creditworthiness of an individual.
As per the information,
1. The loan taken here is an unsecured loan, therefore, the early payment of the loan will increase the credit card score.
2. In this case, the credit card score will go up as pre-payment of small and unsecured will have a positive impact on the credit card score. The score goes up and down based on your credit card purchase behavior.
3. If the credit card score goes down, it can be fixed by maintaining a healthy credit card utilization ratio.
hence, in this way, the credit card score issues can be resolved.
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another use of bank credit cards, in addition to purchasing goods and services, is to obtain a cash advance from participating banks. a cash advance is a loan and immediately puts cash in one’s pocket—either by using the card at a participating bank or by using the convenience checks received from the card issuer when obtaining the card. obtaining cash in a hurry frances is parked outside her bank and needs cash today. her standard checking account balance is sufficient to provide the cash, and she plans to deposit the paycheck she’ll receive in a few days to her checking account. frances also has a credit card whose terms allow her to obtain a cash advance. what would be the wisest way for frances to get the cash she needs today? withdraw the cash from her checking account take a cash advance on her credit card whichever way is quicker why is this the wisest way to get the cash she needs? there is no interest charged when she takes her own money out of her checking account, but she would be charged interest beginning immediately if she took a cash advance. there is interest charged on a cash withdrawal from her checking account, but if she took a cash advance, as long as her next credit card payment pays her entire balance due, she won’t be charged interest for the cash advance. either way; she won’t be charged interest, so it doesn’t matter. many bank credit card issuers charge a transaction fee for non-atm cash advances. frances has a bank credit card. if she takes a non-atm cash advance, the bank will charge her 2% of the amount of the advance, or a flat fee of $5, whichever is more. frances needs to obtain a non-atm cash advance of $100. what is her transaction fee? $ this week frances is out of town, and has access to cash advances only by non-atm methods. for each non-atm cash advance that she takes, she will be charged 2% of the amount of the advance, or a flat fee of $5, whichever is more. • frances took four cash advances during the week, each for $25. what is the total of her cash advances for that week? $ • what would the transaction fee be, based on percentage, for each cash advance? $ • what would the minimum transaction fee be for each cash advance? $ • which transaction fee will be charged for each of frances’s advances? $ • what will be the total of her transaction fees for the week? $ • if frances had taken just one cash advance for $100 at the beginning of the week, what would her transaction fee have been? $ • lower transaction fees by $ .
Answers
The wisest way for Frances to get the cash she needs today would be to withdraw the cash from her checking account. This is because there is no interest charged when she takes her own money out of her checking account, whereas she would be charged interest immediately if she took a cash advance on her credit card, and The minimum transaction fee for each cash advance would be $5, as stated earlier, and The transaction fee for Frances's advances would be $5, based on the flat fee, and The total of her transaction fees for the week would be $20 since she took four cash advances.
Additionally, there is a transaction fee for non-ATM cash advances on credit cards, which Frances would want to avoid.
Frances needs to obtain a non-ATM cash advance of $100. The transaction fee for non-ATM cash advances is either 2% of the advance amount or a flat fee of $5, whichever is more. Since 2% of $100 is $2 and $5 is more than $2, her transaction fee would be $5.
If Frances took four cash advances during the week, each for $25, the total of her cash advances for that week would be $100.
The transaction fee for each cash advance would be 2% of the advance amount. So for each $25 cash advance, the transaction fee would be $0.50.
The minimum transaction fee for each cash advance would be $5, as stated earlier.
The transaction fee for Frances's advances would be $5, based on the flat fee.
The total of her transaction fees for the week would be $20 since she took four cash advances.
If Frances had taken just one cash advance for $100 at the beginning of the week, her transaction fee would have been $5, based on the flat fee.
To lower the transaction fees, Frances could consider withdrawing cash from her checking account instead of taking cash advances on her credit card, as there are no transaction fees associated with withdrawing her own money. This could save her money in the long run.
Overall, it is wise for Frances to withdraw the cash from her checking account to avoid interest charges and transaction fees associated with cash advances on her credit card.
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