Yes, warranty expense is a contingent liability for the computer wholesalers
Contingent Liability refers to an account being used to anticipate any future cash spending of a firm for a certain expense, the amount of which is easily determinable. Some transactions that fall under this category are Losses from lawsuits, Warranty Repairs, etc.
Yes, a Warranty Expense and Liability account is generally recognized immediately following a sales transaction.
Warranty Expense A/C.......Dr.$22,000
Warranty Liability A/C.....Cr $22,000
To record a contingent liability on warranty repairs
($550,000 x 4%)
Warrant Liability, beginning $22,000
less: Actual Expenditures in January (20,500)
Warranty Liability, ending $1,500
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______ are important because they provide utilities to consumers and have a significant positive impact on the economy.
Retailers are important because they provide utilities to consumers and cause a significant positive impact on the economy.
A retailer is someone or a company where you buy products. In most cases, retailers buy their products from manufacturers. They buy products from wholesalers or manufacturers and then sell them in small amounts to customers. Consumer utilities are one way they add value. They have an advantageous effect on the economy.
Retailers serve as a crucial conduit between producers and consumers. They are crucial to the whole distribution chain as the last point of sale. They do, in fact, offer services to both consumers and wholesalers. The consumer is the most important retail principle to grasp; they should be at the center of your business, and everything you do should be focused on them.
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due to various fraudulent business practices and accounting coverups in the early 2000's, congress enacted the sarbanes-oxley act of 2002. the act was responsible for establishing a new oversight board for public accountants called the
The Sarbanes-Oxley Act of 2002 was established in response to many illegal company practices and accounting coverups in the early 2000s. The legislation was responsible for establishing the Public Company Accounting Oversight Board, a new oversight board for public accountants. Thus, the right answer is the Public Company Accounting Oversight Board.
What is the Public Company Accounting Oversight Board?The Sarbanes-Oxley Act of 2002 established the Public Company Accounting Oversight Board as a nonprofit corporation to oversee audits of public companies and other issuers in order to protect investors' interests and further the public interest in the preparation of informative, accurate, and independent audit reports. To improve investor safety, the PCAOB also regulates broker-dealer audits, including compliance reports filed under federal securities laws. The US Securities and Exchange Commission must approve all PCAOB rules and standards.
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Conflicts between two mutually exclusive projects occasionally occur, where the npv method ranks one project higher but the irr method puts the other one first. In theory, such conflicts should be resolved in favor of the project with the higher irr.
Conflicts between two mutually exclusive projects occasionally occur, where the NPV method ranks one project higher but the irr method puts the other one first is a False statement.
What two initiatives are mutually exclusive?Capital projects that compete head-to-head are said to be mutually exclusive. Projects X and Y are said to be mutually exclusive, for instance, if a management must choose precisely between completing either project X or Y, but not both of them simultaneously.
Hence, The more net cash a project creates for the company, the higher the expected IRR is and the more it exceeds the cost of capital. In this instance, the project appears to be profitable, and management should move forward with it.
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Conflicts between two mutually exclusive projects occasionally occur, where the npv method ranks one project higher but the irr method puts the other one first. In theory, such conflicts should be resolved in favor of the project with the higher irr. True or false
The debate between paula’s consultants centers around which factor affecting the promotional mix?.
The debate between paula’s consultants centers around the nature of the product in the promotional mix.
What is a promotional mix?In marketing, a promotional mix refers to the blend of promotional variables chosen by marketers to help a firm reach its goals. This mix has been identified as the subset of the marketing mix and we believed that there is an optimal way of allocating budgets for the different elements within the promotional mix to achieve best marketing results and the challenge for marketers is to find the right mix of them.
In this context, the promotional mix includes the Stage in the product life cycle, Nature of the product, Coordinating timing of promotional elements and Available marketing fund.
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kehlani started a new job in a print shop. she worries about the different chemicals in the workplace, so she requests information about them from her employer. which employee right under the osh act is kehlani exercising?
Kehlani started a new job in a print shop. She worries about the different chemicals in the workplace, so she requests information about them from her employer. Under the OSH Act, Kehlani is exercising her right to have dangerous substances identified.
The workplace is a place where employee have certain rights that must be respected by their employers. These rights include the right to a safe and healthy working environment, the right to fair wages and working hours, and the right to freedom from discrimination and harassment.
When these rights are violated, employees have the right to file a complaint with the appropriate authorities.
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Why do you think some individuals place more trust in alternative banking services?.
Because, for instance, Wells Fargo has been involved in scandals. People may be placing more trust in alternative banking services because other, better-known businesses aren’t as trustworthy with customers’ money.
They might also be indigent. Due to the fact that they especially cannot risk anything happening to their money. Also because many new banking options are emerging, offering more inventive ways to handle and secure money.Financial institutions usually charge fees, require a minimum deposit, and need additional up-front costs, which significantly raise entry barriers for people who don’t always have a lot of money. This is accurate despite the fact that alternative services ultimately cost more.Unbanked people are those who do not have a savings or checking account with a bank or credit union. People who lack access to traditional banking services, such as loans and credit cards, as well as savings and checking accounts, are considered unbanked.Due to the strong personal connections alternative financial services have with the individuals and communities they serve, low income people and the communities they serve feel trustworthy and secure.
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what does you have reached the purchase limit for this item on amazon mean if you haven't bought it before??
It means that for a month you can't buy the same category of product from the same account.
Why does this happens?
In order to ensure that maximum customers benefit from their selection and prices, sometimes they limit their quantities for certain of their products. The limits vary from 999 units of that items to their cart.
The product limit can vary accordingly to the situation needs. Therefore the product limit can vary according to the availability of product, supply chain mechanism and the user.
The company limits in order to avoid bulk orders by company, gives chances to other companies.
Hence, It means that for a month you can't buy the same category of product from the same account.
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an amount of 16000 is borrowed for 8 years at 3% interest, compounded annually. if the loan is paid in full at the end of that period, how much must be paid back?
He must pay back 20268.32 of amount after borrowing 16000 for 8 years at the interest rate of 3% for one year.
How to calculate loan amount ?The term "Loan Amount" refers to the sum of money we currently owe you for this mortgage. The loan amount may also include other fees, interest , defaulted payments, interest on defaulted payments, principal, and interest on unpaid principal.The amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate. The total interest on a loaned or borrowed sum is determined by the principal amount.Amount he borrowed = 16000
No. of years = 8 years
Rate of interest = 3%
Calculate full amount (A) :
Equation for A = P(1 + r/n)^(nt)
A = 16000(1 + .03)^8
A = 20268.32
He need to pay 20268.32 after 8 years.
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what two outcomes would be considered part of the feedback loop in the communication process? multiple select question. a retailer attributes an increase in sales to its purchase of advertising in sunday's paper. a manufacturer customizes its message for consumers using direct marketing. a consumer purchases a used car as a result of the interaction with a salesperson. a firm issues a press release about an upcoming charity event it is sponsoring.
A retailer attributes an increase in sales to its purchase of advertising in Sunday's paper and A consumer purchases a used car as a result of the interaction with a salesperson are the part of the feedback loop.
A feedback loop is a component of a system where some (or all) of the output is used as input for subsequent operations. There are at least four stages in each feedback loop. Input is produced in the first stage. The second stage involves capturing and storing input. The third stage involves the analysis of the input, and the fourth stage involves the use of the analysis's conclusions to make decisions.
Loops in feedback can be positive or negative. Negative feedback loops are useful for maintaining an ideal state within predetermined bounds and are self-regulating. A classic illustration of a self-regulating negative feedback loop is an outdated home thermostat that uses bang bang control to turn on or off a furnace.
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the individual designated by a business organization to receive service of process for the business is known as: group of answer choices the general manager. the chairman of the board of directors. the attorney for the corporation. the chief operating officer (ceo.) the registered agent.
The registered agent is the professional responsible for receiving the process service for the business.
What is a registered agent?It is an individual who has a central responsibility for maintaining the compliance of organizational processes through compliance with federal, state and local laws.
This professional is responsible for receiving the company's official documents and communications, analyzing them and forwarding them to the appropriate person in the company.
Therefore, there are several benefits for companies that have a registered agent, the main one being the company's legal compliance, which is essential for it to be able to carry out its operations effectively and transparently, demonstrating reliability to its stakeholders.
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problems in a new process for electronic receipt of lab results. on the first day of the new process, the receptionist called the central lab to complain that they did not receive their daily results fax. where did this problem likely originate?
This problem likely originates from the new process itself being flawed and not receiving their daily results fax.
A receptionist is an employee taking a workplace or administrative help role. The work is typically carried out in a waiting place along with a foyer or the front office desk of a business enterprise or commercial enterprise. The identified receptionist is attributed to the person that is hired by using a company to get hold of or greet any visitors, patients, or clients and answer smartphone calls.
The term front table is used in lots of accommodations for an administrative department wherein a receptionist's responsibilities additionally may consist of room reservations and assignments, guest registration, cashier work, credit score assessments, key control, and mail and message provider. Such receptionists are regularly referred to as front table clerks. Receptionists cowl many regions of work to assist the companies they paint for, along with setting appointments, filing, report maintaining, and other workplace tasks.
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what can listing agents prepare for their clients to give them unofficial estimates of all closing costs?
Listing agents can prepare seller net sheets for their clients to give them unofficial estimates of all closing costs.
What is a Listing agent?An authorized real estate agent who represents the seller in a deal is known as a listing agent. It is the job of listing agents to guide sellers through each stage of the sale. In order to price homes, listing agents first conduct comparative market evaluations. They then produce web listings and sales materials to sell the properties. They host open houses after the homes are posted and show and walk-through clients around the properties. To make sure their clients are receiving the best price and conditions, they interact with buyer's agents, assess, and negotiate offers. Agents in real estate who work for sellers are referred to by a variety of words. Many people have been confused by the prevalence of these synonyms.
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thomas newton has built his career selling livestock at auction. as a supporter of the newly elected president, he has been offered a job in the department of transportation even though he knows little about transportatiohn issues. what is this an example of?
The beginning of the Civil War, the expansion of the federal bureaucracy, an amendment to the Constitution, and the election of President John Adams
By appointing the heads of the fifteen cabinet departments and many independent executive agencies, including the CIA, EPA, and Federal Bureau of Investigation, the president exerts direct control over the bureaucracies. The Senate must approve these appointments to the cabinet and agencies.
What is a nonprofit organization?
Independent Agencies operate independently of the presidency and are not part of the executive branch. Most of the time, Congress created them to deal with issues that have become too complicated for standard legislation to handle.
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goods and services: group of answer choices are things produced. are actions produced. are designed to satisfy wants and needs. are two categories of resources.
Goods and services are designed to satisfy wants and needs. In economics, goods are those that satisfy human needs and provide utility, such as a buyer purchasing a nice product.
It is customary to distinguish between transferable and non-transferable services. Both goods and services can be classified as these things. Services are ethereal in nature, whereas products are concrete in the sense that they exist in the physical world and can be touched. Commodities and services are both designed to be helpful and gratifying to the consumer. A service is defined as a "(intangible) act or usage for which a consumer, business, or government is willing to pay."
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janet recently learned that her credit card company charged her an unauthorized amount of 94 cents on her credit card bill. she reviewed the matter and determined that this charge had been made on a monthly basis for several months. she consulted with a lawyer who told her that in the circumstances the best procedural approach to addressing the problem was for her to b) commence court proceedings in superior court seeking a greater amount for legal costs. a) issue a claim in small claims court for the few dollars that she had been improperly charged. e) forget any court proceedings but try to attract media attention. c) do nothing given the small amount at stake and the costs of litigation. d) seek to have the action against the credit card company certified as a class action thereby allowing her to represent the entire group of possible class members, i.e. those who likewise were billed an unauthorized amount by the credit card company.
The best procedural approach to addressing the problem was for her to seek to have the action against the credit card company certified as a class action thereby allowing her to represent the entire group of possible class members, i.e. those who likewise were billed an unauthorized amount by the credit card company. (option d).
Procedural approach:
A procedural approach is a way of evaluating the performance of business processes based on a model of quantitively and qualitative measurements.
Given,
Janet recently learned that her credit card company charged her an unauthorized amount of 94 cents on her credit card bill. she reviewed the matter and determined that this charge had been made on a monthly basis for several months. she consulted with a lawyer who told her that in the circumstances.
Here we need to find the best procedural approach to addressing the problem was for her.
While looking through the given question the best option is to approaches the court and ask them to take the appropriate action against the credit card company.
So, the correct option is option d. seek to have the action against the credit card company certified as a class action thereby allowing her to represent the entire group of possible class members, i.e. those who likewise were billed an unauthorized amount by the credit card company.
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At which point in the accounting cycle should an accountant prepare a trial
balance?
A. Just before preparing financial statements
OB. At any point he or she chooses
OC. At the end of the cycle only
D. At the beginning of the cycle only
At the end of the cycle only in the accounting cycle should an accountant prepare a trial balance. The correct option is C.
Why do accountants prepare a trial balance?A trial balance's purpose is to ensure that all entries made to an organization's general ledger are properly balanced. Each general ledger account's ending balance is listed in a trial balance. Each accounting entry's total dollar amount of debits and credits is supposed to match.
The trial balance is created after all transactions in the ledger accounts have been recorded. All ledger account balances to the credit and debit sides are recorded in the trial balance. It is typically prepared at the end of the fiscal year, prior to the preparation of final accounts.
Thus, the ideal selection is option C.
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explain which of the following approaches to strategy formulation is more likely to generate economic profits
Utilizing internal resources offers a company a superior competitive edge because they are already available to generate economic profit.
What is Profit in terms of Economics?In accounting, a profit is an income that is given to the owner throughout a successful market producing process. Profitability, which is the owner's primary interest in the income-formation process of market production, is measured by profit. There are various profit metrics that are frequently used. Profit is the term used to describe the financial gain experienced when the revenue from a commercial activity exceeds the costs, costs, and taxes associated with maintaining that activity. Income is the actual amount of money earned in a certain time period, whereas profit is the difference
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wickland company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $82,000. the machine's useful life is estimated to be 10 years, or 260,000 units of product, with a $8,000 salvage value. during its second year, the machine produces 20,800 units of product. determine the machines' second year depreciation under the units-of-production method.
The machines' units-of-production method second year depreciation is $14800.
Over time, an asset loses value due to use, damage from use, or obsolescence. This reduction is measured using depreciation. The depreciation, or loss in value, of an asset may also be influenced by other variables, such as bad market conditions. Subtract the asset's cost from its salvage value to determine the asset's straight-line depreciation. Depreciable basis is the total that can be written off as a result. The useful life of the item is reduced by this amount.
Depreciation Cost - Salvage Value / Useful Life = Straight Line Method
Wickland Corporation
Machine price: $820,000
Remainder worth of $8,000
10 years is the useful life.
Working:
$82000-$8,000/5 is the depreciation straight line method.
Straight Line Depreciation = 74000/5
Straight Line Method Depreciation = $14,800
Depreciation costs for the second year, calculated using the straight-line technique, would be: $14800
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a large organization in atlanta, ga is coordinating all of their promotional messages to ensure consistency. what is this process called? question 2 options: a) aida concept b) integrated marketing communications c) the selling process d) promotional mix
In Atlanta, Georgia, a large organization is organizing all of its advertising communications to maintain uniformity. This procedure is known as integrated marketing communications. Thus, the correct option is (b) integrated marketing communications.
What is integrated marketing communications?A strategy for ensuring that all brand encounters received by a consumer or prospect for a product, service, or organization are relevant to that individual and consistent over time. These include advertising, direct marketing, web marketing, sales promotion, and public relations.
Coke's'share a coke with' campaign, which leveraged cohesive messaging across TV, Social, Outdoor, and Display, resulted in a 7% increase in Coke consumption by the target demographic, making it one of the most successful Coke ads in history.
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it is good to use credit for: group of answer choices buying groceries. dining at a restaurant. buying a car. visiting a tourist destination. paying rent for your home.
Instead of buying groceries and dining out, it is wise to use credit to purchase a car.
Describe credit cards.A small, rectangular piece of plastic or metal known as a credit card, which is issued by a bank or another financial institution, enables its owner to borrow money in order to pay for goods and services at establishments that accept credit cards. Credit cards impose the requirement that cardholders repay the borrowed cash in full or over time, either by the billing date or at a later period, together with any applicable interest and any other agreed-upon costs.
In addition to the standard credit line, the credit card issuer may also offer cardholders a separate cash line of credit (LOC), which enables them to borrow money in the form of cash advances that can be accessed through bank teller machines, ATMs, or convenience checks from their credit cards.
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if you try to make a good final impression during a job interview, what perceptual bias are you relying on to help you get the job?
If you try to make a good final impression during a job interview, are you relying on recency bias to help you get the job.
Recency bias is a memory bias that prefers recent occurrences to historical ones. Recency bias provides more weight to the most recent incident, such as the closing argument from the last attorney a jury considers before adjourning to deliberate.
Recency bias is the inclination to give undue credit to memories that are still recent in your mind, even when they are not the most reliable or pertinent. Recency bias in the realm of investment can be challenging to avoid. When clients base their decisions on recent occurrences and anticipate that those events will persist into the future, they exhibit recency bias. They can end up making irrational choices like selling shares during a market collapse as a result.
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over armoir, inc. purchased a patent totaling $1,000 for cash during the year and equipment for $10,000 cash. assuming these are the only transactions affecting the investing activities, it will report net cash flows from investing activities of . multiple choice question. $11,000 $(11,000) $(9,000) $9,000
The net cash flows from investing activities for Over Armoir Inc, can be found to be $ (11, 000).
How to find the cash flow from investing activities?Cash flows from investing activities include all cash transactions that had to do with the purchase or sale of fixed assets.
The cash transactions for fixed assets include the purchase of a patent and the equipment.
Net cash from investing activities is:
= ( -1, 000 ) + ( -10 , 000)
= $ - 11, 000
The reason the cash flow is negative is that the company was spending, not receiving.
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2021, remsco has taxable income of $80,000 and a charitable contribution limit modified taxable income of $30,800. remsco donated cash of $9,300 to a qualified public charity. what is remsco's current-year charitable contribution deduction assuming remsco makes any elections necessary to maximize its charitable contribution deduction?
Remco's current-year charitable contribution deduction and carryover is: $3,080; $6,22O
.
Since the current-year deduction is limited to 10 percent of charitable contributions charitable contribution limit modified taxable income.
Hence,
Current-year deduction:
Current-year deduction= Charitable contribution limit modified taxable ×10%
Current-year deduction=$30,800 × 10%
Current-year deduction=$3,080
Carryover:
Carryover=$9,300-$3,080
Carryover=$6,22O
In conclusion, Remsco's current-year charitable contribution deduction and carryover are $3,080; $6,22O.
A charitable contribution is a donation or gift to, or for using, a certified organization. it is voluntary and is made without getting, or ex- pecting to get, whatever is of identical value. qualified groups.
For contributions of cash, take a look at, or every other economic present (no matter amount), you need to maintain a document of the contribution: a financial institution file or a written conversation from the qualified organization containing the call of the employer, the amount, and the date of the contribution.
presents to a non-certified charity or nonprofit are not deductible. To qualify, a group must sign up with the IRS underneath section 501(c)(3) or, in some instances, section 501(c)(four). A pledged or promised donation isn't deductible, the only money this is truly given.
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evergreen roofing had cash sales for the month totaling $42,000. evergreen offers a 1-year warranty on its roofing services. if evergreen estimates warranty claims will equal 3% of sales, the journal entry to record the estimated warranty expense for the month is:
If evergreen estimates warranty claims will equal 3% of sales, the estimated warranty expense for the month is debit warranty expense $1,260; credit Cash $1,260.
A warranty is a guarantee that is not a requirement of the contract or an indefinite term; it is a clause that only provides rights to the innocent party and does not affect the fundamental terms of the agreement.
The written assurance of quality as promised to a customer by a product manufacturer or service provider is known as a warranty. For the duration of the warranty's term, warranties offer customers legally guaranteed service replacement or problem-solving measures, subject to the warranty's terms and conditions.
Any plant that keeps its leaves all year long and into the following growing season is considered to be evergreen. Many broad-leaved flowering plant species from the tropics are evergreen, but in cold-temperate and arctic regions, the evergreens are typically cone-bearing shrubs or trees (conifers), like pines and firs.
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What will happen to the price and quantity of footballs as a result of an increase in the price of leather used to make footballs?.
Price will increase and the quantity will decrease if there is an increase in the price of leather used to make football. The correct option to this question is B.
When overall prices rise (inflation) as a result of rising costs for wages and raw materials, this phenomenon is referred to as cost-push inflation, also referred to as wage-push inflation. The total amount of production in the economy may decline as a result of higher production costs. Cost-push inflation results from the product price increases being passed on to consumers because the demand for goods hasn't changed.
Cost-push inflation is an increase in overall prices (inflation) brought on by rising labor and raw material costs. It can happen when increased production costs cause the economy's overall supply, or aggregate supply, to decline. It results from the manufacturing price increases being passed on to consumers because the demand for goods hasn't altered.
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Complete question is
What will happen to the price and quantity of footballs as a result of an increase in the price of leather used to make footballs?.
A) price will increase and quantity will increase.
B) price will increase and quantity will decrases.
C) price will decrease and quantity will increase.
D) price will not change and quantity will not change.
which evidence-based forecasting methods are useful in turning market research results into sales forecasts? select one: a. chain ration analysis, swag analysis, analogy b. swag ratio, analogy, judgment c. observation, survey, long interview d. analogy, chain ratio analysis, judgment
Chain ration analysis, swag analysis, analogy evidence-based forecasting methods are useful in turning market research results into sales forecasts. Using historical data as inputs, forecasting is a process that produces accurate predictions of the future course of trends.
Businesses use forecasting to decide how to spend their budgets and make plans for the upcoming expenses. The term "business forecasting" describes the instruments and research employed to foresee changes in the business world, such as sales, expenses, and profits. The Business forecasting seeks to improve strategy by making more accurate predictions. By using forecasting, your business may actively shape its future.
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if a paper mill shuts down its operations for three months so that it produces nothing, which part of its cost is reduced to zero?
The variable cost of a paper mill is reduced to zero if it stops production for three months.
What is a variable cost?A variable cost is a type of business expense that varies depending on how much a company produces or sells. Variable expenses grow and fall with changes in production, depending on a company's amount of sales.
Examples of variable costs include raw material and packaging costs for manufacturing companies, as well as credit card transaction fees and shipping costs for retail businesses, which fluctuate with sales. A fixed cost can be contrasted with a variable cost.
What Is the Total Variable Cost Formula?
Every unit of production should ideally have the same amount of variable expenses because they scale together. As a result, the total output quantity can be multiplied by the unit variable cost to determine total variable costs.
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an company has three products in its ending inventory. specific per unit data at the end of the year for each of the products are as follows: product 1 product 2 product 3 cost $ 39 $ 109 $ 69 selling price 97 177 127 costs to sell 5 78 29 required: what unit values should han use for each of its products when applying the lower of cost or net realizable value (lcnrv) rule to ending inventory?
The unit value that the company should specify is $39, $31 and $69 for products 1, 2 and 3 respectively in its ending inventory
Income statement: It is a statement that lists all of an organization's costs and revenues for a specific year, and the difference between the two is calculated and referred to as a profit or income. The expense items that are deducted from the profit are all removed from the income statement.
Computation of Units
Product Cost NRV Per unit Inventory Value
1 $39 $92 $39
2 $109 $31 $31
3 $69 $127 $69
NRV = Selling price - Cost to sell
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All costs associated with a machine after it is operational are expensed in the period they are incurred. This statement is.
All costs associated with a machine after it is operational are expensed in the period they are incurred. This statement is false.
Which of the costs are generally expensed as incurred?
Costs associated with both research and development must typically be deducted as they are incurred under US GAAP. Furthermore, certain expenditures associated with software development must be capitalized in accordance with US GAAP. Until the technological viability of a software product is demonstrated, the expenditures paid during its development are expensed.
After then, the costs are capitalized. Similar to this, businesses deduct the expenses associated with developing software for internal use until it is likely that the project will be finished and the program will be utilized as intended. The development expenditures are then capitalized at that point.
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2. johanna takes out a loan of $500 with a 16% nominal interest rate convertible quarterly. she makes payments of $20 at the end of each quarter. how much principal was repaid in the 4th payment?
Joanna obtains a $500 loan with a nominal interest rate of 16% that is convertible quarterly. She pays a $20 installment at the end of each quarter. The fourth payment of $92.8 settled the principal.
What does a loan's principle consist of?A principal payment is a contribution made to the loan's outstanding balance. In other terms, a principal payment is a payment made toward a loan that goes toward the principal balance owed rather than the interest owed on the loan.
How is principal repaid determined?When you first take out a home loan, you borrow a certain amount of money, which is known as the principal. Simply deduct your down payment from the final selling price of your home to determine your mortgage principal.
In the given question,
Loan= $500
Interest rate= 16%
Installment= $20
principal repaid on the 4th installment= 20* 0.016=3.2
= 20 + 3.2
= 23.2 * 4
= $92.8
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