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Tutor profile: Umar B.

Inactive
Umar B.
Tutor for 5 years
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Questions

Subject: Finance

TutorMe
Question:

Suppose Joe needs $6000 in 6 months for an overseas vacation. How much does he has to deposit now if his bank account pays 3% simple interest rate per annum.

Inactive
Umar B.
Answer:

Future Value = $6000 Interest rate = 3% = 0.03 Time = 6/12 =0.5 PV= 6000/ ( 1 + 0.03 x 0.5) PV= 6000/1.015 PV= $5911.33 Joe would have to deposit $5911.33 right now.

Subject: Algebra

TutorMe
Question:

Solve 2x + 6 = 4x - 2

Inactive
Umar B.
Answer:

2x + 6 = 4x - 2 6+2 = 4x - 2x 8= 2x 4=x x = 4 Ans.

Subject: Accounting

TutorMe
Question:

What is the accounting affect buying a fixed asset?

Inactive
Umar B.
Answer:

Buying a fixed asset doesn't have any impact on income statement since it is not related to revenue or expenses. The journal entry for recording the purchase of a fixed asset is debiting the relevant fixed asset that was purchased for e.g. Equipment. On the other hand, if the fixed asset is purchased on credit than we will credit account payables and if it is purchased on cash then we will credit cash. This journal entry will then take effect in balance sheet resulting in fixed assets to increase and either cash will be deducted or accounts payable will be increased by the relevant amount depending on the how it was purchased.

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