Answer:
$542,654
Explanation:
Interest payment (Semi-annual) = 500,000 * 8% * 6/12 = $20,000
PV of principal to be received at the maturity = Par value of bonds * PV factor (r%, n) = 500,000 * PV factor (3%, 10) = 500,000 * 0.7441 = $372,050
PV of interest to be received periodically over the term of the bonds = Interest * PV annuity factor (r%, n) = 20,000 * PV annuity factor (3%, 10) = 20,000 * 8.5302 = $170,604
Issue price of bond = Present value of principal to be received at the maturity + Present value of interest to be received periodically over the term of the bond = $372,050 + $170,604 = $542,654
The service-profit chain is designed to help managers better understand the key linkages in a service delivery system that drive customer loyalty, revenue growth, and higher profits.
a. True
b. False
Journalize the December 31 adjusting entry required if the amount of unearned fees at the end of the year is $12,530. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Prepaid Insurance
15 Land
16 Equipment
17 Accumulated Depreciation-Equipment
LIABILITIES
21 Accounts Payable
22 Unearned Fees
23 Salaries Payable
24 Taxes Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
EXPENSES
51 Advertising Expense
52 Insurance Expense
53 Rent Expense
54 Salary Expense
55 Supplies Expense
56 Utilities Expense
57 Depreciation Expense
59 Miscellaneous Expense
Answer:
Dr Unearned fees $24,510
Cr Fees earned $24,510
Explanation:
Preparation of the December 31 adjusting entry required
Based on the information given if the balance shown in the unearned fees account was the amount of $37,040 before adjustment at the end of the year which means that if the amount of unearned fees at the end of the year is the amount of $12,530 the December 31 adjusting entry required will be :
Dr Unearned fees $24,510
Cr Fees earned $24,510
($37,040-$12,530)
John, Lesa, and Trevor form a limited liability company. John contributes 60 percent of the capital, and Lesa and Trevor each contribute 20 percent. Nothing is decided about how profits will be divided. John assumes that he will be entitled to 60 percent of the profits in accordance with his contribution. Lesa and Trevor, however, assume that the profits will be divided equally. A dispute over the profits arises, and ultimately a court has to decide the issue. What law will the court apply
Answer: State Law.
Explanation:
This dispute falls under the jurisdiction of state law and so that is what the court will use. This is unless the company established a profit-sharing agreement as per the Uniform Limited Liability Company Act (ULLCA) and the state that they are in is one of the 19 states and District that enacted the UCCLA.
As the company never established a profit agreement principle, this falls under State law which normally calls for the division of profits equally amongst partners.
Manufacturing overhead for the month was underapplied by $6,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for January would include the following:
Work In Process Finished Goods Cost of Goods Sold Total
Direct materials $10,670 $12,000 $81,120 $103,790
Direct labor 11,630 15,000 101,400 128,030
Manufacturing
overhead applied 9,680 9,680 68,640 88,000
Total $31,980 $36,680 $251,160 $319,820
Manufacturing overhead for the month was underapplied by $6,000.
The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.
The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for May would include the following:
a. credit to Work in Process of $31,980.
b. debit to Work in Process of $660.
c. credit to Work in Process of $660.
d. debit to Work in Process of $31,980.
Answer:
b. debit to Work in Process of $660.
Explanation:
Particulars Work in Finished Cost of Goods Sold Total
Process Goods
Manufacturing
overhead
applied during
the month 9680 9680 68640 88000
Percentage of total 11.0% 11.0% 78.0% 100.0%
Allocation of under-applied
manufacturing overhead 660 660 4680 6000
If Cho's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct_____________ using the data provided. However, if Cho's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that_________ would be more appropriate.
Answer:
supply curve
supply schedule
Explanation:
From the question, we are given an instance that If Cho's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, i would advise your coworker to construct supply curve using the data provided. However, if Cho's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that supply schedule would be more appropriate.
The supply curve can be regarded as
graphic representation that gives the
correlation between quantity supplied and cost of a good for a particular period of time.the left vertical axis con rain the price, the horizontal axis contains the quantity supplied .
Supply schedule can be regarded as table that gives the relationship between quantity supplied and the
price of a good
Inventory that had cost $21,200 was sold for $39,900 under terms 2/20, net/30. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,520. The merchandise had cost Ozark $920. All customers paid their accounts within the discount period. Selling and administrative expenses amounted to $4,200. Interest expense paid amounted to $360. Land that had cost $8,000 was sold for $9,250 cash.
Determine the amount of net sales Prepare a multistep income statement.
Where would the interest expense be shown on the statement of cash flows?
Operating activities
Investing activities
Financing activities
How would the sale of the land be shown on the statement of cash flows?
The full sales price of the land, $9,250, would be shown as a cash inflow from financing activities on the statement of cash flows.
The full sales price of the land, $9,250, would be shown as a cash inflow from investing activities on the statement of cash flows.
The full sales price of the land, $9,250, would be shown as a cash inflow from operating activities on the statement of cash flows
Answer and Explanation:
The interest expense should be shown in the operating activities section of the cash flow statement
Also the full sales price of the land i.e. $9,250 would be presented in the investing activities section of the cash flow statement as a cash inflow
So the same would be considered and relevant too
A young graduate looks to save money to buy a house 5.00 years from today. He is somewhat conservative and will invest his money in a bond fund that pays 6.00% APR with quarterly compounding. The graduate invests $12,370.00 today. How much will his account be worth in 5.00 years
Answer:
FV= $16,660.60
Explanation:
Giving the following information:
Number of periods= 5*4= 20 quarters
Interest rate= 0.06/4= 0.015
Initital investment= $12,370
To calculate the future value after 5 years, we need to use the following formula:
FV= PV*(1+i)^n
FV= 12,370*(1.015^20)
FV= $16,660.60
When third-party ownership is involved, applicants who also happen to be the stated primary
beneficiary are required to have:
all statements be warranties
insurable interest in the proposed insured
the agent complete a third-party application
all those involved be family related
Answer:
insurable interest in the proposed insured
Explanation:
In the case when third-party ownership is included so the applicants are treated as the beneficiary and then needed to have an insurable interest.
The information regarding the third-party ownership should involve the following things:
It refers to the situation where the third party should invest in the economic rights for receiving the share of any type of future transfer.And at the time when the third party is treated as the beneficiary so it should have an insurable interest in the upcoming insured.So, the other options are incorrect.
Therefore we can conclude that In the case when third-party ownership is included so the applicants are treated as the beneficiary and then needed to have an insurable interest.
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Bledsoe Company acquired $35,000 cash by issuing common stock on January 1, Year 1. During Year 1, Bledsoe earned $10,500 of revenue on account. The company collected $10,000 cash from customers in partial settlement of its accounts receivable and paid $7,400 cash for operating expenses. Based on this information alone, what was the impact on total assets during Year 1?
A. Total assets increased by $38.500.
B. Total assets increased by $1800.
C. Total assets increased by $30100.
D. Total asset did not change.
Answer:
Total Assets Increased by $38,100
Explanation:
Calculation for the impact on total assets during Year 1
Using this formula
Impact on total assets during Year 1=Cash+Revenue-Cash paid for operating expenses
Let plug in the formula
Impact on total assets during Year 1=$35,000+$10,500-$7,400
Impact on total assets during Year 1=$=38,100 increase
Therefore the impact on total assets during Year 1 is that the Total Assets will Increased by $38,100
A common error made when solving a future value of an annuity problem is: Multiple Choice Using factor tables to help solve the problem. Dividing the annual deposit by the number of years before calculating the problem. Using a financial calculator to help solve the problem. Multiplying the number of years and the interest rate before calculating the problem. Multiplying the annual deposit and the number of years before calculating the problem.
Answer:
Multiplying the annual deposit and the number of years before calculating the problem.
Explanation:
An annuity can be defined as a sequence of payment that is typically made at equal intervals i.e at specific period of time.
Basically, annuity can be calculated using the compound interest formula. It is given by the mathematical expression;
[tex] A = P(1 + \frac{r}{n})^{nt}[/tex]
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
n is the number of times the interest is compounded in a year.
t is the number of years for the compound interest.
Additionally, the time period between each payment is called payment period.
The term of an annuity refers to the time from the beginning of the first payment made by an individual to the end of the last payment period.
A common error made when solving a future value of an annuity problem is multiplying the annual deposit and the number of years before calculating the problem.
In Year 1, Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account. Lee paid $31,000 of the accounts payable. Lee acquired $40,000 cash from the issue of common stock. The company invested $21,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: What amount of revenue will Lee report on the Year 1 income statement
Answer and Explanation:
LEE INC.
Effect of events on the general ledger accounts
Event Cash Account land Account Common stock Retained
receivable Payable Earnings
Sales
on account 62,000 62,000
collected 51,000 -51,000
Expenses 39,000 -39,000
Account
Payable -31,000 -31,000
Issue of stock 40,000 40,000
Purchase land -21,000 21,000
Totals 39,000 11,000 21,000 8,000 40,000 23,000
The computation of the amount of revenue recognized would be equivalent to the service performed i.e. $62,000
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Answer:
The Answer is .
Explanation:
Answer:
heloooooooooooooooooo
Explanation:
When overhead is underapplied: A. Cost of Goods Sold is understated B. Work in Process inventory is overstated C. Finished Goods inventory is overstated D. Gross Profit is understated
Answer:
A
Explanation:
Overhead cost is the cost involved in the daily operations of a business. It is the cost that is not directly attached to the production of goods and services. e.g. administrative costs
Overhead is underapplied when the amount budgeted for as overhead is less than the actual overhead incurred. This leads to cost of goods sold been understated. To correct for this, cost of goods sold should be adjusted retroactively. This reduces the amount of net income reported
1. A manager uses the following equation to predict monthly receipts: Y=450+10t time in weeks and y = receipts.) What is the forecast for July 14th if t=4 is the fourth week in January and t = 6 is February 14th of the same year (assume there are 4 weeks in each month)?
a. 690
b. 710
c. 730
d. 750
2. A major reason that decision making is often not such a rational process is that there are: Suppose we have H0:µ1= µ2 versus HA: µ1 ≠ µ2, with level of significance of α =.05 and critical values of zα/2 = ± 1.96, and the computed Test Statistics value of Z = -1.07. What is our decision?
Answer:
1. 690
2. Do not reject the null hypothesis.
Explanation:
1. Month t
At the end of Feb 6
March 4
April 4
May 4
June 2
14th of July 2
Total 24
Therefore on 14th July, t = 24
Forecast: Y = 450+10t = 450 + 10*24 = 450+240 = 690
2. Options are "a. Reject the null hypothesis. b. Do not reject the null hypothesis. c. Take a larger sample. d. Reserve judgment"
In general, if test statistic is more extreme than the critical values at given level of significance then we reject the null hypothesis otherwise we do not reject the null hypothesis.
Here, test statistic for the given two tailed test is Z = -1.07 and critical value at level of significance α = 0.5 is ± 1.96 . Since -1.96<Z<1.96, we can say that we do not reject Null Hypothesis as the test statistic is not extreme than the critical value at given level of significance.
By convention, a swap buyer on an interest rate swap agrees to act as the dealer in the swap agreement. hold both principal and interest to contract maturity. periodically pay a fixed rate of interest and receive a floating rate of interest. back both sides of the swap agreement. periodically pay a floating rate of interest and receive a fixed rate of interest.
Answer:
periodically pay a fixed rate of interest and receive a floating rate of interest.
Explanation:
The interest rate (rate of return) can be defined as the percentage of interest or dividends earned on money that is invested.
In Financial accounting, a return refers to the amount of profit generated by an investor on an investment over a specific period of time.
Basically, the interest rate which is typically expressed as a percentage of the initial costs of an investment can either be a gain or a loss on an investment. Therefore, a positive rate of return on an investment over a specific period of time, simply means that an investor is making a profit (gains) while a negative rate of return on an investment over a specific period of time, indicates that the investor is running at a loss.
By convention, a swap buyer on an interest rate swap agrees to periodically pay a fixed rate of interest and receive a floating rate of interest.
What are the arguments for and against the concept of corporate social responsibility? Where do you stand, and why? Give your opinions, specifically, with respect to the text examples.
0
Of these common educational requirements for Law, Public Safety, and Security careers, which are you most
interested in achieving? Check all that apply.
high school diploma
traditional two- or four-year college degree
advanced degree after a traditional four-year college degree
specialized technical certificate or degree, such as a certificate for expertise in a software program
on their training eynerience
Answer:
There is no right or wrong answer, it is based off of your own opinion
Explanation:
:) Hope I cleared the confusion (:
Answers
traditional two- or four-year college degree
advanced degree after a traditional four-year college degree
specialized technical certificate or degree, such as a certificate for expertise in a software program
Match each of the following terms A through F with the appropriate definitions 1 through 6.
A. Maker of a note
B. Interest
C. Promissory note
D. Payee of a note
E. Principal of a note
F. Dishonoring a note _____
1. A written promise to pay a specified amount either on demand or at a definite future date. _____
2. The cost of borrowing money for a borrower, alternatively the profit from, lending money for a lender. _____
3. One who signs a note and promises to pay it at maturity. _____
4. The one to whom the promissory note is made payable. _____
5. Refers to a note maker's inability or refusal to pay the note at maturity. _____
6. The amount that the signer of a note agrees to pay back when the note matures, not including interest. Defining promissory notes.
Solution :
A. Maker of a note: 3. It is the person who signs the note and promises to pay.
The maker puts his signature and promises to pay the bearer the amount of the value of the note.
B. Interest: 2. It is the cost of borrowing money and profit for lender.
It is the extra money that the borrower pays to the lender. It is like an income to the lender.
C. Promissory note: 1. It is a promise to pay the signed sum.
It is a note that promises to pay the amount of the value.
D. Payee of a note: 5. It is the person to which the note is payable.
Payee is the individual who is the owner of the note.
E. Principal of a note: E. It is the amount signed to be paid back excluding interest.
It is the basic amount signed to be paid to the bearer.
F. Dishonoring a note: 5. It is inability to pay the signed sum.
Dishonoring is refusal to pay or the inability to pay the value for the signed amount.
The following information is available for completed Job No. 402:
Direct materials $170000
Direct labor $230000
Manufacturing overhead applied $160000
Units produced 8000 units
Units sold 6000 units.
The cost of the finished goods on hand from this job is:________
a. $420000.
b. $140000.
c. $560000.
d. $100000.
Answer:
b. $140000.
Explanation:
We know that
cost of finished goods in stock= (total production cost ÷ number of units produced)×number of units unsold
= [(170000+230000+160000)/8000]*(8000-6000)
= $140000
Option b) is the correct answer
Washburn Company produces earbuds. During the tear, manufacturing overhead costs are estimated to be $200,000. Estimated machine usage is 2,500 hours. The company assigns overhead based on machine hours. Job No. 551 used 90 machine hours . Compute the predetermined overhead rate, determine the amount of overhead to apply to Job No. 551, and prepare the entry to apply overhead to Job No. 551 on January 15.
Answer:
Results are below.
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 200,000 / 2,500
Predetermined manufacturing overhead rate= $80 per machine hour
Now, we can allocate overhead to Job 551:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 80*90
Allocated MOH= $7,200
Finally, the entry to record the allocation:
Work in process inventory 7,200
Manufacturing overhead (apply Job 551) 7,200
The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:
Fees earned $900,000
Office expense 300,000
Miscellaneous expense 15,000
Wages expense 450,000
Accounts payable 18,000
Accounts receivable 38,000
Cash 52,000
Common Stock 100,000
Land 450,000
Supplies 3,000
$10,000 of dividends were paid during the year. Retained earnings as of June 1, 20Y5, were $300,000. Prepare a balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.
Answer:
Paradise Travel Service
Balance Sheet as of May 31, 20Y6:
Assets:
Cash $52,000
Accounts receivable 38,000
Supplies 3,000
Land 450,000
Total assets $543,000
Liabilities and Equity:
Accounts payable 18,000
Common Stock 100,000
Retained Earnings 425,000
Total liabilities and
equity $543,000
Explanation:
a) Data and Calculations:
Paradise Travel Service
Income Statement for the year ended May 31, 20Y6:
Fees earned $900,000
Office expense 300,000
Miscellaneous expense 15,000
Wages expense 450,000
Total expenses 765,000
Net Income $135,000
Statement of Retained Earnings for the year ended May 31, 20Y6:
Retained Earnings, June 1, 20Y5 $300,000
Net Income 135,000
Dividends 10,000
Retained Earnings, May 31, 20Y6 $425,000
b) The balance sheet shows the balances of assets, liabilities and equity at the end of an accounting period. It derives its name from the accounting equation, which states that assets = liabilities + equity. This equation implies that the two sides always balance each other.
Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $140 each. Direct materials cost $22 per unit, and direct labor costs $15 per unit. Manufacturing overhead is applied at a rate of 280% of direct labor cost. Nonmanufacturing costs are $34 per unit. What is the gross profit margin for the cat condos
Answer:
43.57 %
Explanation:
The computation of the gross margin for the cat condos is given below:
Total Manufacturing Cost per unit is
= Direct materials + Direct labor + Manufacturing overhead
= $22 + $15 + ( 280% of $15)
= $79
Now
Gross Profit is
= Selling price per unit - Total Manufacturing Cost per unit
= $140 - $79
= $61
And finally
Gross Profit Margin is
= (Gross Profit ÷ Selling Price ) × 100
= ($61 ÷ $140) × 100
= 43.57 %
Skysong Inc., a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information. Accounts payable $ 3,700 Supplies $ 2,650 Interest expense 350 Supplies expense 360 Equipment (net) 48,000 Depreciation expense 260 Salaries and wages expense 2,800 Service revenue 19,540 Bonds payable 21,800 Salaries and wages payable 590 Unearned service revenue 4,190 Common stock 9,900 Accounts receivable 1,450 Interest payable 150 Cash 4,000 Using the information, answer the following questions.
Required:
a. Prepare an income statement for the month of October 2022.
b. Prepare a retained earnings statement for the month of October 2022.
c. Prepare a balance sheet as of October 31, 2022.
Answer:
a. Income Statement for the month of October 2022
Revenue:
Service revenue $19,540
Expenses:
Salaries and Wages $2,800
Supplies Expenses $360
Depreciation Expenses $260
Interest Expenses $350
Total Expenses $3,770
Net Income $15,770
b. Retained earnings statement for the month of October 2022
Retained Earnings, October 1, 2020 $0
Add: Net Income $15,770
Retained Earnings, October 31, 2020 $15,770
Diaz Company owns a milling machine that cost $126,500 and has accumulated depreciation of $92,700. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following independent situations. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $15,900 cash. Diaz sold the machine for $33,800 cash. Diaz sold the machine for $41,200 cash.
Answer:
A. Jan 03
Dr Accumulated depreciation—Milling machine $92,700
Dr Loss on disposal of milling machine $33,800
Cr Milling machine $126,500
B .Jan 03
Dr Cash $15,900
Dr Accumulated depreciation—Milling machine $92,700
Dr Loss on sale of milling machine $17,900
Cr Milling machine $126,500
C. Jan 03
Dr Cash $33,800
Dr Accumulated depreciation—Milling machine $92,700
Cr Milling machine $126,500
Explanation:
Preparation of journal entries
A. Jan 03
Dr Accumulated depreciation—Milling machine $92,700
Dr Loss on disposal of milling machine $33,800
($126,500-$92,700)
Cr Milling machine $126,500
B .Jan 03
Dr Cash $15,900
Dr Accumulated depreciation—Milling machine $92,700
Dr Loss on sale of milling machine $17,900
[126,500-($15,900+$92,700)
Cr Milling machine $126,500
C. Jan 03
Dr Cash $33,800
Dr Accumulated depreciation—Milling machine $92,700
Cr Milling machine $126,500
Marvin had the following transactions: Salary $50,000 Interest on City of Chicago bonds $250 Bank loan (proceed to buy personal auto) $10,000 Alimony payment to ex-wife (Divorce was finalized in 2018) $12,000 Child support payment $6,000 Gift received from aunt $20,000 Marvin's AGI is: A. $32,000 B. $38,000 C. $44,000 D. $56,000 E. $64,000
Answer:
B. $38,000
Explanation:
Calculation for Marvin's AGI
Salary $50,000
Less Alimony payment to ex-wife $12,000
AIG $38,000
($50,000-$12,000)
Therefore Marvin's AGI is $38,000
General Manufacturing wants to borrow $1 million for three months. It uses its inventory as collateral for an 11% (APR) loan under a warehouse arrangement where the warehouse fee is $12,000 paid at the start of the three months. What is the EAR of this loan for General Manufacturing?
A) 2.8%.
B) 4.0%.
C) 17.1%.
D) 24.4%.
Answer:
C) 17.1%
Explanation:
Calculation for What is the EAR of this loan for General Manufacturing
First step is to compute FV using a financial calculator
PV =$1,000,000
I =11/12 =0.9167
N =3 years
Hence ,
FV =$1,027,752.85
Second step is to calculate the amount received
Amount received =$1,000,000 -$12,000
Amount received=$988,000
Now let calculate the actual rate
Actual rate =1,027,753 / 988,000
Actual rate =1.0402
Hence,
EAR =17.1%
Therefore the EAR of this loan for General Manufacturing will be 17.1%
M Corp. has an employee benefit plan for compensated absences that gives each employee 15 paid vacation days. Vacation days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days. At December 31, 2021, M's unadjusted balance of liability for compensated absences was $35,400. M estimated that there were 200 total vacation days available at December 31, 2021. M's employees earn an average of $177 per day. After recording any necessary adjustment, in its December 31, 2021, balance sheet, what amount of liability for compensated absences is M required to report
Answer:
$35,400
Explanation:
Calculation for what amount of liability for compensated absences is M required to report
Using this formula
Liability for compensated absences=Total vacation days available at December 31, 2021 *Average wage per day
Let plug in the formula
Liability for compensated absences=200*$177 per day
Liability for compensated absences=$35,400
Therefore the Liability for compensated absences at December 31, 2021 will be $35,400
A $200,000 loan amortized over 13 years at an interest rate of 10% per year requires payments of $21,215.85 to completely remove the loan when interest is charged on the unrecovered balance of the principal. If interest is charged on the original principal instead of the unrecovered balance, what is the loan balance after 13 years provided the same $21,215.85 payments are made each year
Answer:
Loan amount = $184,193.95
Explanation:
Interest will remain same each year. Interest per year = 200,000*10% = $20,000
Installment $21,215.85
Less: Interest $20,000
Payment to Principal $1,215.85
Total principal repaid in 13 years = $1,215.85 * 13 years = $15,806.05
So, the principal left = $200,000 - $15,806.05 = $184,193.95
What is the first step in the standard purchasing process practiced by most companies
Answer:
requisition
Explanation:
its correct :D
The first step in the standard purchasing process practised by most companies is requisition.
What do you understand by requisition?Requisition is a request for goods or services made by an employee to the person or department in a company that is responsible for purchasing. If the request is approved, that entity will submit a purchase order to a supplier for the goods or services. In this context, a requisition is also known as a purchase requisition.
Requisitions are usually submitted in a standardized format on paper form or through e-procurement software that automates some of the tasks involved and reduces duplication of effort. A requisition form, whether physical or digital, typically includes the details about the item requested, the date of the request, the individual and department making the request and the location where the goods should be delivered.
Copies of the requisition, the purchase order, the invoice and the packing slip are usually stored together.
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The LFH corporation makes and sells a single product, product t. each unit of product t requires 1.5 direct labor-hours at a rate of 10.50 per direct labor hour the company has budgeted to produce 28,000 units of Product T in June. The finished goods inventories on June 1 and June 30 were budgeted at 800 and 600 units, respectively. Budgeted direct labor costs for June would be:_____.
a. $294,000.
b. $441,000.
c. $444,150.
d. $437,850.
Answer:
b. $441,000
Explanation:
Calculation for Budgeted direct labor cost
Using this formula
Budgeted direct labor cost= Budgeted production * hours per unit * rate per hour
Let plug in the formula
Budgeted direct labor cost= 28,000 * 1.5 * 10.50
Budgeted direct labor cost= 441,000
Therefore the Budgeted direct labor costs for June would be 441,000