Better Bottles, Inc., Uses a periodic inventory system and has the following:
Description # of Units Cost per Unit Total Cost
Beginning Inventory 20 $20,00 $400,00
Jan. 15 Purchase 27 $22,00 $594,00
Jan. 20 Purchase 33 $30,00 $990,00
Goods Available for Sale 80 $1.984,00
Less: January Sales 36
Ending Inventary 44
Required:
1) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO.c
FIFO Ending Inventory
Description # of Units Cost per Unit Total Cost
Jan. 20 Purchase
Jan. 15 Purchase
2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO.
LIFO Ending Inventory
Description #of Units Cost per Unit Total Cost
Beginning Inventory
Jan. 15 Purchase
3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below. 42 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold.
Weighted Average Cost = Cost of Goods Available for Sale / Number of Units Available for Sale = per unit
4) Use the given Information and your calculated numbers to complete the cost of Goods Sold.
Beginning Inventory 60
Add: Purchases 61
Goods Available for Sale 62
Less: Ending Inventory 63.
Cost of Goods Sold
Answers
Answer and Explanation:
1. The computation of the ending inventory and the cost of goods sold using the periodic FIFO method is shown below;
FIFO Ending Inventory
Description # of Units Cost per Unit Total Cost
Jan. 20 Purchase 33 $30 $990
Jan. 15 Purchase 11 $22 $242
Total 44 $1,232
FIFO Cost of goods sold
Description # of Units Cost per Unit Total Cost
Jan. 20 Purchase 20 $20 $400
Jan. 15 Purchase 16 $22 $352
Total 36 $752
2. The computation of the ending inventory and the cost of goods sold using the periodic LIFO method is shown below;
FIFO Ending Inventory
Description # of Units Cost per Unit Total Cost
Jan. 20 Purchase 20 $20 $400
Jan. 15 Purchase 24 $22 $528
Total 44 $928
FIFO Cost of goods sold
Description # of Units Cost per Unit Total Cost
Jan. 20 Purchase 33 $30 $990
Jan. 15 Purchase 3 $22 $66
Total 44 $1,056
3. The computation of the cost per unit using the Periodic Weighted Average method is
= Cost of goods sold ÷ Number of units
= $1,984 ÷ 80
= $24.80 per unit
Weighted average Ending inventory
# of Units Cost per Unit Total Cost
44 $24.80 $1,091
Weighted average Cost of goods sold
# of Units Cost per Unit Total Cost
36 $24.80 $893
4. The computation of the completed cost of goods sold by applying the three methods is
Particulars FIFO LIFO Weighted average
Beginning Inventory $400 $400 $400
Add: Purchases $1,584 $1,584 $1,584
Goods Available for Sale $1,984 $1,984 $1,984
Less: Ending Inventory -$1,232 -$928 -$1,091
Cost of Goods Sold $752 $1,056 $893
Answer:
I've attached the formulas for this question. I knew the right answer, but I was using the wrong formulas. Here are the correct ones. Hopefully it helps!
Explanation:
Related Questions
"Hindi Co. started 3,000 units during the period. Its beginning inventory is 500 units one-fourth complete as to conversion costs and 100% complete as to materials costs. Its ending inventory is 300 units one-fifth complete as to conversion costs and 100% complete as to materials costs. How many units were transferred out this period
Answers
Answer: 3,200 units
Explanation:
The Units transferred out during the year will be those that were inherited from the previous period as well as those started during the year less the closing inventory still in progress.
The formula to calculate the units is therefore;
= Opening inventory + Started during the year - Closing Inventory
= 500 + 3,000 - 300
= 3,200 units
Hernandez Corporation expects to have the following data during the coming year. What is Hernandez's expected ROE? Assets $200,000 Interest rate 8% D/A 65% Tax rate 40% EBIT $25,000
Answers
Answer:
12.51%
Explanation:
return on equity (ROE) = net income / shareholders' equity
since assets = $200,000
liabilities + equity = $200,000
liabilities = $200,000 x 65% = $130,000
equity = $200,000 - $130,000 = $70,000
net income = (EBIT - interests) x (1 - taxes)
EBIT = $25,000interests = $130,000 x 8% = $10,4001 - taxes = 1 - 40% = 0.6net income = ($25,000 - $10,400) x 0.6 = $8,760
ROE = $8,760 / $70,000 = 12.51%
Wimpy Inc. produces and sells a single product. The selling price of the product is $240.00 per unit and its variable cost is $88.80 per unit. The fixed expense is $374,598 per month. The break-even in monthly dollar sales is closest to:________.
Answers
Answer:
The answer is $594,600
Explanation:
Break-even in monthly dollars = Fixed Costs / Contribution Margin Ratio
Fixed cost is $374,598
Contribution Margin Ratio =
(selling price - variable cost) ÷ selling price
( $240.00 - $88.80) ÷ $240.00
0.63
Therefore, break-even in monthly dollar sales for Wimpy Inc. is closest to:
$374,598 ÷ 0.63
= $594,600
Suppose Capital One is advertising a 60-month, 5.04 % APR motorcycle loan. If you need to borrow $ 8 comma 100 to purchase your dream Harley-Davidson, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than six decimal places.)
Answers
Answer:
$153.01
Explanation:
For computing the monthly payment we need to apply the PMT formula i.e to be shown in the attachment
Given that,
Present value = $8,100
Future value or Face value = $0
RATE = 60 months = 5 years × 12 months
NPER = 5.04% ÷ 12 months = 0.42%
The formula is shown below:
= PMT(RATE;NPER;-PV;FV;type)
The present value come in negative
So, after applying the above formula, the monthly payment is $153.01
In the Italian company FormFit Inc., all the important positions in its foreign subsidiaries are held by Italian nationals. According to this information, what staffing policy is pursued by the company
Answers
Answer:
Ethnocentric staffing
Explanation:
The staffing policy persued by the company is ethnocentric staffing because this is when a multinational hires people from the home country for the management positions in the subsidiaries as in this case in which the Italian company FormFit Inc hires Italian nationals for all the important positions in its foreign subsidiaries.
Fields Cutlery, a manufacturer of gourmet knife sets, produced 20,000 sets and sold 23,000 units during the current year. Beginning inventory under absorption costing consisted of 3,000 units valued at $66,000 (Direct materials $12 per unit; Direct labor, $3 per unit; Variable Overhead, $2 per unit, and Fixed overhead, $5 per unit.) All manufacturing costs have remained constant over the 2-year period. At year-end, the company reported the following income statement using absorption costing: Sales (23,000 × $45) $ 1,035,000 Cost of goods sold (23,000 × $22) 506,000 Gross margin $ 529,000 Selling and administrative expenses 115,000 Net income $ 414,000 60% of total selling and administrative expenses are variable. Compute net income under variable costing:
Sales (23,000 × $45) $1,035,000
Cost of goods sold (23,000 × $22) 506,000
Gross margin $529,000
Selling and administrative expenses 115,000000
Net income $414,000
60% of total selling and administrative expenses are variable. Compute net income under variable costing.
a. $414,000
b. $399,000
c. $529,000
d. $429,000
e. $644,000
Answers
Answer:
d. $429,000
Explanation:
This can be obtained by preparing an income statement under variable costing. The income statement under variable costing deduct variable costs from the sales revenue to obtain contribution margin firs before deducting fixed costs in order to obtain net income. The income statement under variable costing can therefore be prepared as follows:
Fields Cutlery
Income Statement (Variable Costing)
For the Year End
Particulars $
Sales (23,000 × $45) 1,035,000
Variable cost:
Direct materials ($12 * 23,000) (276,000)
Direct labor ($3 * 23,000) (69,000)
Variable Overhead ($2 * 23,000) (46,000)
Selling $ admin exp (60% * $115,000) (69,000)
Contribution margin 575,000
Fixed cost:
Fixed overhead ($5 * 20,000) (100,000)
Selling $ admin exp (40% * $115,000) (46,000)
Net income 429,000
Note:
1. The variable cost is computed using the 23,000 units sold because the variable cost of the opening 3,000 units from the previous year has to be added to the variable cost of the 20,000 units produced this year. This is to obtain the total variable costs for the 23,000 units sold since variable cost varies with units.
2. The Fixed overhead is computed using the 20,000 units produced this year. This is because the total fixed cost does not change as units of production changes. The Fixed overhead of $5 per unit was actually arrived at by dividing $100,000 by 20,000 units. This Fixed overhead was also $100,000 previous year as it remains constant every year.
Hodgkiss Mfg., Inc., is currently operating at only 80 percent of fixed asset capacity. Fixed assets are $462,000. Current sales are $550,000 and projected to grow to $790,625. How much in new fixed assets are required to support this growth in sales
Answers
Answer:
New Fixed assets required = $69300
Explanation:
To calculate the amount of new fixed assets required to support project sales, we first need to determine the amount of fixed assets required to support $1 of sale.
The sales value at full capacity is,
Full capacity sales = 550000 / 0.8
Full capacity sales = $687500
To calculate the $ amount of fixed asset required to support $1 in sales, we need to calculate the ratio of fixed assets to sales. The ratio is,
Fixed assets to sales = 462000 / 687500
Fixed assets to sales = 0.672
Thus, to support a sales level of $790625, the total amount of fixed assets needed will be,
Total fixed assets needed = 790625 * 0.672 = $531300
New Fixed assets required = 531300 - 462000 = $69300
No Edges Left Behind Enterprises has book income of $1,200,000 which consist of income tax expense of $380,000, municipal bond interest income of $10,000 and business meals expense of $150,000. Using only these items, what is the cmpany's taxable income
Answers
Answer:
$1,645,000
Explanation:
The computation of the taxable income is shown below:
Taxable income is
= Book income + income tax expenses - muncipal bond interest + (50% × meal expenses)
= $1,200,000 + $380,000 - $10,000 + ($150,000 × 50%)
= $1,645,000
We simply recognized only 50% of meal expenses and with the help of above items we calculated the taxable income
Consumers have become more selective and better informed about their purchases. This macro-environmental force strongly impacts this industry.
a. True
b. False
Answers
Answer:
a. True
Explanation:
The macro-enviromental forces that impact an industry are: demographic, economic, political, ecological, socio-cultural, and technological.
In this case, we can see the socio-cultural macro-enviromental force at play, and perhaps also the demographic macro-enviromental force.
If consumers have become more selective and better informed about their purchases, it is most likely because they have change their culture or social status. Such a change in consumer behaviour can have great impact on an industry: it can boost some goods, while make other decline or disappear.
Such a change can also respond to demographic shift: for example, as consumers age, they tend to become more selective, so a good that used to be favored by a young population, might not be so anymore when that young population grows older.
the ____________ represents the title company and facilitates the final transaction
Answers
Answer:
closing agent
Explanation:
The closing agent represents the title company and facilitates the final transaction.
The closing agent represents the title company and is critical in enabling the final completion of a real estate transaction. The closing agent works with the buyer, seller, lenders, and other parties to facilitate a smooth and successful closing.
They serve as a neutral third party responsible for ensuring that all essential paperwork, transaction or finances, and legal obligations are handled properly during the closing process.
Learn more about closing agents, here:
https://brainly.com/question/15320178
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The officers of an oil refiner, trader, and hedger based in New York were arrested by the FBI for committing massive financial statement fraud. The executives used many schemes to perpetuate the fraud, one of which was to hide a $30 million accounts payable from the auditors and show it as a payable arising in the following year. To conceal the fraud, they altered purchasing records, using correction fluid, and provided only photocopies of the records to the auditors. The Big 4 firm that audited this company was later sued for audit negligence in not finding this fraud.
Required:
In your opinion, were the auditors negligent for accepting photocopies of purchasing records and not detecting this accounts payable understatement?
Answers
Answer:
Yes. The auditors were negligent for accepting photocopies of purchasing records as these are not sufficient audit evidence to base a opinion on.
Explanation:
As part of their professional skepticism, auditors must obtain sufficient audit evidence.
Audit Evidence must be reliable and relevant to be considered sufficient for the auditor to base their opinion.
Photocopies were not reliable as they do not contain the original signatures responsible personnel and may be altered.
You deposit $12,000 today into an account that pays you 12% annual interest, compounded daily. How much do you have in 40 years
Answers
Answer:
$1,456,975.19
Explanation:
FV = P (1 + r / m)^nm
FV = Future value
P = Present value
R = interest rate
N = number of years
M = number of compounding per year
$12,000 ( 1 + 0.12/365)^14600 = $1,456,975.19
I hope my answer helps you
An investment project costs $10,000 and has annual cash flows of $2,830 for six years. a. What is the discounted payback period if the discount rate is 0 percent
Answers
Answer:
The payback period is 3.53 years.
Explanation:
The cost of investment project = $10000
The annual cash flows = $2830
Time period = 6 years
Since cost of project, annual cash flow and time period is given so we are required to calculate the discounted payback period when there is 0 % discount rate.
Payback period = Initial project cost / annual cash flow
= 10000 / 2830
=3.5335
= 3.53 years
The Cash account of First on AlertSecurity Systems reported a balance of $ 2 comma 430at December31,2018.There were outstanding checks totaling $ 1 comma 000and a December31 deposit in transit of $ 200.The bank statement, which came from ParkCities Bank, listed the December31balance of $ 3 comma 910.Included in the bank balance was a collection of $ 690on account from Jane Lindsey,a First on Alertcustomer who pays the bank directly. The bank statement also shows a $ 20service charge and $ 10of interest revenue that First on Alertearned on its bank balance. Prepare First on Alert'sbank reconciliation at December31.
Answers
Answer:
First on Alert's bank reconciliation at December 31, 2018
Cash Account First on Alert Security Systems
Balance , December 31,2018 $2,430
Add: Collection from Jane Lindsey $690
Add: Interest revenue $10
Less:-Service charges $20.00
Adjusted Cash Account balance December 31, 2018 $3,110.00
Bank Account at Park Cities
Balance , December 31,2018 $3,910
Add: Deposit in transit $200
Less: Outstanding cheque $1,000
Adjusted bank balance December 31, 2018 $3,110.00
Calculating credit card interest. Ryan Gray, a student at State College, has a balance of $380 on his retail charge card; if the store levies a finance charge of 21 percent per year, how much monthly interest will be added to his account?
Answers
Answer:
$6.65
Explanation:
Annual Interest = 21%
Monthly Interest = 21%/12 = 1.75%
So the monthly interest that will be added to Ryan's account would be
Monthly Interest = $380 x 1.75%
Monthly Interest = $6.65
(Ignore income taxes in this problem.) The management of Stanforth Corporation is investigating automating a process. Old equipment, with a current salvage value of $24,000, would be replaced by a new machine. The new machine would be purchased for $426,000 and would have a 6 year useful life and no salvage value. By automating the process, the company would save $147,000 per year in cash operating costs. The simple rate of return on the investment is closest to
Answers
Answer:
Simple rate of return on the investment is 18%
Explanation:
Initial investment = Cost of the new machine - Salvage value of old machine
=$426,000 - $24,000 = $402,000
Annual cost savings = $147,000
Annual depreciation = $426,000 / 6 = 71,000
Annual incremental net operating income = $147,000 - $71,000 = $76,000
Simple rate of return on the investment = $71,000 / $402,000
=0.18
=18%
Braden is in the 12% marginal tax bracket with a taxable income of $36,000 for the year. In addition, Braden has a $500 long-term capital gain on bonds he sold this year. If the $500 were taxed as ordinary income, Braden would remain in the 12% rate bracket. Since it is a long-term capital gain on security sales, Braden will pay tax of___________ $
Answers
Answer:
$0
$60
Explanation:
Based on the information give about Braden in which Barden is in the 12% marginal tax bracket that has a taxable income of $36,000 for the year as well as a $500 long-term capital gain on the bonds .
Hence, in a situation where the $500 were been taxed as his ordinary income this means that he would still remain in the 12% rate bracket because it is a long-term capital gain on the security sales.
Therefore Braden will pay tax of $0 on this income because Barden MARGINAL RATE DID NOT INCREASE ABOVE THE 12%.
And in a situation where the $500 gain was on collectibles and taxed at a maximum 28% this means that he would incur tax of $60 on this income calculated as :
(500*12%)=$60
Apple computer users tend to like the company and love its products. Apple has nurtured this ________ component of its customers' attitudes. Group of answer choices
Answers
The question is incomplete:
Apple computer users tend to like the company and love its products. Apple has nurtured this ________ component of its customers' attitudes. Group of answer choices
a.cognitive
b.physiological
c.affective
d.social
e.psychological
Answer:
c.affective
Explanation:
-The cognitive component refers to knowledge and ideas you have about something.
-The physiological component refers to how the body reacts when people are faced with an object.
-The affective component refers to emotions that people have about something.
-The social component refers to the behavior people show when they are faced with an object.
-The psychological component refers to the beliefs people have about something.
According to this, the answer is that Apple has nurtured this affective component of its customers' attitudes because the statement mentions that users like and love which refers to the emotions they have towards the company and the products.
Marie and Ethan form Roundtree Corporation with the transfer of the following:
Marie performs personal services for the corporation with a fair market value of $80,000 in exchange for 400 shares of stock.
Ethan contributes an installment note receivable (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares.
Determine Marie and Ethan's current income, gain or loss. Calculate the basis that each takes in the Roundtree stock.
Answers
Answer: Please see the expl;anation column
Explanation:
Current Income of Marie =$80,000 due to services done for the corporation
Basis of Marie =$80,000 basis in her 400 shares of stock
b)Current income of Ethan =$0, due to no service done for the corporation.
basis of Ethan =$175,000 basis in his 1,600 shares of stock. This is accrued from
Note Receivable 25,000
land 50, 000
Inventory 100,000
Total basis of Ethan $175,000
c) No gain or loss recognized this is because according to Section 351
When there is a transfer of property to corporation in exchange for stock and transferors take control of the corporation then No gain or loss will be recognized.
you need to have $32000 in 7 years. you can earn an annual interest rate of 3 percent for the first 4 years, and 3.6 percent for the next 3 years. How much do you have to deposit today?
Answers
Answer:
$22,569.48 is amount i must have to deposit today
Explanation:
FV = Future Value , PV = Present Value , r = rate of interest , n= no of period
PV = FV / (1 + r )n
PV = 32000 / (1 + 3%)^4*(1+3.6%)^3
PV= $32,000/ (1 + 0.03)^4*(1+0.036%)^3
PV= $32,000/ (1.03)^4*(1.036%)^3
PV= $32,000/ (1.03)^4*(1.036)^3
PV= $32,000/ 1.12550881 * 1.111934656
PV= $32,000/ 1.251492251
PV = $22,569.47514
PV = $22,569.48
$22,569.48 is amount i must have to deposit today
Assume that the following balance sheet portrays the state of the banking system. the banks currently have no excess reserves.
Assets Liabilities and Net worth
(Billions of Dollars)
Total reserves 4 Chekable 20
Loans 11
Securities 5
Total 20 Total 20
What is the required reserve ratio?
a. 25%
b. 5%
c. 10%
d. 20%
Answers
Answer:
20%
Explanation:
The total reserves of banks is $4 billion
Since the banks have no excess reserves then, the total amount of required reserves is $4 billion
The checkabke deposits is $20 billion
Therefore, the required reserve ratio can be calculated as follows
Required reserve ratio= $4 billion/$20 billion
= 0.20×100
= 20%
Hence the required reserve ratio is 20%
Civil engineering consulting fi rms that provide services to outlying communities are vulnerable to a number of factors that affect the fi nancial condition of the communities, such as bond issues and real estate developments. A small consulting fi rm entered into a fi xed-price contract with a large developer, resulting in a stable income of $260,000 per year in years 1 through 3. At the end of that time, a mild recession slowed the development, so the parties signed another contract for $190,000 per year for 2 more years. Determine the present worth of the two contracts at an interest rate of 10% per year.
Answers
Answer:
$894,336
Explanation:
The computation of the present worth of two contracts is shown below:
= (Stable income × PVIFA at 3 years for 10%) + (Signed amount × PVIFA at 2 years for 10%) × PVF at 3 years for 10%
= ($260,000 × 2.4869 ) + ($190,000 × 1.7355 ) × 0.751314801
= $646,594 + $329,745 × 0.751314801
= $894,336
Refer to the PVIFA table and the discount factor table so that the correct amount could come
A Scrum Master is extremely busy and getting overwhelmed with a large number of tasks that are waiting for his attention. Can you help the Scrum Master prioritize among the following tasks, that is, which one should he do first?
1. Complete amendments to the definition of done as discussed in the last Sprint retrospective
2. Contact a technical expert with a request to help out a team member who is stuck on a particular
3. Produce a Sprint completion report that is already delayed by 2 days
4. Schedule the next Sprint planning meeting
Explanation:
The Scrum Master has many responsibilities but the most important one is to help the team members who are blocked
Answers
Answer:
2.
Explanation:
Based on the information provided within the question it can be said that the first thing that he should do would be to contact a technical expert with a request to help out a team member who is stuck on a particular. Helping team members is always a top priority for the Scrum master as they need to make sure that everyone is able to properly handle the tasks that are presented, otherwise, everything begins to get backed up and will ultimately crash.
Business Communication
Why should you respond when you receive a congratulatory note or some other written pat on the back and how?
Answers
Answer and Explanation:
It is good to respond to These congratulatory notes or Pat's at the back because are attempts made by others to connect with you personally; people reach out to you through these efforts and professional or personal bonds can be formed because of these.
How should you respond?
You can respond by showing gratitude or by being appreciative of the gestures. You can say you are grateful for the kindness you received regarding your award.
Prepare journal entries for each of the following. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued a check to establish a petty cash fund of $500. b. The amount of cash in the petty cash fund is $160. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $199 and miscellaneous selling expense, $126. Record any missing funds in the cash short and over account. For a compound transaction, if an amount box does not require an entry, leave it blank.
Answers
Answer:
A.Dr Petty cash $500
Cr To Cash Account $500
B. Dr Store supplies $199
Dr Miscellaneous expenses $126
Dr Cash over and short $15
Cr To Cash Account $340
Explanation:
Petty cash can be defined to a small or little amount of currency and coins which a company tend to use to pay small amounts without writing a cheque.
a)The Journal entry to create a petty cash fund with $500 will be recorded as:
Dr Petty cash $500
Cr To Cash Account$500
b) Preparation of the Journal entry to record any missing funds in the cash short and over account.
The total expenses as per receipts will be:
199+126=325
The balance of petty cash will have:
500-325=$175
The balance available in the petty cash fund is given as $160, which is short by $15 (175-160).
Therefore we need to replenish the fund with $ 340 which is Available fund of $160 -Original fund $500
Hence, the difference in the fund due to error will be treated just like an expense in which debit will be given to an account called ''cash over and short"
Thus, the debit is given to the expenses and credit to cash account.
The entry to record replenishing the fund would not credit the Petty Cash account.
The entry will be
Dr Store supplies $199
Dr Miscellaneous expenses $126
Dr Cash over and short $15
Cr To Cash Account $340
An investment, which is worth 26,800 dollars and has an expected return of 4.28 percent, is expected to pay fixed annual cash flows forever with the next annual cash flow expected in 1 year. What is the present value of the annual cash flow that is expected in 4 years from today
Answers
Answer:
Present Value = $22,663.69
Explanation:
The present value of a sum expected in the future is the worth today given an opportunity cost interest rate. In another words ,it is amount receivable today that would make the investor to be indifferent between the amount receivable today and the future sum.
The present value of a lump sum can be worked out as follows:
PV = FV × (1+r)^(-n)
PV - Present value - ?
FV - Future value - 26,800
r- Interest rate per period - 4.28%
n- number of periods- 4
PV = 26,800 × (1.0428)^(-4)=22,663.69
PV = $22,663.69
Beth Corbin's regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a January pay period, Beth works 50 hours. Beth's federal income tax withholding is $98, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date.
Prepare the journal entries to record:
a. Beth's pay for the period.
b. The payment of Beth's wages.
Answers
Answer:
a.
Jan 15
DR Salaries and Wages $770
CR Federal Income tax payable $98
CR FICA taxes payable $58.91
CR Salaries and wages payable $613.09
Working.
Beth's gross pay = (14 * 40 hours) + (21 * 10 extra hours above the 40)
= 560 + 210
= $770
FICA Taxes = 770 * 7.65%
= $58.91
b.
Jan 15
DR Salaries and Wages payable $613.09
CR Cash $613.09
On November 1, 2018, Arch Services issued $ 331 comma 000of eightminusyearbonds with a stated rate of 14%at par. Interest payments occur each April 30 and October 31. On December 31, 2018, Arch made an adjusting entry to accrue interest at yearminusend.What is the amount of Interest Expense that will be recorded on December 31, 2018? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)
Answers
Answer:
Arch ServicesInterest Expense as at December 31:
Explanation:
a) Computation of Interest Expense:
Interest per annum = $331,000 x 14% = $46,340
Interest per month = $3,861.66667 ($46,340/12)
Interest for two months = $7,723 ($46,340/12) x 2
b) Interest on bonds is usually paid monthly, quarterly, semi-annually, or yearly. In this example, the interest is payable every six months, on April 30 and October 31. However, as the year ends on December 31, there is need to accrue interest expense for the period, in line with the accrual concept and matching principle of generally accepted accounting principles. These require that expenses are accrued for the period for which they are incurred and matched to the revenue that they produced whether payment was made or not for them.
Sunland Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 115 units at a cost per unit of $69 Blu-ray players 171 units at a cost per unit of $75 iPods 125 units at a cost per unit of $81 The net realizable value of each of these products at year-end was cameras $75, Blu-ray players $51, and iPods $78. Determine the amount of ending inventory at lower-of-cost-or-net realizable value.
Answers
Answer:
The amount of ending inventory at lower-of-cost-or-net realizable value is $27,096.
Explanation:
According to IAS 2, Inventory is measured at the lower of Cost or Net Realizable Value.
For each individual category of Inventory, determine if the valuation should be the Cost or Net Realizable value, then sum up the to totals.
Camera at net realizable value (115 units × $75) = $8,625
Blu-ray players at net realizable value (171 units × $51) = $8,721
iPods at net realizable value (125 units × $78) = $9,750
Total Value of Ending Inventory = $27,096
Conclusion :
The amount of ending inventory at lower-of-cost-or-net realizable value is $27,096.
Which of the following is a creative form of signage?
A. Billboards
B. Scented magazine advertisements
C. Distributing flyers by hand
D. Plane banners
Answers
Answer:
D. Plane banners
Explanation:
A signage is the design or use of signs and symbols to communicate a message.
A billboard can be a signage but a more creative form would be a plane banner.
The following is a creative form of signage Plane banners. Hence, option (D) is correct.
What are plane banners?The term banners are a highly-visible commercial enterprise. A tool that allows a large book or number of people and potential customers to view an ad at one time, salvaging both time and resources, while still representing the attention of thousands or even millions.
As the signage is referred to, given to the public, the commercial signs in it as we see there are many as there are different advertisements are being also there in it the signs and symbols to communicate a message. Signage also means signs, collectively or being considered as a group.
Therefore, option(D) is correct.
Learn more about plane banners here:
https://brainly.com/question/255257
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