The materials price variances for August is $ 13000.
What is variances?
Variance is the anticipated squared variation of a random variable from its population mean or sample mean in probability theory and statistics. Variance is a measure of dispersion, or how far apart from the mean a group of data are from one another.
Direct materials value the price of direct materials which might be simply known with the unit of production. as an example, {the value|the value|the price} of glass could be a direct materials cost in lightweight bulb producing. The manufacture of product or merchandise needed material because the prime component.
Direct labor value is a a part of wage-bill or payroll which will be specifically and systematically assigned to or related to the manufacture of a product, a selected work order, or provision of a service. Direct labor refers to any worker that's directly concerned within the producing of a product. If your business manufactures bicycles, the workers manufacturing the bicycles ar thought of direct labor.
The question is incomplete find the complete question here
total per set of covers direct materials $ 31,878 $ 15.40 direct labor $ 6,210 3.00 variable manufacturing overhead (based on direct labor-hours) $ 4,347 2.10 $ 20.50 during august, the factory worked only 500 direct labor-hours and produced 1,700 sets of covers. the following actual costs were recorded during the month: total per set of covers direct materials (5,000 yards) $ 25,500 $ 15.00 direct labor $ 5,440 3.20 variable manufacturing overhead $ 4,080 2.40 $ 20.60. At standard, each set of covers should require 2.00 yards of material. All of the materials purchased during the month were used in production. Required: 1. Compute the materials price variances for August.
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Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil field in Alaska.
The margin for Alyeska Services Company is 29.89%, the turnover for Alyeska Services Company is 29.89%, and the return on investment for Alyeska Services Company is 29.89%.
How do you determine a company's turnover?Simply sum together all of the company's sales to determine its annual turnover. If a company sells goods, its annual turnover is the sum of all its sales of those goods. The entire price charged for the services, if the business sells them, is its turnover.
How is ROI determined manually?Return On Investment (ROI) is computed by deducting the starting point from the current value, then multiplying the result by the starting point.
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when stocking shelves, it is important to ____supplies by placing the oldest items in the front and newer items behind them.
For taxation purposes, FIFO presumes that the cost of items sold on the income statement includes the assets with the oldest expenses (COGS).
FIFO method: Why is it used?A weighted average cost accounting system, for example, does not allow for the accounting of variations in product costs, but FIFO allows. When using average cost, the COGS calculation is static until a fresh product purchase.
Why do FIFO and LIFO exist?First in, first out (FIFO) inventory management aims to value inventory to reduce the likelihood that the company would suffer a loss when things go bad or become obsolete. For nonperishable products, LIFO (last in, first out) inventory management is preferable since it determines the cost of commodities sold by using the most recent prices.
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under accrual basis accounting, if cash is received from the customer before the product is delivered to that customer, in addition to the cash that is received, which of the following is reported by the company? multiple choice an asset (other than cash) on the balance sheet an expense on the income statement a liability on the balance sheet a revenue on the income statement
Under accrual basis accounting, if cash is received from the customer before the product is delivered to that customer, in addition to the cash that is received, a liability on the balance sheet is reported by the company.
Deferred basis Accounting records financial data as it is produced, rather than as money is exchanged, so it can account for corporate revenue and corresponding costs. The implication of this is that businesses report revenue when it is earned rather than when it is received.
Revenues and costs are recorded immediately after transactions take place under the accrual model of accounting. The cash foundation of accounting requires that transactions only be reported when actual cash is changed hands, which is the opposite of this procedure.
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following the model of example 9.6.2, represent each way of distributing the inventory as a string of 7 correct: your answer is correct. vertical bars and 31 correct: your answer is correct. crosses, with the types of batteries corresponding to the spaces around the vertical bars and the batteries corresponding to the crosses. it follows that the number of ways the total inventory can be distributed is 48903492 incorrect: your answer is incorrect. .
The right response to this question should be: This line of seven vertical bars and thirty-one crosses depicts the inventory distribution of seven different types of batteries (represented by the vertical bars) and thirty-one different battery types (represented by the crosses).
Since there are 7 different types of batteries and 31 different batteries in total, there are 2821109907456 possible distributions for the entire inventory.
Total Inventory refers to all Finished Lots, Work in Process (i.e., Units under construction, Model Units, Spec Units, and Sold Inventory), and Land Under Development as shown on the consolidated balance sheet of WHI and its Consolidated Subsidiaries.
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a couple has just purchased a home for $323,400.00. they will pay 20% down in cash, and finance the remaining balance. the mortgage broker has gotten them a mortgage rate of 6.96% apr with monthly compounding. the mortgage has a term of 30 years.What is the size of the loan taken out by the couple?
The size of the loan that is taken by the couple for purchasing the home is equal to $258720.
To find the size of the loan taken out by the couple, you need to first calculate the amount of money they are putting down as a down payment. To do this, multiply the purchase price of the home by the down payment percentage:
Down payment = Total cost * down payment percentage
Down payment = $323,400 * 20% = $64,680
Then, subtract the down payment from the purchase price to find the size of the loan: $323,400 - $64,680 = $258,720. This is the size of the loan that the couple will need to finance.
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Harriet is the IMC manager for a chain of regional income tax service providers. As she establishes the short-term goals for her firm's IMC efforts, those short-term goals are most likely to include
A. shifting customers from objective-and-task budgeting to rule-of-thumb budgeting.
B. increasing nationwide market share.
C. increasing inquiries, awareness, and trial of her firm's services.
D. expanding customer loyalty through closing the feedback loop.
Since Harriet is the IMC manager for a chain of regional income tax service providers. As she establishes the short-term goals for her firm's IMC efforts, those short-term goals are most likely increasing inquiries, awareness, and trial of her firm's services. c
What is meant by the IMC manager?Since its introduction in the 1980s (Schultz and Schultz, p. 19), the idea of integrated marketing communication (IMC) has altered how communicators and marketers interact and conduct business.
Integrated marketing is a strategy that aims to integrate all facets of marketing communication, including advertising, sales promotion, public relations, direct marketing, and social media, to give customers a consistent and smooth experience when interacting with the brand or organization.
IMC's main responsibility is to thoroughly assess the buyer's communication needs and preferences, then, in light of that data, develop a communication plan that will (a) respond to the target audience's main questions, (b) support the ability of the customer to make wise judgments,
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at a firm's current rate of output, the marginal cost is $65, the average variable cost is $35, the average fixed cost is $30, and the product price is $65. which of the following statements is true for the firm?
Firm's current rate of output, the marginal cost is $65, the average variable cost is $35, the average fixed cost is $30, and the product price is $65. Economic profits are zero - because price equals average total cost.
Economic profit=Product price- cost
=65-65
=0
According to the economy, we are all customers. A consumer is someone who uses the products and services of an economy. Food is one economical commodity that I used today. On the other hand, today I used travel services as a cheap service.
Economic goods are products that companies offer to consumers to satisfy their needs and wants. For example, we go to shops to pay or exchange something for something we want to buy. Financial services are those provided by the state and its resources to help those in need find the support they need.
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Carolina, the accountant for Duke Manufacturing, tells Jacob, who works in customer service for Duke, that that their company's customer satisfaction rating predicts sales revenue in dollars. Carolina's comment indicates that sales revenue is a. a nonfinancial metric b. a lagging indicator c. a leading indicator d. both a leading and a lagging indicator
Carolina's comment indicates that sales revenue is a lagging indicator. Trends and shifts in trends are confirmed by lagging indicators.
An observable or quantifiable quantity that varies some time after the economic, financial, or business variable with which it is connected changes is known as a lagging indicator.
Lagging indications are helpful for determining the direction of the overall economy, for corporate operations and strategy, and as signals to purchase or sell assets on the financial markets.
An observable or quantifiable quantity that varies some time after the economic, financial, or business variable with which it is connected changes is known as a lagging indicator.
The unemployment rate, company profitability, and labor cost per unit of output are a few typical examples of lagging economic indicators.
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apple used this pricing strategy when they set a high introductory price for the new apple x phone, but eventually lowered the price after more consumers entered the market.
Apple uses a premium price strategy for iPhones and that they have an honest, better, best lineup. Within the company's read, the iPhones are superior to contestant offerings, and customers like the Apple phones. For that, customers are willing to pay a premium.
Apple utilizes a minimum publicized worth, or MAP, retail strategy. This premium price strategy prevents retailers from evaluating their Apple product below the MAP. By guaranteeing that Apple products ne'er drop below a particular premium price, Apple will maintain their product quality.
Apple may be a sturdy example of a complete price-skimming. Traditionally, new Apple products—like the iPod, iPhone, and iPad—launch with a premium worth hooked up.
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oaktree company purchased new equipment and made the following expenditures: purchase price $ 64,000 sales tax 4,100 freight charges for shipment of equipment 890 insurance on the equipment for the first year 1,090 installation of equipment 2,900 the equipment, including sales tax, was purchased on open account, with payment due in 30 days. the other expenditures listed above were paid in cash.
The journal entries of Oaktree Company on the purchase of new equipment and the given expenditures are stated below:
Describe a journal entry.A journal entry is used in the accounting record of a business to record a business transaction. Every journal entry contains details that are essential to a specific business transaction, such as the date, the amount to be credited and debited, a brief description of the transaction, and the accounts involved. Journal entries may be made in a subsidiary ledger and then rolled forward into the general ledger after being summarized.
(1)
Equipment A/c Dr. $71,890
To cash $3,790
To accounts payable $68,100
(To record the purchase of equipment)
Workings:
Equipment value:
= Purchase price + Sales tax + Freight charges for shipment of equipment + Installation of equipment
= 64,000 +4,100 + 890 + 2,900
= $71,890
Cash Paid:
= Freight charges for shipment of equipment + Installation of equipment
= 890 + 2,900
= $3,790
Accounts payable = Purchase price + Sales tax
= 64,000 +4,100
= $68,100
(2)
Prepaid Insurance A/c Dr. $1,090
To cash A/c $1,090
(In order to record any expenditures not capitalized in the purchase of equipment)
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The complete question is:
Oaktree Company purchased new equipment and made the following expenditures:
Purchase price $ 64,000
Sales tax 4,100
Freight charges for shipment of equipment 890
Insurance on the equipment for the first year 1,090
Installation of equipment 2,900
The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash.
Required:
Prepare the necessary journal entries to record the above expenditures. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1) Record the purchase of equipment
2) Record any expenditures not capitalized in the purchase of equipment
Which of the following principles best describes the conceptual rationale for the methods of matching depreciation expense with revenues?
The conceptual rationale for techniques used to align depreciation expenditure with revenue is best exemplified by systematic and rational allocation theory. The right response in this case is option B.
Depreciation is allocated systematically when it follows a consistent policy and procedure. Depreciation, for instance, may be assessed using the straight-line technique, the declining balance method, or the accelerated method.
The distribution plan is based on the anticipated benefit. The concept of systematic and rational allocation may also be used to distribute prepaid expenses like rent and insurance as well as amortize intangible expenditures.
The compensation of a salesperson must be incurred each month. Monthly allocation is founded on the notion of systematic and rational allocation, which states that annual expenses should be distributed using a logical and reasonable method that is agreeable to all impartial parties.
Complete question:
Which of the following principles best describes the conceptual rationale for the methods
of matching depreciation expense with revenues?
a. Associating cause and effect
b. Systematic and rational allocation
c. Immediate recognition
d. Partial recognition
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FILL IN THE BLANK. a specific combination of alleles is an organism's___, while the physical expression of those alleles is the organism's___for that trait.
The specific combination of alleles is an organism's genotype while the physical expression of those alleles is the organism's phenotype for that trait.
The form in which the sequenced data found in a single gene can be produced is called an allele. Within a gene, which is a piece of a chromosome and regulates the expression of particular features, one allele is coupled with another. For each autosomal gene, one allele is inherited from each parent, and we often group the alleles into categories.
The final combination of the alleles for the genes chosen for study is referred to as the genotype. A phenotype is the manifestation of a genotype as a trait. It is the morphology or physiology that results from the interaction of various alleles. Thus, an organism's genotype for a trait is determined by the particular allele combination present, and its phenotype is determined by how those alleles manifest physically in the organism.
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the company cost of capital may be an inappropriate discount rate for a capital budgeting proposal if: A. it calculates a negative NPV for the proposal B.the proposal has a different degree of risk C.the company has unique risk D.the company expect to earn more than the risk-free rate
If the capital budgeting proposal has a distinct level of risk, the corporate cost of capital may not be the appropriate discount rate.
What does capital budgeting proposal generation entail?Making a recommendation for investments is the first stage in capital budgeting. Investments in a firm may be made for a variety of reasons. It can involve adding a new product line or growing an already existing one. It could involve a suggestion to either boost output or lower the price of outputs. The techniques for carrying out capital budgeting are Payback Period, Net Present Value Method, Internal Rate of Return, and Profitability Index. Payback period, discounted payment period, net present value, profitability index, internal rate of return, and modified internal rate of return are the seven crucial capital budgeting methods or strategies.
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suppose the government is thinking about levying a per-unit tax of $100 on firms supplying either gaming consoles or internet routers. the supply curves for both of the two goods are identical, as given by the following graphs. the demand for gaming consoles is given by dc (on the first graph), and the demand for internet routers is given by dr (on the second graph).
Gaming consoles have a larger percentage of deadweight loss, making them more inefficient.
The cost of market inefficiency, which happens when supply and demand are out of balance, is known as a deadweight loss. Deadweight loss, a term mostly used in economics, refers to any deficit brought on by an inefficient resource allocation.
Gaming console:
tax revenue = 100 * 50 = $5000
deadweight loss = 1/2 * (300-50) * 100 = $12500
Internet router:
tax revenue = 100*200 = 20000
deadweight loss = 1/2 * (300-200) * 100 = 5000
Internet router should be taxed
Since deadweight loss of internet router is lower, internet router should be taxed.
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the may 17, 2020, price quotation for a boring call option with a strike price of $86 due to expire in november is $29.80, while the stock price of boring is $78.80. the premium on one boring november 86 call contract is
One Boring November 86 call contract has a $3440 premium. So, the premium on one boring November 86 call contract is 3440.
The price at which a share of stock is currently being exchanged on the market is known as the stock price. Each share of a publicly traded firm is issued at a price that, ideally, is equal to the worth of the company itself. Stock prices are impacted by the supply and demand for shares, which are driven by investors wishing to buy or sell shares. Although these transactions have an impact on stock values, it is impossible to predict how they will evolve.
call price = call option premium = 21.30
a 100-contract size
call price times contract lot equals the total premium on a call contract.
= 34.40*100
= $3440
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when president trump convinced the u.s. congress to pass his 2017 tax cut law. one of the things it did was to cut small business and corporate profit tax rates from 35 percent (which was the highest tax rate in the world) down to 21 percent. (everything said up to this point is true). conclusion: this new tax cut on business profits only reduced implicit costs.
On December 19, 2017, the House voted to approve the bill's penultimate form. On December 20, 2017, the Senate voted to approve the final measure, 51-48.
What function does the Senate serve?The Senate is the only body with the authority to give advice and consent to treaty ratification and to approve presidential appointments that call for it. However, there are two exceptions to this rule: any treaty involving international trade and the approval of Vice President nominees by the House.
How is the Senate chosen?You must win election as a senator in a federal election held in your state or territory. The electorates for the Senate are multi-member, which means that a group of senators is chosen to represent the interests of all the residents of a state or territory.
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which of the following activities could result in an administrator taking action against a broker-dealer registered in her state?
The broker-dealer must soon after the initial transaction in a margin account receive the signed hypothecation agreement.
Unregistered broker-dealers: what are they?A broker-dealer is a financial organization that trades securities on behalf of customers but also has the option of doing so for profit. When a broker-dealer places transactions for its own account, it is functioning as a dealer or principal rather than as a broker or agent, which is what it is when it executes orders on behalf of clients.
What Kinds of People Work as Broker-Dealers?Charles-Schwab, E-Trade, and TD Ameritrade are a few of the most well-known broker-dealers. While some of them, like Charles-Schwab, are comprehensive financial services companies, E-Trade and TD Ameritrade focus primarily on becoming online brokerages.
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FILL IN THE BLANK. The ______ of the job description identifies the knowledge, skills, abilities, and educational levels needed to perform the job and to establish performance standards for the position.
The establish performance of the job description identifies the knowledge, skills, abilities, and educational levels needed to perform the job and to establish performance standards for the position.
What are your natural abilities?Natural abilities are the traits hardwired within each person that make some tasks in life easier. Career services professionals likely apply this concept to work with clients, but do those individuals get value from simply understanding natural abilities.
What are your hidden talents?Hidden talents are abilities or skills you didn't know were possible or didn't even know you have. When people think of talents, they often only focus on drawing, acting, singing, playing instruments, learning languages quickly, and so forth. Of course, these are all excellent talents, but many others exist too!
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in theory, ____ of a product in a free-market economy will drive up the price, reduce demand, and reduce consumption.
In theory, reducing supply of a product in a free-market economy will drive up the price, reduce demand, and reduce consumption.
Supply is defined as the amount of goods and services or products being produces by producers, manufacturers, or companies, while a demand is defined as the amount of goods and services that consumers are willing to purchase and obtain. The economic principles stated that supply and demand are negatively correlated as an increase in the price of goods and services will drive the supply up but at the same time it will decrease the demand, and vice versa, a decrease in the price will increase the demand but decreases the supply of goods and services.
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made in the usa clothing inc. gives notice to neely that it is terminating their franchise arrangement. winding up the business requires
On terminating a franchise arrangement, winding up will require the return of the franchisor's property. Thus, the correct answer is option B.
What is a franchise arrangement?An official, binding contract between a franchisor and a franchisee is known as a franchise agreement. Franchise agreements are enforced at the state level in the United States. The Franchise Rule gives the US Federal Trade Commission the power to control information disclosures before a franchisee signs a contract.
Franchisees are required to return the franchisor's property in the event that the franchisor terminates the contract or the franchise arrangement before the end of the agreed-upon period.
As Made in the USA clothing Incorporation is terminating its franchise arrangement with Neely and has sent a notice, Neely has to return the Clothing Incorporation's property.
Therefore, winding up the business or terminating the franchise arrangement requires the return of the franchisor's property.
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Your question is incomplete, but most probably your full question was,
Made in the USA Clothing Inc. gives notice to Neely that it is terminating their franchise arrangement. Winding up the business requires
Group of answer choices
a new franchise agreement.
the return of the franchisor’s property.
Neely’s death, disability, or insolvency.
nothing more than closing immediately.
according to the dual task procedure, the task serves as a basis to make inferences about the attention demands of the task
According to the dual task procedure, the task serves as a basis to make inferences about the attention demands of the task. This statement is true.
What are dual task procedures?Dual tasks, also known as secondary tasks, offer an objective-direct measurement in which two tasks are to be done concurrently to watch for performance declines in either task.
The researcher is typically mainly interested in the primary task, whereas the secondary task is just a tool for determining the attentional demands of primary task performance.
The dual-task approach calls for individuals to simultaneously complete two tasks (see Dual Task Performance). If the tasks place a great demand on attention, performance suffers.
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(q003) based on the accounts depicted in this video, we might infer which of the following about migrants coming from somalia and entering the united states?
Based on the accounts depicted in this video, we might infer economic push factors shape Somali migration, about migrants coming from Somalia and entering the United States.
Where did the Somali people originate?
The Horn of Africa, where Somalia is situated, is a part of East Africa. Kenya, Djibouti, and Ethiopia are its neighbours. The northern region of Somalia is thought to be the origin of the Somali people.
Where do migrants from Somalia go?
The Somali diaspora has grown significantly as a result of the civil war in Somalia, with many people fleeing Greater Somalia mostly for Europe, North America, Southern Africa, and Australia. Small Somali populations can also be found in other regions of Asia and Europe.
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Based on the narratives presented in this video, it is possible to conclude that economic push factors influence migration from Somalia to the United States.
Where are the origins of the Somali people?East Africa includes the Horn of Africa, where Somalia is located. Its neighbors are Ethiopia, Djibouti, and Kenya. The Somali people are said to have originated in Somalia's north.
Where do Somalian migrants go?As a result of the civil war in Somalia, the Somali diaspora has considerably increased, with many people leaving Greater Somalia primarily for Europe, North America, Southern Africa, and Australia. Other parts of Asia and Europe also have small Somali populations.
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Sheridan Construction Company uses the percentage-of-completion method of accounting. In 2025, Sheridan began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow:(a) What portion of the total contract price would be recognized as revenue in 2025? In 2026?(b) Assuming the same facts as those above except that Hamilton uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2026?(c) Prepare a complete set of journal entries for 2025 (using the percentage-of-completion method).
A target, upper and lower control limits, and a Shewhart chart are its distinguishing features (UCL and LCL). These action caps are established in order that
Percentage of completion in 2014 equals costs incurred thus far/(costs incurred thus far plus anticipated costs) The completion percentage for 2014 is equal to 640000/(640000+960000). 40% of the project was completed in 2014 % of completion through 2015 The total amount of $2,200,000 would be recorded as revenue in 2015 using the completed contract approach. The completed contract approach only permits income Sheridan started working in 2025 on contract #E2-D2, which had a $2,200,000 price tag. the following information: (a) What percentage Businesses only record revenue and gross profit at the point of sale, or when the contract is finished. With this approach, businesses accrue costs.
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a provides employees with a knowledge of what their firm expects in terms of their responsibilities and behaviors towards their fellow employees, customers, and suppliers
In general, a code of ethics provides workers with the information of what their firm expects in terms of responsibilities and behavior toward fellow workers, customers, and suppliers.
All workers are expected to become conversant in this Code of ethics and to use these guiding principles within the daily performance of their job responsibilities.
Ethical businesses have a high ethical code and expect honest and trustworthy behavior from everybody in their organizations. Chief government officers and alternative high-level company leaders hold themselves answerable for following and implementing constant moral standards as their workers.
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adam smith, the wealth of nations, 1776 question which of the following best summarizes the perspective of adam smith in the passage? responses a strong centralized government is necessary to maintain economic order. a strong centralized government is necessary to maintain economic order. lowering taxes increases investment and allows the free market to flourish. lowering taxes increases investment and allows the free market to flourish. the government should not be used to promote manufacturing. the government should not be used to promote manufacturing. civil liberties limit the power of the federal government to regulate the economy.
Adam smith, the wealth of nations, 1776 question which of the following best summarizes the perspective of Adam smith in the passage strong centralized government is necessary to maintain economic order.
In The Wealth of Nations, what does Adam Smith contend?Smith maintained that allowing everyone the freedom to create and trade commodities as they liked (free trade) and opening the markets to domestic and international competition would foster greater prosperity than could be achieved with strict governmental rules.
What does Adam Smith believe?His theories that wealth is produced via labor and that people use their resources to make money still have an impact on economics today. Adam Smith was a writer who held these views. The 21st century is a living testament to Adam Smith's views that economies flourish when there is free market competition and capitalism.
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TRUE/FALSE. under the principles of agency law, any sale of goods by a salesperson in a store to a customer can be binding on the owner of the store.
Under the principles of agency law, any sale of goods by a salesperson in a store to a customer can be binding on the owner of the store is true statement.
The salesperson is the store owner's representative under agency law as it relates to employment because they are acting on their behalf. Since they are the owner's representative, it is presumed that whatever they are selling is coming from the owner, and as such, it may be enforceable against the owner.
Because the owner may be held liable for the activities of their agents, the Agent must behave in the owner's best interests. For instance, the business, not the salesman, might be held liable for injuries caused by defective equipment.
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which one of the following says that real estate acquired by either spouse during a marriage (in most cases) is considered community property?
Community property rights, provide that any real property acquired by either spouse during the marriage is considered community property and is owned jointly by both spouses. Correct answer: letter A.
This applies in most cases and is an important aspect of marital property law. Equitable distribution laws, on the other hand, refer to the distribution of property during a divorce.
What are acquired real estate?Acquired real estate can be used for a variety of purposes, including investment, development, and leasing. When purchasing acquired real estate, buyers should consider the location of the property, its condition, zoning regulations, and other factors that may influence the value of the property in the future.
When purchasing acquired real estate, it is important to invest in a property that is likely to appreciate in value over time. This can include properties in desirable neighborhoods, or ones that are close to amenities. Additionally, buyers should consider the return on their investment and the potential for capital gains. It is also important to be aware of any liens or encumbrances that may be attached to the property, as well as the local laws and regulations that may affect the property.
Which one of the following says that real estate acquired by either spouse during a marriage (in most cases) is considered community property? Select an option:
A) Community property rights
C) Marital property laws
D) Equitable distribution laws
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On December 31, 2020, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of $102,049, accepting $40,000 down and agreeing to accept the balance in four equal installments of $20,000 receivable each December 31. An assumed interest rate of 11% is imputed.
1. Instructions: Complete the note amortization table.
Date
Cash Received
Interest Revenue
Discount Amortization
Discount Balance
Carrying Value
2. Instructions: Journalize the transactions for the note origination, interest recognition, and the note collection at maturity.
For an agreed-upon fee of $102,049, Oakbrook Inc. completed transactions for the note origination, interest recognition, and note collection at maturity on behalf of Beghun Corporation.
What is an illustration of interest income?
A bank's interest income will be $50 million if its portfolio of loans totals $1 billion and earns an average interest rate of 5%. On the liabilities side, the bank's interest expenditure would be $24 million if it had $1.2 billion in outstanding customer deposits generating 2% interest.
Is receiving interest a cost?
Interest expense is a quasi item on the income statement. It denotes the amount of interest owed on all outstanding debt, includes bonds, loans, convertible bonds, and credit lines. In essence, it is calculated by dividing the outstanding principal balance by the interest rate.
Briefing:
(a) December 31, 2020.
Dr Cash 40,000
Dr Notes receivable 80,000
Cr Service revenue 102,049
Cr Discount on notes receivable 17,951
(b) December 31, 2022.
Dr Cash 20,000
Dr Discount on notes receivable 5,376
Cr Notes receivable 20,000
Cr Interest revenue 5,376
(c) December 31, 2024.
Dr Cash 20,000
Dr Discount on notes receivable 1,982
Cr Notes receivable 20,000
Cr Interest revenue 1,982
(d) December 31, 2021.
Dr Cash 20,000
Dr Discount on notes receivable 6,825
Cr Notes receivable 20,000
Cr Interest revenue 6,825
(e) December 31, 2020.
Dr Cash 20,000
Dr Discount on notes receivable 3,768
Cr Notes receivable 20,000
Cr Interest revenue 3,768
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calculate the tax adjustment for allowances. an employee will have less federal income tax withheld for every allowance that they claim. allowances account for the number of dependents they will claim on their taxes and other factors that will ultimately reduce the amount of federal taxes they will pay. the adjustment for allowances is calculated as the product of the number of allowances (in the employee information section), the allowance deduction amount (in the model assumptions), and the employee federal income tax rate (calculated in task 10).
The tax adjustment for allowances. an employee will have less federal income tax withheld for every allowance that they claim.
The tax is the process to collect money by deducted some percentage of money through import, exports, buy and sells of the goods and services.
The tax adjustment for allowance estimates according to the company accounts it will incur as a percentage of un-collectible accounts and credit sales as they earn the revenues.
The federal income tax rates remain same for the tax year: 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
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which of the following is most likely to have a large union membership that experiences little import competition?
Most likely, Police Services has a sizable union membership and little foreign competition.
What advantages come with joining a union?Employees can bargain with employers about pay, bonuses, health and safety at work, job training, and other work-related problems from a position of power through their union. Unions play a significant role in ensuring that management treats its employees fairly and with respect.
The union is open to everyone :No of their unique citizenship or visa status, employees who live and work in the US are entitled to create or join unions. Employees who reside abroad are subject to the labor laws of their home nation and are infrequently represented by unions established in the US.
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