Answer:
Balance with Fed on last day to be $ 800
Explanation:
Computation of balance on last day of maintenance period
Balance maintained $ 450 for 2 days $ 900
$ 700 for 3 days $ 2,100
$ 650 for 2 days $ 1,300
$ 450 for 3 days $ 1,350
$ 650 for 3 days <u>$ 1.950</u>
Average of balances maintained
13 days $ 7,600
Average balance maintenance required for 13 + last day)
$ 600 * (13 + 1) 14 days $ 8,400
so the balance with the Fed on the last day has to be
$ 8,400 - $ 7,600 $ 800
Answer:
Provide information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors.
Explanation:
Financial reporting refers to the presentation and disclosure of financial information of an entity to the public, investors, lenders and other stakeholder.
Financial reporting is carried out by reporting financial statements (balance sheet, income statements), statement of cash flows and other relevant/necessary disclosures, notes as required by law or statute or which are essential for better comprehension of such financial information.
Such information helps lenders to know the financial health of the entity, helps investors to decide whether it would be beneficial to invest in the entity, assures government of the compliance of laws by the entity, etc.
Answer:
1. $28 per Direct Labor Hour
2. 140% of Direct Labor Cost
3. $35 per Machine Hour
Explanation:
(1) Predetermined manufacturing overhead rate:
= Total estimated amount of a Manufacturing Overhead ÷ Total estimated Direct Labor Hours
= $1,400,000 ÷ 50,000
= $28 per Direct Labor Hour
(2) Predetermined manufacturing overhead rate:
= (Total estimated amount of a Manufacturing Overhead ÷ Total estimated Direct Labor Cost) × 100
= ($1,400,000 ÷ $1,000,000) × 100
= 140% of Direct Labor Cost
(3) Predetermined manufacturing overhead rate:
= Total estimated amount of a Manufacturing Overhead ÷ Total estimated Machine Hours
= $1,400,000 ÷ 40,000
= $35 per Machine Hour
