Most loans are paid back in __________ installments. a. daily b. weekly c. monthly d. yearly.

Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory accou

Sergio039 [100]

Answer and Explanation:

1. The computation of the predetermined overhead rate is shown below:

= Overhead applied ÷ direct material cost

= $846,000 ÷ $1,800,000

= 47%

2. The direct labor and overhead cost assigned to the job is shown below:

Total cost $89,000

Less: direct material cost $32,000

Less: overhead cost $15,040 ($32,000 × 0.47)

Direct labor cost $41,960

7 0

2 years ago

Jasper makes a $25,000, 90-day, 7% cash loan to clayborn co. jasper's entry to record the collection of the note and interest at

Irina-Kira [14]

Answer:

The journal entry is as follows:

Cash A/c Dr. $ 25,437.50

To Notes Receivable A/c $25,000

To Interest revenue A/c $437.50

(To record the collection of the note and interest at maturity)

Working notes:

Interest for 90 Days:

= Note value × Interest rate × Time period

= $25,000 × 0.07 × (90/360) days

= $437.50

5 0

2 years ago

On February 1, 2019, the balance of the retained earnings account of Blue Power Corporation was $315,000. Revenues for February

Pani-rosa [81]

Answer:

The retained earnings balance on February 28, 2019 is $305.000.

Explanation:

Balance of the retained earnings account on February 1, 2019 = $315,000

Revenue for February 2019 = $61,000

Expenses for February 2019 = $65,000

Dividend declared in February 2019 = $6,000

Net Income = Revenue - Expenses = 61,000 - 65,000 = -4,000

Ending Balance of Retained Earning = Beginning balance of retained earning + net Income - dividend =

Ending Balance of Retained Earning = $315,000 + (-4000) - $6,000

Ending Balance of Retained Earning = $305,000

The retained earnings balance on February 28, 2019 is $305.000.

6 0

2 years ago

As one of the seven habits of strong ethical leaders,________ is “the glue that holds ethical concepts together.” this trait can

Furkat [3]

The passion to do right

6 0

2 years ago

To satisfy the Statute of Frauds, a written contract or agreement must contain a description of the consideration promised.

____ [38]

It is a true statement that a typical written contract or agreement must contain a description of the consideration promised in order to satisfy the Statute of Frauds.

<h3>What is the Statute of Frauds?</h3>

This refers to the legal concept that requires certain types of contracts to be executed in writing.

In the legal field, the Statute of Frauds covers contracts for the sale of land, agreements involving goods worth over $500 and contracts lasting one year or more.

Most times, the Statute of Frauds can be satisfied by any signed writing that:

identifies the subject matter of the contract
is sufficient to indicate that a contract exists
states with reasonable certainty the material terms of the contract.