Answer:
Year-end WIP 62,200
jounral entry for completed jobs:
-------------------------------------
Finished Good Inventory 1,149,800 DEBIT
WIP inventory 1,149,800 CREDIT
-------------------------------------
Explanation:
<u>WIP </u>
Beginning $ 72,000
Materials $ 390,000
Labor $ 500,000
Overhead <u>$ 250,000</u>
Total WIP $ 1,212,000
<u />
<u>Finished Jobs:</u>
Job 210 $ 200,000
Job 224 $ 225,000
Job 216 $ 288,000
Job 230 <u>$ 436,800</u>
Total $ 1,149,800
the jobs complete will move to finished good and credit WIP inventory
WIP year-end:
1,212,000 - 1,149,800 = 62,200
Answer:
The correct answer is option C) Responsibility for others
Explanation:
Being responsible for the financial needs for others is one of the biggest factors that leads the individual towards increased income, reduced risk and increases future financial protection.
They have to pay for not only themselves, but others too, most commonly their family. Therefore, they think of investing in assets that have a high profit return and low risk of failure such as buying a property for future purposes or looking for a job that has more long term privileges.
Answer:
a) $1,000
Explanation:
Early Settlement Discount
This form of quotation is common with suppliers offering their customers deferred payment arrangement in a sale contract. Usually, under this arrangement customers are allowed to purchase goods on credit and settle their acccount at a specified later date.
However, to encourage customers to pay up their outstanding earlier than expected, suppliers do offer early settlement discount as incentives to induce prompt payment.
A quotation of 2/10, n/30
This implies that the customer is a given a 30-day period from the date of purchase within which he is expected to settle his account. However, if he does so within the next 10 days of purchase he will be given a 2% discount.
<em>Applying this to the question, the purchase date is August 1, the the latest date for which account is settle to qualify for early settlement discount will be 11 days i.e (1+10) .</em>
Since the payment will be made on August 12, no cash discount will received. Therefore, a payment of gross amount of $1,000 would be credited to the cash account.
Answer:
Average rate of return= 10.17
%
Geometric return = 9.23%
Explanation:
<em>Geometric average return</em>
This is compounded annual rate of return which is used to measure the performance of an asset over a certain number of years. It helps to measure the return generated by an investment taking into account the volatility .
Unlike the arithmetic average the geometric average gives an idea of the real rate taking into account of volatility
The formula below
Geometric Return =(1+r1) (1+r2) ...... (1+rn)^1/n
Geometric Average return =
(1.12× 1.19× 1.21× 0.88× 1.26× 0.95)^(1/6) - 1 =0.09233168
Geometric return =0.0923
× 100= 9.23%
Geometric return = 9.23%
Average rate of return
<em>The average return is the sum of the returns over the years dividend by the Numbers of returns</em>
Average return = sum of return / No of returns
(12% + 19% + 21% + (12%) + 26% + (5%))/6 =10.17
%
Average rate of return= 10.17
%
Geometric return = 9.23%