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3 years ago

Accounting for estimated liabilities LO P4

Business

1 answer:

denpristay [2]3 years ago

5 0

Answer: Please refer to answer

Explanation:

The relates adjusting entries are,

December 31, 2015

DR Vacation Benefit Expense (29*250) $ 7,250

CR Vacation Benefits Payable $7,250

(Accounting for Vacation Benefit Payable)

December 31, 2015

DR Warranty Expense ( (4000*0.06) *12) $2,880

CR Estimated Warranty Liability $2,880

(Accounting for Warranty Liability)

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You can afford a $1050 per month mortgage payment. You've found a 30 year loan at 8% interest.

Paladinen [302]

Answer:

loan can you afford = $143097.67

total money will you pay the loan company = $378000

interest amount = $234902.33

Explanation:

given data

principal = $1050 per month

time = 30 year = 30 × 12 = 360 months

interest rate = 8% = $\frac{0.08}{12}$ = 0.006667 monthly

solution

we get here first maximum amount of loan by present value of annuity as

present value of annuity = principal × $\frac{1-(1+rate)^{-t}}{rate}$ .........1

put here value we get

present value of annuity = 1050 × $\frac{1-(1+0.006667)^{-360}}{0.006667}$

present value of annuity = $143097.67

and

now we get total amount of money pay will be as

total amount of money pay = principal × time period

total amount of money pay = $1050 × 360

total amount of money pay = $378000

and

total amount of interest paid will be

interest amount = total amount paid - loan amount

interest amount = $378000 - $143097.67

interest amount = $234902.33

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4 years ago

How is a franchise different from a partnership?

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- A franchise allows owners to be their own boss however they must still follow the rules and regulations and procedures of the franchise. In most franchises the owner must pay a large sum of money to buy into the franchise and share profits or pay royalties to the franchisor based on sales, not profits.

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3 years ago

Match each right or responsibility in a home rental agreement with the correct party.

Salsk061 [2.6K]

1) renter's right----------return of deposit to renter after the rental agreement ends

Most states expect landlords to refund security deposits they gather inside a specific time period after the occupancy closes. Landlords may subtract from the security store any legitimate derivations for repairs and different harms made by the rent and state law.

You ought to request that a landlord to refund your deposit toward the finish of your tenancy.If your proprietor doesn't consent to the discount, the custodial plan holds the cash until the point that the debate is settled by the plan's question goals benefit or by the court.

2) renter's responsibility-----------b)basic housekeeping and damages caused by renter

Renters are commonly responsible of guaranteeing their property remains sanitary, clean and in decent shape. A landlord is generally not in charge of making any repairs caused by the inhabitant's own imprudence. Be that as it may, if an inhabitant sees an issue and neglects to report it to the landowner, the occupant might be held subject for extra harm that would not have happened had the occupant made an opportune protest.

3) landlord's right-----------eviction of renter for continued late payment of rent

Gathering late rent can be a standout among the most disappointing parts about being a landlord. All things considered, collecting money for the utilization of your rental property is the essential reason you got into land contributing.

At the point when renters drive landlords to begin the eviction procedure, it can appear as though getting any sort of cash out of the procedure is quite a while away. It's not unusual for the renter to get irate when they get a notice that the eviction procedure has been begun.

4) landlord's responsibility-----------a) removing bedbugs from property

Bed bug issue? It happens to even the best of apartments. Bed bugs can get a ride in your bag or utilized furniture (be careful with second hand sleeping cushions!) or on your apparel. The critters can even go from another loft in your building.

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3 years ago

Fresh Foods, a large restaurant chain, needed to determine if it would be cheaper to produce 5,000 units of its main food ingred

ICE Princess25 [194]

Answer:

Fresh Foods

Make or Buy Decision:

1. Make the ingredient in-house.

2. Make in-house is more cost effective by $3,000 ($90,000 - 87,000)

3. If 40% of the fixed overhead can be avoided if the ingredient is purchased externally:

Total cost:

To make in-house = $87,000

To buy = $78,000 ($60,000 + $30,000 x 60%)

To buy now becomes more cost effective by $9,000 ($87,000 - 78,000).

Explanation:

a) Management in production companies are always faced with the buy or make decision. For this type of decision making, the appropriate costs to analyze are the differential (incremental) costs. These are costs that make a difference between alternatives.

b) Calculation of cost:

Make Buy

Total Unit

Purchase $60,000

Direct materials $25,000 $5.00

Direct labor 15,000 3.00

Variable manufacturing overhead 7,500 1.50

Variable marketing overhead 9,500 1.90

Fixed plant overhead 30,000 6.00 30,000

Total $87,000 $17.40 $90,000

Total variable costs $57,000 $60,000

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I pulled this out my ašš hope it helps :)

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3 years ago