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Marina CMI [18]
3 years ago
8

The opening balance of one of the 31-day billing cycles for Clay's credit card was $3300, but after 15 days Clay made a payment

of $1900 to decrease his balance, and it stayed the same for the remainder of his billing cycle. If his creditcards APR is 28%, how much more in interest would he pay for the billing cycle with the previous balance method than with the adjusted balance method?
Business
2 answers:
Zarrin [17]3 years ago
5 0

Answer:

<u>$23.33 </u>more for the previous balance method than for the adjusted balance method

Explanation:

First you need to find out how much the interest would be for each method, then subtract to find how much more is charged for the "previous balance method."

Previous balance method calculates interest on the 31 days from the last statement balance, regardless of whether or not you have made payments since. So, .28 * $3,300 * 31/365 = $78.48 (rounded) for <u>previous balance method</u>

Now, adjusted balance method charges interest on the actual balance and number of days.

For 15 days, balance was $3,300

For the remaining 16 days (31-15 =16), balance was $1,400 (3300-1900)

.28 * $3300 * 15/365 = $37.97

.28 * $1400 * 16/365 = $17.18

Add the 2 sections together: 37.97+17.18 = $55.15 <u>for adjusted balance method.</u>

Finally, find the difference between the two methods: $78.48- 55.15 = $23.33.

So the previous balance method costs you $23.33 more than the adjusted balance method.

babymother [125]3 years ago
3 0

For apex it’s $45.18

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Last year, your company had sales of $3.6 million, cost of goods sold of $2.3 million and operating expenses amounting to $840,0
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Answer:

The firm's tax payment is $ 102,200

Explanation:

Sales 3,600,000

Cost of goods sold. (2,300,000)

Gross profit. 1,300,000

Other operating exp. (840,000)

Depreciation expenses. (114,000)

Interest expense

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Gain on investment 30,000

Income before taxes. 326,000

Tax expense 31.34% × 326,000

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3 0
2 years ago
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and
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Answer:

Dillon Products

1. Journal entries for (a) through (f)

a) Debit Raw Materials Account $325,000

   Credit Accounts Payable $325,000

To record the purchase of raw materials on account.

b) Debit Work in Process $232,000

   Debit Manufacturing overhead $58,000

   Credit Raw materials account $290,000

To record the transfer of raw materials to WIP and Overhead.

c) Debit Work in Process $60,000

   Debit Manufacturing overhead $120,000

   Credit Wages & Salaries $180,000

To record the transfer of labor cost to WIP and Overhead.

d) Debit Manufacturing overhead $75,000

   Credit Depreciation Expense- Equipment $75,000

To record the transfer of depreciation expense to Overhead.

e. Debit Manufacturing Overhead $62,000

   Credit Expenses Payable $62,000

To record other overhead incurred on account.

f. Debit Work In Process $300,000

   Credit Manufacturing Overhead $300,000

To record the overhead applied on the basis of 15,000 machine hours at $20 per machine hour.

2. T-accounts:

Manufacturing overhead

Account Title                   Debit        Credit

Raw materials             $58,000

Wages & Salaries        120,000

Depreciation- Equip.     75,000

Expense Payable          62,000

Work in Process                             $300,000

Finished Goods                                   15,000

Work in Process Account

Account Title                     Debit        Credit

Raw materials account  $232,000

Wages & Salaries               60,000

Manufacturing overhead 300,000

Finished Goods                               $592,000

Finished Goods

Account Title                     Debit        Credit

Work in Process           $592,000

Manufacturing overhead  15,000

3. Journal Entry for item (g):

Debit Finished Goods $607,000

Credit Work in Process $592,000

Credit Manufacturing overhead $15,000

To record the cost of manufactured parts, including the under-applied overhead.

4. Cost of goods sold = 10,000 *$607,000/16,000 = $379,375

(While Ending Inventory = 6,000 *$607,000/16,000 = $227,625.)

Explanation:

a) Data and Calculations:

Estimated manufacturing overhead = $4,800,000

Estimated machine hours = 240,000

Overhead rate = $4,800,000/240,000 = $20 per machine hour

Actual cost data for January:

Number of machine parts = 16,000

Raw materials purchased on account = $325,000

Raw materials cost:

 Direct materials = $232,000 (80% of $290,000)

 Indirect materials = $58,000 (20% of $290,000)

Labor cost

 Direct labor = $60,000 ($180,000 * 1/3)

 Indirect labor = $120,000 ($180,000 * 2/3)

Manufacturing overhead:

 Depreciation = $75,000

 Others = $62,000

 Indirect materials = $58,000

 Indirect labor = $120,000

Total actual overhead incurred = $315,000

Machine hours actually worked = 15,000

b) Other Accounts

1. Expenses Payable

Account Title                   Debit        Credit

Manufacturing overhead               62,000

2. Depreciation Expense - Equipment

Account Title                   Debit        Credit

Manufacturing overhead              $75,000

3. Raw Materials Account

Account Title                   Debit        Credit

Accounts Payable      $325,000

Work in Process                             $232,000

Manufacturing overhead                   58,000

4. Accounts Payable

Account Title                   Debit        Credit

Raw Materials                                $325,000

c) The manufacturing overhead applied is $300,000 (15,000 machines hours actually used multiplied by $20 overhead rate), while the actual overhead costs incurred total $315,000.  So there is an under-applied overhead of $15,000 which is charged to Finished Goods in order to obtain the correct cost of 16,000 custom-made machined parts.

7 0
3 years ago
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Answer:

a. $17.44 per hour

b. $43,600 ; $104,640

Explanation:

The computation is shown below:

a. Single plantwide overhead rate equals to

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Total overhead amount is

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And, the budgeted direct labor hours is 125,000

So, the overhead rate is

= $2,180,000 ÷ 125,000

= $17.44 per hour

2. Now the overhead cost is

For Deluxe model

= 2,500 direct labor hours × $17.44 per hour

= $43,600

For basic model

= 6,000 direct labor hours × $17.44 per hour

= $104,640

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