Answer: they will report an interest expense of $150000 in December 2020
Explanation:
firstly we calculate how much interest will be accumulated for the whole year so we are given a $5 million Dollar purchase which is the amount that will accumulate interest over time, then we have been told the company ha issued a 1 year installment note therefore we have a time frame.
so now we will calculate the yearly interest of $5 million :
$5 000000x12% = $600000 so the company will accumulate this interest yearly then we divide this amount by 12 to get the monthly interest.
$600000/12 = $ 50000 per month interest thereafter we will multiply the monthly interest of $50000 by 3 months which is months from October to December.
therefore the interest expense to be reported on the December 2020 income statement is $50000 x 3= $150000
B) Fiscal policy requires a short and contentious legislative process
Answer:
$56,130
Explanation:
Calculation to determine what the amount of itemized deductions the Gibsons may claim for the year is
Stuart and Pamela Gibson
Casualty loss $17,430
[$53,200 – (10% × $357,700)]
Home mortgage interest 21,280
State tax 10,000
(18,000 income and 16,300 property
Limited to 10,000)
Charitable Contributions 28,700
Total itemized deductions $56,130
Therefore the amount of itemized deductions the Gibsons may claim for the year is $56,130
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Answer:
11,500 was the number of Equivalent Units of Production (EUP)
Explanation:
EUP (FIFO) = Completed Units + Units at the end of the period - Units at the beginning of the period
EUP (FIFO): 12,000 + 1,200 x 25% - 2,000 x 40% = 11,500
Remember:
In the FIFO method to calculate EUP is considered the sum of work done on beginning inventory and percentage of work done on ending inventory adding to the started and completed units during the period.
