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Korolek [52]
3 years ago
9

A company gives each of its 80 employees (assume they were all employed continuously through 2020 and 2021) 12 days of vacation

a year if they are employed at the end of the year. The vacation accumulates and may be taken starting January 1 of the next year. The employees work 8 hours per day. In 2020, they made $20.50 per hour and in 2021 they made $24 per hour. During 2021, they took an average of 9 days of vacation each. The company’s policy is to record the liability existing at the end of each year at the wage rate for that year. What amount of vacation liability would be reflected on the 2020 and 2021 balance sheets, respectively?
Business
1 answer:
Olin [163]3 years ago
5 0

Answer:

$157,440 ; $230,400

Explanation:

The computation is shown below:

For 2018

= Number of employees × number of vacations in a year × number of hours per day × wages per hour

= 80 employees × 12 days × 8 hours × $20.50

=$157,440

For 2021

= Number of employees × number of vacations in a year + number of vacations in a year - average of vacations × number of hours per day × wages per hour

= 80 employees × 12 days + 12 days - 9 days × 8 hours × $24

= $230,400

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During 2017, Ziplock Manufacturing expected Job No. 89 to cost $700,000 in overhead, $1,000,000 in direct materials, and $500,00
irga5000 [103]

Answer:

a. not able to be determined from the provided information.

Explanation:

For determining the over applied or under applied, first, we have to compute the predetermined rate based on the direct material cost which is  

= $700,000 ÷ $1,000,000

= $0.70

Now the applied overhead is  

= $0.70 × $1,200,000

= $840,000

And, the actual overhead amount is not given by which we can find out the underapplied or overapplied overhead amount

So, in this case, the correct option is a.

7 0
3 years ago
F a taxpayer offers you a $20 bill because they were so happy about the quality service they received, what would be the appropr
BlackZzzverrR [31]
The appropriate action would be: C. <span>Thank the taxpayer, and explain that you cannot accept any payment for your services.
Government workers couldn't receive cash payment in any kind unless there is a necessary administrative purpose. 
They could on the other hand, receives Gifts that held the value less than $ 20</span>
6 0
3 years ago
Read 2 more answers
If $5000 is invested at an interest rate of 4% each year, what is the value of the investment in 5 years? write an exponential f
Alex Ar [27]

The compound interest amount after 5 years be $6,083.26.

<h3>What is compound interest?</h3>

Compound interest, also known as interest on principal and interest, is the practice of adding interest to the principal amount of a loan or deposit.

Compound interest is when you receive interest on both your interest income and your savings.

If this value was compounded in 5 years, then we are going to utilize the compound interest formula to solve it.

A = p(1+r)^n

Where A be the amount accumulated for the entire period. 

p be the Money invested

r be the Interest rate per year

n be the period the money was invested. 

A = 5000(1+4/100)^5

The exponential function is

A=5000*1.04^5

= 5000 * 1.216652902

= 6,083.264512

The amount after 5 years be $6,083.26

The compound interest amount after 5 years be $6,083.26.

To learn more about compound interest refer to:

brainly.com/question/24274034

#SPJ4

4 0
1 year ago
Determine the value of the investment at the end of 5 years. Write a function f that determines the value of the investment (in
Fofino [41]

Complete Question:

Suppose that $1500 is invested in an account with an APR of 3.1% compounded continuously.   Determine the value of the investment at the end of 5 years.   Write a function that determines the value of the investment in terms of the number of years , since the investment was made.    What is the annual percent change for the account?

Answer:

Function that determines the value of the investment f(t) = 1500 exp(rt)

Investment after 5 years, f(5) = $1751.49

Annual Percent change = 3.14%

Explanation:

Function that determines the value of the investment

Initial amount invested, f₀ =  $1500

f(t) = f₀ exp(rt)

f(t) = 1500 exp(rt)

r = 3.1% = 3.1/100 = 0.031

f(t) = 1500 exp(0.031t)

Value of the investment at the end of 5 years:

f(5) = 1500 exp (0.031 *5)

f(5) = $1751.49

c) Annual Percentage Change for the account

Get the increase in investment after one year

f(1) = 1500 exp(0.031)

f(1) = $1547.23

Annual Percent yield = [(New Investment - Original investment)/ Original investment] * 100%

Annual Percent yield = [(1547.23 - 1500)/1500] * 100%

Annual Percent yield = (47.23/1500) * 100

Annual Percent yield = 3.14%

7 0
3 years ago
The following is a December 31, 2018, post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits Cas
wel

Answer:

a. Current Ratio is 4.33 times

b. Acid Test Ratio is 2.49 times                                            

c. Debt Equity Ratio is 1.52 times

Explanation:

a. Current Ratio : In this ratio, it shows a relationship between current asset and current liabilities.  

So, Current ratio = Current Assets ÷ Current liabilities

where current assets = Cash + Accounts receivable + Inventories + Prepaid insurance

So, current assets = $74,000 + $58,000 + $ 64,000 + $34,000 = $230,000

And, Current liabilities = Accounts payable + Interest payable + notes payable

So, current liabilities = $21,500 + $11,500 + $20,000 = $53,000

Now apply these amounts to above formula

= $230,000 ÷ $53,000

= 4.33 times

Hence, Current Ratio is 4.33 times

 b. Acid test Ratio : In this ratio, it shows a relationship between quick asset and current liabilities.  

So, Acid Test ratio = Quick Assets ÷ Current liabilities    

where quick assets = Cash + Accounts receivable

                                  = $74,000 + $58,000

                                  = $132,000

And, Current liabilities = Accounts payable + Interest payable + notes payable

So, current liabilities = $21,500 + $11,500 + $20,000 = $53,000

Now apply these amounts to above formula

= $132,000 ÷ $53,000

= 2.49 times

Hence, Acid Test Ratio is 2.49 times                                            

c. Debt Equity Ratio : The debt equity ratio shows a relationship between total debt and total equity of the firm. It helps to calculate the profitability of the company.  

Where total debt includes accounts payable, interest payable, notes payable etc and total equity includes common stock, retained earnings, etc.  

So, The formula to compute debt equity ratio  

= Total debt ÷ Total Equity  

where,  

Total debt = Accounts payable +  interest payable + notes payable

                 = $21,500 + $11,500 + $200,000

                 = $233,000

And total Equity = Common stock + retained earnings

                          = $89,000 + $64,000

                          = $153,000

So, debt equity ratio = $233,000 ÷ $153,000

                                  = 1.52 times

7 0
3 years ago
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