Answer:
d. $5,400
Explanation:
The computation of the interest expense is shown below:
As
Interest Expense is
= $50,000 × 10%
= $5,000
And,
Amortization Expense is
= ($50,000 - $46,000) ÷ 10 years
= $400
So,
Total Bond Interest Expense is
= Interest expense + amortization expense
= $5,000 + $400
= $5,400
We simply added the interest expense and the amortization expense so that the total bond interest expense could come
Answer:
Ending inventory= $5,040
Explanation:
Giving the following information:
Beginning Inventory= 1000 units for $7.20
Mar. 10: Purchase= 600 units for $7.25
Mar. 16: Purchase= 800 units for $7.30
Mar. 23: Purchase= 600 units for $7.35
Marvin sold 2,300 units.
Under the LIFO inventory method, the ending inventory cost is calculated using the first units incorporated to inventory.
Ending inventory in units= total units - units sold
Ending inventory in units= 3,000 - 2,300= 700 units
Ending inventory= 700*7.2= $5,040
Answer:
Explanation:
Base on the scenario been described in this question, we can use the following method to be solve the question below using Microsoft word we have the solution in the image attached file below
Answer:
Dr Service cost 245,000
Cr Interest 166,400
Cr Cash 411,400
Dr Plan assets - pension 411,400
Cr Service cost 245,000
Cr Interest 166,400
Explanation:
Preparation of the journal entries to record annual pension expense for the enterprise fund of Amherst City
Since we are Assuming that the plan investments was $184,300 while the service cost component is the sum of $245,000, and interest on the pension liability is the sum of $166,400 for the year this means the Journal entries to record annual pension expense for the enterprise fund of Amherst City will be:
Dr Service cost 245,000
Cr Interest 166,400
Cr Cash 411,400
(245,000+166,400)
Dr Plan assets - pension 411,400
(245,000+166,400)
Cr Service cost 245,000
Cr Interest 166,400
What is the average inventory of a business that turns over inventory 10.0 times a year and has a cost of goods sold of $300,000?
a. $30,000
b. $ 3,000
c. $ 3,000,000
d. $300,010
Inventory is a collection of finished goods or items for manufacture held by a company for business purposes. The company could sell the inventory for profit. That means the products are finished and ready for selling as they are. Alternatively, the company could supply the goods to partner companies for further manufacturing. The products are then transformed or combined to become a different product. It depends on where the company is in the supply chain. Inventory is classed as a company asset. You note it as such on your balance sheet. The costs associated with buying, storing and selling inventory are tax-deductible expenses. The gross profit from the sale of inventory must be declared on your tax return as income. Making note of the expenses you incur from the inventory can lower your income tax amount.
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