Answer:
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Explanation:
Whole life policies provide “guaranteed” cash value accounts that grow according to a formula the insurance company determines. Universal life policies accumulate cash value based on current interest rates. Variable life policies invest funds in subaccounts, which operate like mutual funds.
Answer: See explanation
Explanation:
a. Calculate the predetermined overhead rate Overhead Rate per hour
Predetermined Overhead rate will be the estimated total manufacturing overhead divided by the estimated total direct labor hours. This will be:
= $ 921,600/51,200
= $ 18
(b) Calculate how much manufacturing overhead will be applied to production
Manufacturing overhead that'll be applied to production will be the predetermined overhead rate multiplied by the actual total direct labor hours. This will be:
= $ 18 × 48,900 direct labor hours
= $ 880,200
(c) Is overhead over- or underapplied? By how much?
The Actual Overhead Incurred = $902,900 while the manufacturing overhead applied = $880,200. This shows that overhead is underapplied due to the fact that manufacturing overhead applied is less than the actual overhead that is incurred.
Therefore, the amount of overhead that was underapplied will be:
= $ 902,900 - $ 880,200
= $ 22,700
(d) What account should be adjusted for over-or underapplied overhead? Should the balance be increased or decreased?
Based on the scenario in the question and the answers calculated, the cost of goods sold should be increased.
Answer:
d. 3.85 trillion
Explanation:
Step 1: Given data
GDP = GDP grew by = 4% = 0.04
R = inflation rate was = 2.5% = 0.025
D = government budget deficit was = $250 billion
Step 2: Formula
X = debt at the start of last year
X = D / (GDP + R)
Step 3: Computation
X = 250 billion / (0.04 + 0.025)
X = 250,000,000,000 / 0.065
X = 3,846,153,846,153.85
Step 4: Convert to trillion
X = 3,846,153,846,153.85 / 1,000,000,000,000
X = 3.85 trillion
The correct option is d. 3.85 trillion
Hope this helps!
Answer:
Common Stock $90,000 (debit)
Retained Earnings $135,000 (debit)
Revaluation Reserve $75,000 debit)
Investment in Subsidiary $300,000 (credit)
Explanation:
The Parent (Investor) acquires the Assets and Liabilities (or Equity) of the Subsidiary (Investee) at their Acquisition date fair values.
Any excess of the Purchase Consideration over the Net Assets/ Equity taken over is known as Goodwill and is shown in the Consolidated financial Statements of the Group.
The above shows the elimination journal entry that would be prepared at the acquisition date. The Revaluation reserve has been created to adjust the fair value of PPE. There is no goodwill.
