Answer:
1.Jan 01 Dr Cash 360,000
Cr Notes payable 340,000
2.Interest expense 28,800
Principal Reduction 61,364
Explanation:
MM Co.
1 . Journal entry
Since MM Co. borrows $360,000 cash on January 1 from a bank this means we have to
Debit Cash with the amounts of money he borrowed which is $360,000 and Credit Notes Payable with the same amount.
Jan 01 Dr Cash 360,000
Cr Notes payable 340,000
2. Calculation of the amount goes toward interest expense and Principal reduction
Interest expense 28,800
(360,000*8%)
Principal Reduction 61,364
(90,164-28,800)
Answer:
False
Explanation:
It should be detailed, clear and straight to the point. It doesn't have to be anything complicated.
Answer:
The interest expense is $521
Explanation:
The amount of interest expense for the fiscal year is the interest expense of 31 days which ,in other words the interest incurred only in the month of July ,calculated thus:
interest expense=days in the month/360days*interest rate*loan amount
interest expense=31/360*10%*$60,500=$ 521
The interest expense for the current fiscal year rounded to the nearest dollar amount is $ 521
Other things remain the same if the average aggregate inventory value goes down, then the inventory turnover ratio will go up, but weeks of supply will go down.
An inventory valuation allows a company to provide a monetary value for items that make up its inventory. Inventories are usually the largest current asset of a business, and proper measurement of them is necessary to assure accurate financial statements.
An inventory valuation is a monetary amount associated with the goods in the inventory at the end of an accounting period.
learn more about inventory value here
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Answer:
$1,440 per machine
Explanation:
The computation of the cost per machine is shown below:
= Total cost ÷ number of machine completed
where,
Total cost = Material cost + direct labor cost + manufacturing overhead applied cost + beginning work in process cost - ending work in process cost
= $15,000 + $11,000 + $7,000 + $11,000 - $8,000
= $36,000
And, the number of machine completed is 25
So, the cost per machine is
= $36,000 ÷ 25 machines
= $1,440 per machine
