Roland is filing his federal income tax return with the 1040ez form, and he received two w-2 forms. on one, $2620 in federal inc
2 answers:
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Answer:
A) Adjusting entries:
Dr Sales salaries expense 2,400
Cr Sales salaries payable 2,400
Dr Selling expenses 2,100
Cr Prepaid selling expenses 2,100
Dr Cost of goods sold 3,700
Dr Merchandise inventory 3,700
B) prepare the closing entries
Dr Sales revenue 550,900 (net = $557,000 - $19,900 - $6,200)
Cr Income summary 550,900
Dr Income summary 484,200
Cr Cost of goods sold 239,700 (net = $236,000 + $3,700)
Cr Sales salaries expense 62,400 (net = $60,000 + $2,400)
Cr Selling expense 44,100 (net = $42,000 + $2,100)
Cr Utilities expense 21,000
Cr Administrative expense 117,000
Dr Income summary 66,700 (= $550,900 - $484,200)
Cr Retained earnings 66,700
Dr Retained earnings 45,000
Cr Dividends 45,000
Answer: $403.20
Explanation:
We use a mortgage calculator to calculate the interest paid in the final payment. Since each repayment is made at the end of year, the repayments are annual payments. So, the calculator should have an annual amortization schedule to solve the problem.
I used http://www.calculator.net/loan-calculator for the calculation because it has an annual payment schedule. Then, I went under the subtitle Paying Back a Fixed Amount Periodically because the payments are equal. In that online calculator, I just input these data:
- Loan Amount: $12,000
- Loan Term: 4 (Loan term is number of years to pay the loan)
- Interest Rate: 11.5%
- Compound: Annually (APY)
- Pay Back: Every year
Then, I clicked the calculate button and view amortization table. The annual amortization schedule is attached in this answer.
To determine the interest paid at the final payment, I looked at payment #4 because the final payment is at the 4th year. (The loan is paid in 4 annual payments).
As seen in the attached image, the interest paid in payment #4 is $403.20. Hence, the interest paid in the final payment is $403.20.
Explanation:
We use a mortgage calculator to calculate the interest paid in the final payment. Since each repayment is made at the end of year, the repayments are annual payments. So, the calculator should have an annual amortization schedule to solve the problem.
I used http://www.calculator.net/loan-calculator for the calculation because it has an annual payment schedule. Then, I went under the subtitle Paying Back a Fixed Amount Periodically because the payments are equal. In that online calculator, I just input these data:
- Loan Amount: $12,000
- Loan Term: 4 (Loan term is number of years to pay the loan)
- Interest Rate: 11.5%
- Compound: Annually (APY)
- Pay Back: Every year
Then, I clicked the calculate button and view amortization table. The annual amortization schedule is attached in this answer.
To determine the interest paid at the final payment, I looked at payment #4 because the final payment is at the 4th year. (The loan is paid in 4 annual payments).
As seen in the attached image, the interest paid in payment #4 is $403.20. Hence, the interest paid in the final payment is $403.20.