Answer:
We will have $6488.6 in our account in 6 years.
Explanation:
The rate is 6.1% but it is compounded daily which means that the effective annual interest rate will be different to the stated rate. In order to find the EAR we will use the formula
(1+(R/N))^N)-1
In this case R=6.1% and N is 365 as there are 365 days in a year which means there will be 365 compounding periods as it is compounded daily.
We will put these values in the formula.
(1+(0.061/365))^365)-1
=(1.000167^365)-1=1.062893-1=0.062893
The Ear is 6.289%
Now in order to find how much we will have in our account in 6 years will use the formula
Future value = Present value *(1+Ear)^Number of years.
Future value = 4,500*(1+0.06289)^6=6488.6
Answer:
B. debit to WIP inventory
Explanation:
The journal entry to record the usage of direct material in production is
Work in Process Inventory Dr.
To Raw Material Inventory
(Raw materials consumed recorded)
Raw material inventory is an asset. It's consumption should reduce it's balance. A debit increases an asset's balance while a credit reduces it's balance.
Work in process, like raw material is an inventory account i.e an asset. A debit increases their balance whereas a credit reduces it.
Here, raw materials i.e direct material have been issued for production, which would reduce their balance and increase the balance of work in process as finished goods are yet to be made.
Answer: 2). Neither U.S. GDP nor U.S. GNP were affected.
Explanation: Gross Domestic Product (GDP) is the total monetary value of all the final goods and services produced in a country during its financial year.
Gross National Product (GNP) on the otherhand is broad measure of the value of all finished goods and services produced in a country in one year by its nationals.
Both GDP and GNP measure goods and services and not financial assets such as shares. Hence, financial assets do NOT contribute to the GDP or GNP of any nation.
Answer: $193,800
Explanation:
Based on the information given in the question, the expense that Holyoak should report for its promotional coupons in its 2021 income statement would be calculated as:
= 11400 × 85% × 20
= 11400 × 85/100 × 20
= 11400 × 0.85 × 20
= $193,800
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
Activity cost pools:
Direct labor $ 10 per direct labor-hour
Machine processing $ 3 per machine-hour
Machine setups $ 45 per setup
Production orders $ 150 per order
Shipments $ 115 per shipment
Product sustaining $ 750 per product Activity
Total Expected Activity K425:
Number of units produced per year 200
Direct labor-hours 1,075
Machine-hours 2,400
Machine setups 13
Production orders 13
Shipments 26
Product sustaining 1
Total Expected Activity M67:
Number of units produced per year 2,000
Direct labor-hours 50
Machine-hours 40
Machine setups 1
Production orders 1
Shipments 1
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH K425= 1,075*10 + 3*2,400 + 45*13 + 150*13 + 115*26 + 750= $24,225
Allocate MOH M67= 10*50 + 3*40 + 45*1 + 150*1 + 115*1= $930