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3 years ago

8

Using the tables above, what would be the present value of $15,000 to be received at the end of each of the next 2 years, assumi

ng an earnings rate of 6%?
a. $27,495

b. $25,350

c. $26,040

d. $30,000

1 answer:

LUCKY_DIMON [66]3 years ago

7 0

The answer to this question is: D. 30,000

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Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1

yaroslaw [1]

Answer:

Mijka Company

a. Journal Entries

Debit Cash $30,400

Credit Service Revenue $30,400

To record the proceeds for services provided.

Debit Expenses $13,800

Credit Cash $13,800

To record the payment of cash for services.

Debit Dividend $2,100

Credit Cash $2,100

To record the payment of cash dividend.

b. Income Statement for the year ended December 31, 2018:

Service Revenue $30,400

Expenses 13,800

Net Income $16,600

Dividends (2,100)

Retained earnings $14,500

Statement of Changes in Stockholders' Equity as of December 31, 2018:

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Assets:

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Equity:

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Explanation:

a) Data and Calculations:

Cash revenue $30,400

Cash expense (13,800)

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2 years ago

Dakota Company had net sales (at retail) of $260,000.

disa [49]

Answer:

$35,860

Explanation:

The computation of the ending inventory using the retail inventory method is shown below

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End, Inventory at Retail $65,200

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End, Inventory at Cost $35,860

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3 years ago

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Answer:

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Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

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Predetermined manufacturing overhead rate= $31.25 per machine hour

<u>Now, we can allocate overhead:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 31.25*4,780

Allocated MOH= $149,375

<u>Finally, the over/under allocation:</u>

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 141,800 - 149,375

Overapplied overhead= $7,575

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Answer:

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