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Murrr4er [49]
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
Business
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:

Retained Earnings    $14,500

Balance Sheet as of December 31, 2018:

Assets:

Cash                       $14,500

Equity:

Retained Earnings $14,500

Explanation:

a) Data and Calculations:

Cash revenue $30,400

Cash expense  (13,800)

Cash dividend    (2,100)

Cash balance  $14,500

5 0
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

Particulars                      Cost          Retail

Opening Inventory(A)   $63,800    $128,400

Purchases(B)                 $115,060    $196,800

Goods available

C=(A-B)                         $178,860     $325,200

Cost ratio

($178,860 ÷ $325,200 × 100) 55%  

Sales at retail (D)                            $260,000

End, Inventory at Retail                     $65,200

($325,200 - $260,000)

End, Inventory at Cost    $35,860  

($65,200 × 55%)

8 0
3 years ago
Litton Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the b
Minchanka [31]

Answer:

Overapplied overhead= $7,575

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

Predetermined manufacturing overhead rate= 1,250,000 / 40,000

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

6 0
3 years ago
Résumés should be written in complete sentences<br> True or False
Leona [35]

Answer:

Résumés should be written in complete sentences. ... When selecting words to include in a résumé, they should be complex in nature.

5 0
3 years ago
If a sole proprietorship fails which of the owner's assets may be lost
bulgar [2K]
They can lose their personal assets.
4 0
3 years ago
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