The answer is fiduciary monetary systems. Cash gets its incentive from the certainty that general society has in its agreeableness. A case of such fiscal framework is the United States financial framework. On the off chance that you at any point saw the words in any dollar charge which says "In God We Trust" was first utilized as a part of 1957. Prior to that date, dollar bank notes were indicating "Silver Certificate".
The amount that Course Co. should report as a liability for accrued interest on its December 31, 2021 balance sheet is $240.
<h3>What is accrued interest?</h3>
Accrued interest is an accounting expression that shows a liability for interest payment has been incurred for a loan but the payment has not yet been made.
For Course Co., it incurs accrued interest of $240 every quarter for the three-year note payable. Usually, the accrued interest is paid at the beginning of the next quarter.
<h3>Data and Calculations:</h3>
3-year note payable = $16,000
Rate of interest = 6% per year
Date of loan = May 1, 2020
Interest payment = quarterly or 4 times annually
Interest per quarter = $240 ($16,000 x 6% x 1/4).
Thus, the accrued interest on Course Co.'s December 31, 2021 balance sheet is $240.
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Answer:
$861
Explanation:
Fixed predetermined overhead rate = Total fixed overhead cost/Total labor hours
= $ 74,000/74,000 = $ 1 PLH
Variable predetermined overhead rate = $ 3.10 PLH
Applied overhead rate = Fixed predetermined overhead rate + Variable predetermined overhead rate = $ 1 + $ 3.10 = $ 4.1 PLH
Applied overhead cost for Job X387 = Applied overhead rate x No. of labor hours required for job X387 = $ 4.1 x 210 = $ 861
Answer:
- <em>One family earned an income of $28,000 in 1990. Over the next five years, their income increased by 15%, while the CPI increased by 12%. After five years, this family's nominal income</em><em><u> increased to $56,318.00 </u></em><em><u> </u></em><em>,and their real income </em><em><u> increased to $31,956.35 </u></em><em>.</em>
Explanation:
The<em> nominal income</em> will grow at a rate of 15%, per year during five years. Then, the growing factor is g = 1 +15% = 1 + 0.15 = 1.15.
That means that $28,000 will muliply five times by 1.15:
- $28,000 × 1.15 × 1.15 × 1.15 × 1.15 × 1.15 = $28,000 × (1.15)⁵
- $28,000 × 2.011 = $56,318.00
The <em>CPI increased by 12%</em> during the same period. Thus, the CPI after 5 years will be multiplied by 1.12⁵≈ 1.762
The real income, referred to 1990 will be $28,000 × (1.15)⁵ / (1.12)⁵ ≈ $28,000 × 1.1413 ≈ $31,956.35
Then, you can complete the text with:
<em>One family earned an income of $28,000 in 1990. Over the next five years, their income increased by 15%, while the CPI increased by 12%. After five years, this family's nominal income</em><em><u> increased to $ 56,318.00 </u></em><em>,and their real income </em><em><u> increased to $31,956.35 </u></em><em>.</em>
As long as the rate at which the income increases is higher than the rate at which the CPI increases, the real income increases.