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aalyn [17]
3 years ago
9

Sandusky Company borrowed $28,000 from the Lakeside Bank by issuing a 10% three-year installment note. Sandusky agreed to repay

the principal and interest by making annual payments in the amount of $11,259.21. Based on this information, the amount of the interest expense associated with the second payment would be: (round your answer to the nearest dollar)
Business
1 answer:
Marrrta [24]3 years ago
6 0

Answer:

the amount of the interest expense associated with the second payment would be $1,954

Explanation:

According to the given data we have the following:

Amount borrowed= $28,000.00

10% interest=$28,000×0.10=$2,800

Therefore, Total outstanding at end of year 1=$28,000+$2,800

Total outstanding at end of year 1=$30,800

Sandusky agreed to repay the principal and interest by making annual payments in the amount of $11,259.21, therefore

Net balance at end of year 1= $30,800-$11,259.21

Net balance at end of year 1=$19,540.79

Hence, To calculate the amount of the interest expense associated with the second payment we would have to make the following calculation:

amount of the interest expense associated with the second payment= $19,540.79×10%=$1,954

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Units Produced 20,000
Alexeev081 [22]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Units Produced 20,000

Units Sold 17,000

Unit Sales Price $ 240

Full Manufacturing Cost Per Unit $97

<u>Under the absorption costing method, the fixed manufacturing overhead is part of the product cost.</u>

Income statement:

Sales= (17,000*240)= 4,080,000

Cost of goods sold= (17,000*97)= (1,649,000)

Gross profit= 2,431,000

Variable Selling Expenses=  (71,000)

Fixed General and Administrative Costs= (88,000)

Net operating income= 2,272,000

3 0
3 years ago
Capital gains that are realized upon the sale of a municipal security are:________
baherus [9]

Answer:

A. I and III

Explanation:

Capital gains on the municipal securities are taxable at the Federal, State and Local Level. Only the interest income from the municipal securities will be exempted from the Federal income tax.

8 0
3 years ago
A small enterprise is one with _______ employees.
baherus [9]
A small enterprise is one with smaller number of employees. It has a maximum number of employees that is 250 persons. It's annual balance sheet is said to no exceed 43 million euro. Hope this answers the question. Have a nice day. 
5 0
3 years ago
Marigold Corporation had income from continuing operations of $10,634,000 in 2020. During 2020, it disposed of its restaurant di
earnstyle [38]

Answer:

                        MARIGOLD CORPORATION

                         Income Statement (Partial)

                  For the year ended December 31, 2020  

Income from continuing operation                                   $10,634,000

Discontinued operations  

Loss from operation of discontinued         $320,700  

restaurant division(net of tax)  

Loss from disposal of restaurant division   $206,700     <u>$527,400</u>

(net of tax)

Net Income                                                                         <u>$10,106,600</u>

Earnings per share

Income from discontinuing operations  A  1.06

[10,634,000/10,000,000]

Loss from discontinued operations  B        <u>0.05</u>

[527,400/10,000,000]

Net Income A/B                                             <u>1.01</u>

7 0
3 years ago
The approach used when overhead is applied to jobs by multiplying a predetermined overhead rate by the actual amount of the allo
Sati [7]

A method of costing whereby overhead costs are allocated to a job by multiplying the actual cost of the allocation base incurred by the job by a specified overhead rate is known as Normal Costing.

<h3>What is predetermined overhead rate?</h3>

An allocation rate known as the predetermined overhead rate allocates a specific amount of manufacturing overhead to job orders or goods.

Predetermined overhead is frequently calculated at the start of each reporting period by dividing the anticipated manufacturing overhead expenses by an allocation base.

The allocation base refers to the time taken to perform an activity such as the machine hours, direct labor hours etc.

Normal Costing also known as the product costing method in which the several cost such as the direct cost, material cost, manufacturing overhead cost as well as the work in progress is added.

Learn more about Predetermined overhead here:

brainly.com/question/15059078

#SPJ1

6 0
2 years ago
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