Answer:
Interest amounts at December 31st = $80
Interest amounts at April 30th = $160.
Explanation:
Total interest amount = $6,000 * 8% = $480
Since this is a time extension, we have 360 days (i.e. 180 * 2 = 360)
Interest amounts at December 31st (Nov. 1 - Dec. 31) = (60/360) * $480 = $80
Interest amounts at April 30th (Jan.1 - Apr. 30) = (120/360) * $480 = $160.
Answer:
Wyman company should recognize a foreign exchange loss in the amount of $12,600
Explanation:
On the date of sale: £1 = $1.35
So £60,000 = 60,000 × $1.35 = $81000
On the date of payment: £1 = $1.14
So £60,000 = 60,000 × $1.14 = $68, 400
The amount Wyman company received on the date of payment is $12,600 less than the amount it ought to have received on the date of sale.
So Wyman company should recognize a foreign exchange loss in the amount of $12,600
The answer is Minority-owned
businesses. The growth in number of businesses owned by African Americans,
Hispanics, and Asian Americans has outpaced overall growth and the Immigrants
own nearly 15 percent of all small businesses and are more likely to own small
businesses than native-born citizens.
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Answer:
D) Overhead was underapplied by $4,000.
Explanation:
Overhead is underapplied when the actual balance in the manufacturing overhead control account is larger than the balance in the applied manufacturing overhead account.
In this case, the balance of the manufacturing overhead control is $124,000 while the balance of the applied manufacturing overhead account is $120,000. This means that actual overhead costs were $4,000 higher than budgeted.
Answer:
The transaction recorded are shown in the below table.
Explanation:
According to the scenario, the following transaction according to the perpetual system can be recorded as follows :
Date Particulars Debit Credit
Feb.9 Purchase Inventory $54,000
Accounts payable $54,000
Mar.7 Accounts Receivable $74,000
Sales inventory $74,000
Mar.7 Cost of goods sold $54,000
Inventory $54,000
