Answer:
Date Account Details Debit Credit
Sept. 30, 2020 Accounts Receivable $5,000
Sales $5,000
Date Account Details Debit Credit
Sept. 30, 2020 Cost of Goods Sold $2,000
Inventory $2,000
Answer:
Journal entries
Explanation:
The journal entries are as follows
1) Work in Process Dr $72,000
To factory overhead $72,000
(Being the application of factory overhead is recorded)
It is computed below:
= $120,000 × 60%
= $72,000
(2) Finished Goods $301,200
To Work in Process $301,200
(Being the job completed during July is recorded)
Only these two above entries are passed
Answer:
$22,650
Explanation:
The computation of the ending inventory is given below:
<u>item quantity unit cost unit lower unit lower value </u>
A 120 $60 $55 $55 $6600
B 170 80 75 75 12,750
C 110 30 40 30 3,300
Total $22,650
As the number of sellers in an oligopoly becomes very large, the quantity of output approaches the socially efficient quantity.
An Oligopoly is when there are few large firms operating in an industry.
Characteristics of an oligopoly:
- Firms set the price for their product
- Products are differentiated
- The demand curve is downward sloping
- There is a high barrier to entry and exit of firms into the industry.
As the number of firms increase in an oligopoly, the quantity and price approaches what would exist in a perfect competition. As the number of firms in an oligopoly decreases, the price and quantity produces approaches that would be exist in a monopoly.
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Chart Values are based on:
n= 7 Years
i= 8% Annual
Cash Flow Table Value * Amount = Present Value
Principal 0.5835 * $1,00,000 = $58,349
Interest (Annuity) [$100,000*8%] 5.2064 * $8,000 = $41,651
Price of Bonds $1,00,000
Park Corporation intends to issue a $2,800,000 face value bond with an interest rate of 7%. The bond has a term of 10 years and accrues interest semi-annually on June 30th and December 31st. All bonds were sold on January 1st of this year.
Loan Amortization
To get the number of monthly payments, calculate the interest expense by multiplying the interest rate by the loan balance and dividing by 12. The principal for a given month is the total monthly payment (lump sum) less the interest payment for that month.
The effective interest rate method is the method used to amortize bonds and indicates the actual interest rate applied to any period of time prior to the maturity of the bond. This is based on the book value of the bond at the beginning of each accounting period.
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