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Aloiza [94]
3 years ago
8

A Firm needs to replace most of its machinery in five years at a cost of $500,000. The company wishes to create a sinking fund t

o have this money available in five years. How much should the quarterly deposits be if the fund earns 8%
Business
1 answer:
DaniilM [7]3 years ago
6 0

Answer:

The quarterly deposit required is $ 20,578.36

Explanation:

in order to determine the needed quarterly deposit, we make use of pmt formula in excel, which is given as :

=-pmt(rate,nper,-pv,fv)

rate is the rate of return on the deposit at 8% per year but 2% per quarter(8%/4)

nper is number of deposits required in the fund,which number of years ,5 multiplied by 4(4 deposits per year)

pv is the present of the value of the future amount which is zero as it is not required.

Fv is the amount expected in 5 years which is $500,000

=-pmt(2%,20,0,500000)

pmt= $20,578.36

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Actual indirect materials costs$11,800 $6,700 Actual indirect labor costs 55,600 45,900 Other overhead costs 16,000 49,900 Overh
dusya [7]

Answer:

See below

Explanation:

1. Actual costs = $11,800(indirect material + $55,600(indirect labor) + $16,000(other overhead costs) = $83,400(actual cost)

$91,400(overhead applied) - $83,400(actual cost) = Overhead applied is greater than the actual cost which means that overhead was over applied by $8,000

2. Debit: Manufacturing overhead $8,000

______ Credit: Cost of goods sold $8,000

3. Actual costs = $6,700(indirect material) + $45,900(indirect labor) + $49,900(other overhead costs) = $102,500

$96,700(overhead applied) - $102,000(actual costs) = Overhead applied is less than the actual costs which means that overhead was under applied by $5,800

4. Debit : Cost of goods sold $5,800

_______ Credit: Manufacturing overhead $5,800

7 0
3 years ago
On April 1, Sangvikar Company had the following balances in its inventory accounts:
noname [10]

Answer:

a.

DR Raw Material Inventory                             $30,000

CR Accounts Payable                                                     $30,000

b.

DR Work in Process Inventory                          $33,900

CR Raw Material Inventory                                                $33,900

Working

= Job 114 + Job 115 + Job 116

= 16,500 + 12,400 + 5,000 = $33,900

c.

DR Work in Process                                            $‭7,430‬

CR Wages Payable                                                             $‭7,430‬

Working

= (150 * 15) + (220 * 17) + (80 * 18)

= $‭7,430‬

d.

DR Work in Process                                              $‭4,458‬

CR Manufacturing Overhead                                              $‭4,458‬

Working

Overhead as % of Direct labor cost using Job 115 = Applied Overhead / Direct labor = 936/1,560 = 60%

Manufacturing Overhead = Overhead rate * Direct labor

= 60% * 7,430 = $‭4,458‬

e.

DR Manufacturing Overhead                                     $4,765

CR Accounts Payable                                                              $4,765

f.

DR Finished Goods                                                    $‭23,520‬

CR Work in Process                                                                   $‭23,520‬

Job 115 costs = Beginning + Material + Labor + Overhead

= (2,640 + 1,560 + 936) + 12,400 + (220 * 17) + (220 * 17 * 60%)

= $‭23,520‬

g.

DR Cost of Goods sold                                               $‭23,520‬

CR Finished Goods                                                                     $‭23,520‬

DR Accounts Receivable                                            $‭32,928‬

CR Cost of Goods sold                                                              $‭32,928‬

Working

= ‭23,520‬ * 140%

= $‭32,928‬

4 0
3 years ago
Currently the U.S. Olympic Committee (USOC) pays Olympic athletes $25,000 for each gold medal, $15,000 for a silver medal, and $
Mkey [24]

Answer:

Option A                  

Explanation:

In simple words, Valence is individuals mental attitude towards result in second order. In this situation, the consequence of the first requirement is title earning and the consequence of that same second order is really the monetary support the competitors receive from either the USOC. Motivational Force (MF) = Survival rate * Instrumentality * Valence as according to Vroom's expectation principle.

7 0
3 years ago
Global temperature trends can be inferred from changes in
Olin [163]
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If I managed to help you, please make sure to mark my answer as the "Brainliest" answer. Thanks! :)</span>
6 0
3 years ago
You have the following information on Olivia's Bridle Shop: total liabilities and equity = $65 million, current liabilities = $1
Pepsi [2]

Answer:

Total Fixed Assets = 20 million

Explanation:

Total liabilities and equity = $65 million

Current liabilities = $10 million

Inventory = $15 million

Quick ratio = 3 times.

As we know

Total liabilities and equity = Total Assets

65 Million = Total Fixed Assets + Total Current Assets

65 Million = Total Fixed Assets + 45 million

Total Fixed Assets = 65 million - 45 million

Total Fixed Assets = 20 million

Quick Ratio = ( Total Current Assets - Inventory ) / Total Current Liabilities

3 = ( Total Current Assets - 15 million ) / $10 Million

3 x $10 Million = Total Current Assets - 15 million

30 million = Total Current Assets - 15 million

30 million + 15 million = Total Current Assets

Total Current Assets = 45 Million

8 0
2 years ago
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