Answer:
The interest rate is 0.06%
Explanation:
Step one :
Given data
final amount $1,000
initial principal balance $850
annual interest rate=?
time (in years)=5 years
Step two:
Applying the
Simple interest/Formula
A = P (1 + rt)
A = final amount
P = initial principal balance
r = annual interest rate
t = time (in years)
Plugin our data into the formula We have
1000=850(1+r*5)
1,000=850(1+5r)
Opening bracket we have
1,000=850+4,250r
Colleting like terms we have
1000-850=4250r
250=4,250r
Dividing both sides by 4,250 we have
r=250/4250
r=0.058
Hence the interest rate is 0.06%
Answer:
$31,800
Explanation:
All Non Manufacturing expenses are treated as Period costs. Period Costs are expensed in Income Statement.
<u>Calculation of Total Period Costs</u>
Sales commissions expense $15,600
Administrative office supplies $7,300
Administrative Office salaries expense $8,900
Total $31,800
Conclusion
The total costs that will be expensed when incurred on the income statement for the period is $31,800.
Answer:
Employer should withheld $1,643 from Baker's salary
Explanation:
Baker earned $113,300 in 2012. As on 2012, FICA tax rate withheld from employee's salary is 7.65% that constitutes 4.5% of social security, 1.45% of medicare taxes and 2% additional for employees whose wages exceed $18,350.
The gross income base for social security part has increased in 2012 to $110,100. This is not applicable for medicare tax of 1.45%.
Here, Baker's salary of $113,300 is above social security limit, so his income will not be withheld for social security. However, 1.45% of his salary will be withheld for medicare tax.
Therefore, $1,643 that is 0.0145×113,300 is withheld from his salary.
1) A. C.
2) A. E.
3) B. C.
4) B. F.
5) A. E.
6) A. C.
7) B. F.
8) B. C.
Explanation:
1) Delta Airlines provided flights this month for customers who paid cash last month for tickets. Revenue has been earned. Liability has been incurred.
2) GSD+M completed work on an advertising campaign that will be collected next month. Revenue has been earned. Asset has been acquired.
3) Abercrombie received a telephone bill for services this month, which must be paid next month. Expense has been incurred. Liability has been incurred.
4) The Tiger Woods Foundation used up some of the benefits of its 35,000-square-foot building. Expense has been incurred. Asset has been used up.
5) IBM completed a consulting project for the CDC to simulate the spread of contagious viruses and will be paid next month. Revenue has been earned. Asset has been acquired.
6) This month Apple, Inc. redeemed iTunes gift cards that had been issued last month. Revenue has been earned. Liability has been incurred.
7) Schutt Sports used up some of the benefits of its football helmet manufacturing equipment. Expense has been incurred. Asset has been used up.
8) Procter & Gamble received a bill for this months advertising services, which it will pay next month. Expense has been incurred. Liability has been incurred.
