Answer:
The approximate monthly payment is $383
Explanation:
Here, we want to calculate the approximate monthly payment on a 3-year lease agreement and we have been told what to do in the question.
Firstly, we start off by subtracting 48% residual value from the MSRP
48% of 26,500 = 48/100 * 26,500 = $12,720
We subtract this from $26,500
That will be $26,500 - $12,720 = $13,780
We have 3 years and that is 36 months
So the approximate monthly payment will be;
$13,780 / 36 = 382.7777777777778 which is approximately $383 to the nearest whole digit
Answer:
C) Cash...........................600,000............Unearned Subscription Revenue.....600,000
Explanation:
January 31: 60,000 subscriptions sold
- Dr Cash account 600,000
- Cr Unearned Subscription Revenue account 600,000
Since cash is an asset account and it increases, then it should be debited.
Unearned revenue is a liability account, since the company received money in advance for future publications. When liabilities increase, they should be credited.
Answer:
EOQ 400 units
inventory cost $1,200
holding $600
ordering $600
reorder point 369.9 pounds
Explanation:
EOQ
<u>Where:</u>
D = annual demand = 200 days x 75 pound per day = 15,000
S= setup cost = ordering cost = $ 16
H= Holding Cost = $ 3
EOQ 400
Inventory cost:
average inventory x holding cost
400/2 x $3 = $600 holding cost
order per year x order cost
15,000/400 x $16 = $600 order cost
<u>reorder point: demand x lead time + safety stock</u>
to get a confidence of 99% we need to look at the table for a Z value which is above 99% of the cases and then, move it to our ditribution.
In the talbe we got at a Z of 2.33 has a score of 0.99 which is the probability we want.
Now we calculate the safety stock
safety stock: 69.9
This is the safety stock
Now the company will reorder at:
daily use x lead time + safety stock:
75 x 4 + 69.9 =
300 + 69.9 = 369.9
Answer:
The correct answer to the following question is $39,000 .
Explanation:
The given information -
Direct material - $25,000
Beginning work in progress - $2000
Ending work in progress - $5000
Direct labor - $10,000
Manufacturing overhead - $7000
So to calculate the cost of goods manufactured =
Direct material + Beginning work in progress + Direct labor + Manufacturing Overhead - Ending work in progress
= $25,000 + $2000 + $10,000 + $7000 - $5000
= $39,000
An account used with a related account to bring about a decrease in the net amount of the two account balances is called a contra account.
A contra account is used in a general ledger to reduce the value of a related account when the two are netted together.
Natural balance in the contra account is the opposite of the associated account.
If the natural balance has recorded the debit balance in the related account, the contra account will record a credit balance . For example, the contra account for a fixed asset is the accumulated depreciation.
Contra accounts are presented on the same financial statement as the associated account, generally appearing directly below it with a third line for the net amount.
Note that accountants always use contra accounts rather than to reduce the value of the original account directly to keep financial accounting records clean.
To know more about contra accounts here:
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