Answer:
$360,308
Explanation:
The computation of the total amount of interest revenue is shown below:
But before that we have to determine the annuity payment per year which is
Annuity payment per year is
= Fair value ÷ PVIFA for 10% for 5 years
= $991,692 ÷ 5.868
= $169,000
Now Total payments for eight years is
= $169,000 × 8
= $1,352,000
So, the amount of interest revenue is
= Total payments made for eight years - Fair value
= $1,352,000 - $991,692
= $360,308
Answer:
equipment 3,700
Explanation:
First we calcualte the values of the machine given up:
<u>traded-out assets</u>
purchased 23000
depreciation <u>20,000 </u>
book value 3,000
fair value 5,000
gain on disposal 2,000
This gain would be recognzie if there was commercial substance. In this case we don't have commercial substance. So it is deffered.
Value given up forthe new equipment:
cash 700
traded-out <u>5,000 </u>
total value 5,700
We subtract the deffered gain on disposal to get the accounting value for the new equipment:
deferred gain (2,000)
accounting value 3,700
The machine will enter the accounting with 3,700
journal entry
equipment 3,700
acc del 20,000
equipment 23,000
cash 700
SG&A is an initialism used in accounting to refer to Selling, General and Administrative Expenses, which is a major non-production cost presented in an income statement.
Indirect costs are costs that are not directly accountable to a cost object. Indirect costs may be either fixed or variable. Indirect costs include administration, personnel and security costs. These are those costs which are not directly related to production. Some indirect costs may be overhead.
The Yanos Company found that the prior year's tax liabilities had been handled incorrectly after reviewing their books. They'll now have to make accounting adjustments. An example of modifications brought on by an error is this.
A person who is able to adjust to changes in their physical, occupational, and social environment is said to be in a state of adjustment. Adjustment, then, is the behavioral process of balancing opposing demands or needs that are hampered by environmental challenges. Both people and animals regularly adapt to their surroundings. For instance, they eat to sate their hunger when it is triggered by their physiological state, which allows them to respond to the hunger stimuli. An failure to respond normally to a need or stress in the environment is a sign of adjustment disorder.
To have a life of high quality, adjustment must be successful. People who have trouble adjusting are more prone to experience clinical anxiety.
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Answer:
D. $952
Explanation:
The computation of the net income in the case when the LIFO is elected
Particulars AMount
Net sales $7,232 ($8,000 - $640 - $128)
less : cost of goods sold ($6,200 - $820) $5,380
Gross Profit $1,852
Less: Operating Expenses $900
Income before taxes $952
less: Income tax $0
Net income $952
Hence, the net income is $952
