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3 years ago

Which method of payment actually is a form of borrowing money that needs to be paid back later

1 answer:

6 0

Credit, when you use a credit card you borrow money from the bank which you have to pay off in a certain amount of time or else you’ll have to pay even more because of fees. With debit cards you just using your own money in your bank account

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On April 1, Sangvikar Company had the following balances in its inventory accounts:

noname [10]

Answer:

DR Raw Material Inventory $30,000

CR Accounts Payable $30,000

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

DR Work in Process $‭7,430‬

CR Wages Payable $‭7,430‬

Working

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

= $‭7,430‬

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

DR Manufacturing Overhead $4,765

CR Accounts Payable $4,765

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

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

in which economy below are private owners most concerned with developing wealth? capitalism mixed market socialism communism

vaieri [72.5K]

Private owners' primary aim in capitalism is money creation.

A system of economics referred to as "capitalism" is one that promotes private ownership of the tools of creation, distribution, and exchange in order to generate profit. In this system, the market decides the production and pricing of the goods and services, hence supply and demand dynamics are very important.

An economic system known as capitalism is one in which private individuals own and manage the trade and industries of the economy in order to profit.

What is Capitalism:

Capitalism, which includes both the working class and the capitalist class, supports class differentiation, there is a significant gap between the rich and the poor. On the other hand, communism is opposed to class inequalities in society since it supports a society in which there is no distinction among the rich and the poor.

In a capitalist society, everyone is responsible for generating their own wealth. Contrarily, in communism, wealth is dispersed in accordance with needs and capacity. While there is intense competition between businesses in capitalism, this is not the case in communism, because the government controls the market. While capitalism exists in western nations, socialism is more prevalent in eastern nations.

Learn more about Capitalism:

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4 0

1 year ago

The depreciation tax shield is best defined as the:

lesantik [10]

Is best defined as the amount of tax that is saved because of the depreciation expense.

7 0

3 years ago

Guerilla Radio Broadcasting has a project available with the following cash flows : Year Cash Flow 0 −$15,700 1 6,400 2 7,700 3

drek231 [11]

Answer: 2.36 years

Explanation:

Payback period is the amount of time it will take to pay off the initial investment/ outlay which in this case is $15,700.

= Year before investment is paid + (Amount remaining/ Cashflow in year of Payback)

Add up the cashflows to find the year before payback;

= 6,400 + 7,700

= $14,100

Year before payback = 2

Amount remaining;

= 15,700 - 14,100

= $1,600

Payback period = 2 + (1,600/ 4,500)

= 2.36 years

5 0

3 years ago

Nu Company reported the following pretax data for its first year of operations. Net sales 2,910 Cost of goods available for sale

kozerog [31]

Answer:

$434

Explanation:

Net sales = $2,910

-Cost of goods sold = $1,560 (Working)

=Gross profit = $1350

-Operating expenses = $730

=Profit before Tax = $620

-Tax 30% = $186

=Net Profit/Net Income= $434

<u>Working</u>

Cost of goods sold = Cost of goods available for sale - Closing Inventory if LIFO is elected

Cost of goods sold = 2,430 - 870 = 1560

5 0

3 years ago

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