1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Dmitry_Shevchenko [17]
3 years ago
5

LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2016. In payment for the $25.0

million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 24%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required:

1. & 2.

Prepare the journal entries for LCDâs purchase of the components on November 1, 2016 and the first installment payment on November 30, 2016. (Enter your answers in whole dollars. If no journal entry is required for a transaction, select "No journal entry required" in the first account field.)

3.

What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2016?. (Enter your answers in whole dollars.)
Business
1 answer:
deff fn [24]3 years ago
8 0

Answer:

We will use the following equations for this problem

a. (Initial cost  Estimated output) × Actual yearly output

b. (Depreciable cost  Yearly output) × Estimated output

c. Depreciable cost  Yearly output

d. (Depreciable cost  Estimated output) × Actual yearly output

You might be interested in
Damien Carranza is a nonexempt employee of Verdant Enterprises where he is a salesperson, earning a base annual salary of $31,75
Allushta [10]

Answer:

Damien Carranza

Gross pay = $1.494.17

Explanation:

a) Data and Calculations:

Base annual salary = $31,750

Weekly base hours = 40 hours

We assume that there are 52 weeks in a calendar year.

Hourly rate = $31,750/(52 weeks * 40 hours) = $15.26442 per hour

Overtime worked = 4 hours

Overtime rate = 4 * $31,750/2,080 * 1.5 = $91.59

Weekly base pay = 40 * $31,750/2,080 = 610.58

Commission = $26,400 * 3% =                 792.00

Gross pay =                                            $1,494.17

b) Since Damien is a non-exempt employee, he is entitled to earn the federal minimum wage and qualify for overtime pay.  This is calculated as one-and-a-half times his hourly rate, for every hour worked above and beyond the standard 40-hour workweek.  The gross pay is Damien's total earnings throughout the week before deductions for mandated taxes, health insurance, retirement, and Medicare contributions are made.

7 0
3 years ago
Morgan Company's budgeted income statement reflects the following amounts:Sales Purchases ExpensesJanuary $ 120,000 $ 78,000 $ 2
Whitepunk [10]

Answer:

 e.$113,300                                          

Explanation:

Download xlsx
7 0
3 years ago
The resources in the input market come from
Yuki888 [10]

Answer:

D

Explanation:

4 0
3 years ago
Chef Grill Company manufactures two types of cooking grills: the Gas Cooker and the Charcoal Smoker. The Cooker is a premium pro
kenny6666 [7]
Wowie. soup is nice right yes it is
8 0
3 years ago
Monique Products, a web-based company, maintains no manufacturing facilities. As orders come in, the company contracts with othe
Sonbull [250]

Answer:

The correct answer is: a virtual corporation.

Explanation:

Virtual corporations are becoming more common with the massification of the internet and communications. They are generally companies that are dedicated to the commercialization of products and generate a massive movement in the network that allows them to be in the "voice to voice" of people. They do not have physical facilities, which saves them expenses such as leasing and public services, and the contracted staff is minimal. These companies are based on the strategy of fast and massive shipments through transport companies in order to satisfy the needs of their clients.

8 0
3 years ago
Other questions:
  • Brooklyn sells a single product to wholesalers. The company's budget for the upcoming year revealed anticipated unit sales of 33
    9·1 answer
  • A manager of a monopoly firm notices that the firm is producing output at a rate at which average total cost is falling but is n
    8·1 answer
  • You have been given the following information for Corky’s Bedding Corp.: Net sales = $12,250,000. Cost of goods sold = $8,900,00
    7·1 answer
  • National savings is equal to the sum of private savings and public savings. To make our notation a bit easier, we will call nati
    11·1 answer
  • Strategic fit among the many activities in the value chain is critical for competitive advantage because it is more difficult fo
    10·1 answer
  • Consider the following production​ function: q equals 9 LK plus 4 Upper L squared minus (one third )Upper L cubed . Given the fo
    13·1 answer
  • A quality analyst wants to construct a control chart for determining whether three machines, all producing the same product, are
    8·1 answer
  • A contract in which an owner provides a user the right to use an asset in return for periodic cash payments over a period of tim
    6·1 answer
  • Adams, Inc. has sales of $100,000 with a contribution margin of $60,000 and net income of $20,000. Baron, Inc. has sales of $110
    11·1 answer
  • The Nash equilibrium in an oligopolistic market is generally ________ for society than the outcome under collusion because the p
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!