Which of the following errors in the journal entry will not be detected by trial balance?

I have $3,000 in credit card debt. If I can pay $150.00 a month, how long will it take to pay it off? My current interest rate i

ZanzabumX [31]

Answer:

2 years

Explanation:

Rate = rate per period = 18%/12 = 1.5%

PV = 3,000

PMT = 150

Number of a payment period = NPER(Rate, PMT, -PV, FV)

Number of a payment period = NPER(18%/12, 150, -3000)

Number of a payment period = 23.96 months

Time to payoff loan = 23.96/12

Time to payoff loan = 1.99667

Time to payoff loan = 2 years

4 0

3 years ago

If you were in charge of developing a tax system for a country, how would you structure taxes? For example, who should pay the g

Katena32 [7]

Weathy use tax money for health care

tathy

3 0

4 years ago

Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Depar

liq [111]

Answer:

Equivalent units of materials, labor, and overhead

Materials

Units in Ending Work in Progress (2,600 × 80%) = 2,080

Labor

Units in Ending Work in Progress (2,600 × 60%) = 1,560

Overhead

Units in Ending Work in Progress (2,600 × 60%) = 1,560

Cost of ending work in process inventory for materials, labor, overhead

Materials

Cost = Equivalent units × unit cost

= 2,080 × $ 13.70

= $28,496

Labor

Cost = Equivalent units × unit cost

= 1,560 × $4.70

= $7,332

Overheads

Cost = Equivalent units × unit cost

= 1,560 × $ 7.40

= $11,544

Cost of the units transferred to the next department

Materials = $28,496

Labour = $7,332

Overheads = $11,544

Total = $47,372

Cost reconciliation for January

INPUTS

Beginning Cost + Cost Added $720,752

Total $720,752

OUTPUT

Ending Work in Process $47,372

Completed and Transferred ( 26,100 × 25.80) $673,380

Total $720,752

3 0

3 years ago

Banner Systems is a start-up company that makes connectors for high-speed Internet connections. Banner has budgeted three hour

NARA [144]

Answer:

572 Favorable

Explanation:

Direct Labour efficiency Variance:

= (Standard Labour Hour - Actual Labour Hour) × Standard Rate

= [(78 connectors × 3 hours of direct labor per connector) - (190 hours)] × $13 per hour

= [234 hours of direct labor - 190 hours] × $13 per hour

= 44 hours × $13 per hour

= $572 Favorable

Therefore, Banner's direct labor efficiency variance for August is $572 Favorable.

3 0

3 years ago

U.S. Steel is considering a plant expansion to produce austenitic, precipitation hardened, duplex, and martensitic stainless ste

kirza4 [7]

Answer:

$5.5228 million

Or

$5,522,800

Explanation:

First, calculate the present value of all cash outflows

Present value of cash outflow = Initial Cost + ( Year 1 cost x Discount factor 15%, 1 year ) + ( Annual Cost x Annuity factor 15%, 10 years )

Where

Initial cost = $13 million

Year 1 cost = $10 million

Discount factor 15%, 1 year = 1 / ( 1 + 15% )^1 = 0.8696

Annual Cost = $1.2 million

Annuity factor 15%, 10 years = 1 - ( 1 + 15% )^-10 / 15% = 5.019

Placing value sin the formula

Present value of cash outflow = $13 million + ( $10 million x 0.8696 ) + ( $1.2 million x 5.019 )

Present value of cash outflow = $13 million + $8.696 million + $6.0228 million

Present value of cash outflow = $27.7188 million

Now use the following formula to calculate the annual revenue required to recover its investment plus a return of 15% per year

Present value of Annual revenue = Annual Revenue x Annuity factor 15%, 10 years

Annual Revenue = Present value of Annual revenue / Annuity factor 15%, 10 years

Where

Present value of Annual revenue = $27.7188 million

Annuity factor 15%, 10 years = 1 - ( 1 + 15% )^-10 / 15% = 5.019

Placing value sin the formula

Annual Revenue = $27.7188 million / 5.019

Annual Revenue = $5.5228 million

Annual Revenue = $5,522,800

8 0

3 years ago