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Answer:
$6,400.
Explanation:
Because these points are paid in connection with the purchase of a principal residence, Marcia may deduct $6,400 ($320,000 × 2%) as interest expense during the current year.
Answer:
Value of ending inventory at 11/30/2019 using LIFO is $1,950
Explanation:
The calculators sold on 11/8 were taken from purchases of 11/21,200 units and purchases of 11/13,150 units,thereby leaving 150 units of calculators purchased on 11/13 in inventory.
However,the sale of 100 calculators on 11/28 were picked from the balance of 150 units left from stock of 11/13 thereby leaving 50 units purchased at $4 each and the opening inventory in closing inventory.
The computation of closing inventory value:
11/13/2019 50 calculators at $4 = $200
11/1/2019 500 calculators at $3.5=$1,750
Value of closing inventory $1,950
Answer:
145%
Explanation:
Given that,
Company predicts total direct materials costs = $920,000
Total overhead costs = $1,330,000
Predetermined Overhead rate:
= (Total overhead cost ÷ Total direct material cost) × 100
= ($1,330,000 ÷ $920,000) × 100
= 1.45 × 100
= 145%
Therefore, the predetermined overhead rate it should use during the year is 145%.
Answer:
The correct order is as follows :
1. check for the final amount; it should be equal in the personal account register and the bank statement.
2. cross check all entries like deposits not credited and checks not presented for payment and adjust accordingly.
3. check off all the payments made in his personal account register and the bank statement.
4. check for bank charges and adjust the personal account register accordingly.
5. flag any suspicious looking charges or entries
Explanation:
A comparison of balances and entries in personal account register and the bank statement should be made accordingly during the reconciliation.
