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3 years ago

Americans spend the largest portion of their budget on _____

1 answer:

7 0

Answer - Housing
Americans' biggest expense is on housing. Low income families actually exhaust more proportionately on their shelter than high income families. Generally speaking, the average American family spends roughly one third of their annual budget on securing a roof over their heads. <span>
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Marin Company leased equipment from Costner Company, beginning on December 31, 2019. The lease term is 8 years and requires equa

Ann [662]

Answer and Explanation:

The journal entries are shown below:

1. Right of use assets$350,000 ($56,394 × 6.2064)

To lease liability $350,000

(Being the lease liability is recorded)

Refer to the present value annuity due factor table for 6.2064

2. Lease liability $56,394

To cash $56,394

(being cash paid is recorded)

3. Lease liability $32,905

Interest expense $23,489 {($350,000 - $56,394) × 8%}

To Cash $56,394

(Being cash paid is recorded)

4. Amortization expense $43,750 {$350,000 ÷ 8 years)

To Right of use asset $43,750

(Being the amortization expense is recorded)

3 0

3 years ago

Scrat [10]

Answer:

April 5

Debit : Merchandise $36,000

Credit : Accounts Payable - Tamarisk Company $36,000

April 6

Debit : Accounts Payable - Tamarisk Company $920

Credit : Cash $920

April 7

Debit : Equipment $30,500

Credit : Accounts Payable $30,500

April 8

Debit : Accounts Payable - Tamarisk Company $4,200

Credit : Merchandise $4,200

April 15

Debit : Accounts Payable - Tamarisk Company $30,880

Credit : Discount received $926.40

Credit : Cash $29,954

Explanation:

Working for Journal on April 15

Balance = $36,000 - $920 - $4,200

= $30,880

Discount = $30,880 x 3%

= $926.40

Amount Paid = $30,880 - $926.40

= $29,954

7 0

3 years ago

During the fiscal year ended 2016, a company had revenues of $520,000, cost of goods sold of $375,000, and an income tax rate of

7nadin3 [17]

Answer:

the net income is $92,800

Explanation:

The computation of the net income is given below:

Net income is

= Sales - cost of goods sold - tax rate on the remaining balance left

= $520,000 - $375,000 - (($520,000 - $375,000) ×0.36)

= $145,000 - $145,000 × 0.36

= $145,000 - $52,200

= $92,800

Hence, the net income is $92,800

8 0

2 years ago

Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $888,000 (37,000 units at $24 each)

kvv77 [185]

Answer:

the ending inventory and cost of goods sold for 2021 based on a periodic inventory system is $816,000 and $3,378,000 respectively

Explanation:

The computation is shown below

Cost of goods sold is

= (117,000 units - 114,000 units) × $24 + 114,000 units × $29

= 3,000 units × $24 + 114,000 units × $29

= $72,000 + $3,306,000

= $3,378,000

And, the ending inventory is

= (37,000 units - 3,000 units) × $24

= $816,000

Hence, the ending inventory and cost of goods sold for 2021 based on a periodic inventory system is $816,000 and $3,378,000 respectively

7 0

2 years ago

The Operations Manager for Shadyside Savings & Loan orders cash from her home office for her very popular "BIG BUCKS" automa

notsponge [240]

Answer:

3,000 $100 bills equivalent to $300,000

Explanation:

The economic order quantity (EOQ) is the optimum quantity of a good to be purchased or required at a time in order to minimize ordering and carrying costs in inventory.

EOQ = the square root of [(2 times the annual demand in units times the incremental cost to process an order) divided by (the incremental annual cost to carry one unit in inventory)]

annual demand in units = 12,500 x 12 = 150,000
incremental costs to process an order = $300
incremental annual cost to carry one unit in inventory = 10% x 100 = $10

EOQ = √[(2 x 150,000 x $300) / $10] = √($90,000,000 / $10) = √9,000,000 = 3,000 bills

8 0

3 years ago