Answer: $11583
Explanation:
The amount that Harper Co. should report the equipment on its balance sheet dated December 31, year 8 will be calculated thus:
= Amount of annual instalment × PV of ordinary annuity of $1 at 5% for 10 periods
= (15000/10) × 7.72173
= 1500 × 7.72173
= 11582.595
= 11583
Therefore, the amount will be $11583
Amount of money deposited in the two accounts is 80% of 7500$.
Amount of money in the two accounts = 0.8 * 7500 = 6000$
Now assume that the amount deposited in CD account is m and the amount deposited in the saving bond is n.
m + n = 6000
Therefore: m = 6000 - n ................> equation I
Now we write another equation expressing the savings:
0.04m + 0.07n = 360 ............> equation II
Substitute with equation I in equation II:
0.04 (6000-n) + 0.07n = 360
240 - 0.04n + 0.07n = 360
0.03n = 120
n = 4000 $
Substitute with n in equation I to get the value of m as follows:
m = 6000 - n = 6000 - 4000 = 2000
Based on these calculations:
The amount of money deposited in the CD = 2000$
The amount of money deposited in the saving account = 4000$
Answer:
Expl one year. To reorder, there is a fixed cost of $36, plus $11 for each storage device.anaMinimizing Inventory. An electronics store sells 100 digital storage devices per year. It costs $18 to store one storage device for one year. To reorder, there is a fixed cost of $36,tion:
Answer:
<u>January 1, 2017</u>
Debit: Accounts Receivable $2800
Credit: Deferred Revenue[Wiring Base] - $1120
Credit: Deferred Revenue[Shelving Unit] - $1680
Narration: Contract Detail and invoicing of the client.
<u>February 5, 2017</u>
Debit Deferred Revenue[Wiring Base] - $1120
Credit Revenue Account - [Wiring Base] - $1120
Narration: Revenue recognition of Wiring Base delivered to customer
<u>February 25, 2017</u>
Debit Deferred Revenue[Shelving Unit]- $1680
Credit Revenue Account - [Shelving Unit] - $1680
Narration: Revenue recognition of Shelf delivered to customer
<u>February 25, 2017</u>
Debit: Bank - $2800
Credit: Accounts Receivable - $2800
Narration: Payment received in settlement of contract fully delivered
Explanation:
The question is an example of a Performance Contract.
A Performance Contract is an agreement with a customer by a vendor to discharge a service or provide goods that are distinct from each other. The accounting for this obligations will therefore be recorded and recognized separately.
It is also important to note that the services or goods must be separately identifiable and the customer must be able to derive from each goods on individually or jointly.
The rule is to
- Recognize the contract and invoice amount with the customer as Deferred Income.
- Identify the distinct obligations and services to be provided.
- Identify the transaction amount for each service or good.
- As each obligation is met, the revenue is finally recognized and transferred from Deferred income.
Answer:
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