Answer:
$310,000
Explanation:
The direct labor cost is equal to the wages of machine operators i.e $310,000 as it is directly related to the production units
Moreover, the selling and admin personnel is a period cost that includes the major part of selling and admin expenses, therefore, it would not be considered
Plus the direct labor cost comes under the product cost like direct material cost, direct labor cost, etc
Hence, the direct labor cost is $310,000
This is known as "excess reserves."
Many banks will choose to loan the excess reserves out to customers and earn money from the collected interest.
Answer:
(D) $4,000
Explanation:
Initial amount distributed is $31,000
Earnings and Profit (E & P) $25,000
Therefore, Distribution in excess of earnings and Profit would be;
= Initial amount distributed - Earnings and Profit
=$31,000 - $25,000
=$6,000
Sally basis in her Dixie stock after the distribution would be ;
= Basis - Excess distribution
=$10,000 - $6,000
=$4,000
Answer:
Explanation:
first of all we need to identify the present value of laibility
v= 85000/(1+15%)^4
Pv = 48599 which is equal to cash recieved.
We need to perpare amotization schedule to recognize closing laibiltity carying amount and interst expense
Amortization schedule
Year Amount Interest 15% Closing Amount
1 48599 7289.85 55888.85
2 55888.85 8383.33 64272.18
3 64272.18 9640.83 73913
4 73913.00413 11086.95 85000
Entries
Cash 48599
Long term Liability 48599
To record the long term laibility
Interest Expense 7289.85
Laibilty 7289.85
To record the interest expense on the laibility
Answer:
The correct answer is B.
Explanation:
Savings and credit cooperatives or, simply, credit cooperatives are cooperative societies whose corporate purpose is to serve the financial needs of their members and third parties through the exercise of the activities of credit institutions.
Savings and credit cooperatives are also known for their acronym in English, SACCO: Savings and Credit Cooperative.
These cooperatives are usually local and seem to be more suited to rural areas. Above all they have access to external funds and they are properly managed. And although there is a World Council of Credit Unions (WOCCU) there are few local or rural cooperatives associated with it.