Answer:
$1.0391
Explanation:
The question is asking for the calculation of the present value of a future sum.
First, the Future Value = $120,000 = FV
The number of years to achieve the value is = 23 years = N
and the earning interest rate per year is 66%= r
Based on these information, the formula for calculating the future value is as follows:
FV / (1/ (1+ r)∧)n)
Using the formula, we have the following:
$120,000/ [1/(1+0.66)∧23]
$120,000 /(1/115474.48258)
$120,000/ (0.0000086599)
=$1.0391
Answer:
For the Country B, the Median is also $30,000, and the Mean is $50,000
Explanation:
We first arrange the information in this way:
Country B
Family Income
Family 1 $10,000
Family 2 $20,000
Family 3 $30,000
Family 4 $41,000
Family 5 $149,000
The median is exactly the number that is in the middle of the table, in this case, $30,000, corresponding to the income of the Family 3.
The mean is obtained by adding up all the numbers, and dividing the result by the quantity of elements:
Mean = $10,000 + $20,000 + $30,000 + $41,000 + $149,000
= $250,000 / 5
= $50,000
Answer:
the journal entry to record petty cash expenses should be:
Dr Delivery expenses 100
Dr Postage expenses 40
Dr Office supplies expenses 35
Cr Cash 175
Explanation:
When money is missing in a petty cash fund, e.g. imagine it was $2 short, you can use the cash short and over account which is used to balance minor differences.
Answer:
C. The actual variable overhead costs were lower than the budgeted costs.
Explanation:
Variable Overhead Cost variance =Budgeted cost - Actual Cost
where this value is positive, this is favorable, where this is negative it is unfavorable.
Actual cost = Actual hours X Actual rate per hour
Budgeted Cost = Budgeted hours for actual level of production X Budgeted rate per hour
Even if actual hours are lower than budgeted it will not lead to favorable overhead as actual rate per hour might be less.
Total variable overhead will only be favorable when net actual variable overhead cost is less than budgeted variable overhead costs.
C. The actual variable overhead costs were lower than the budgeted costs.