Answer:
The Journal entry is as follows:
Factory Overhead A/c Dr. $29,200
To Materials $8,800
To Wages payable $6,600
To Utilities Payable $4,800
To Accumulated Depreciation-Factory $9,000
(To record the factory overhead incurred during May)
Workings:
Factory Overhead:
= indirect materials + indirect labor + utilities cost + factory depreciation
= $8,800 + $6,600 + $4,800 + $9,000
= $29,200
Answer:
The correct answer is C.
Explanation:
Giving the following information:
Jack would like to have $1.25M to retire in 35 years. He will get $375,000 the day he retires.
He can deposit funds in a money market account which earns 6.5% interest per year, and he would like to make yearly deposits.
<u>First, we need to calculate the final value required:</u>
FV= 1,250,000 - 375,000= $875,000
Now, using the following variation of the final value formula, we can calculate the yearly deposit:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
FV= 875,000
n= 35
i= 0.065
A= (875,000*0.065) / [(1.065^35) - 1]= $7,054.48
The annual deposit is $7,054.48.
Answer:
Option B, OUTSIDE THE SCOPE OF EMPLOYMENT.
Explanation:
Scope of employment refers to where an employee was and what actions were being undertaken when the injury took place. If the employee was within the scope of employment, then the employer would likely be held responsible. But, if the employee was outside the scope of employment, then it is harder to prove the employer was negligent.
Within the scope employment means the injury took place; on or near work premises, during business trips, within a company's vehicle, while running an errand for the employer.
Outside the scope employment means the employee was not conducting any official business when the injury took place.
In the case of Francis, although he was on an official errand, he stopped in the middle of delivery route to have lunch with his friends which was not part of his official errand and he got injured while doing so.
Therefore, Francis would normally be considered to be acting: OUTSIDE THE SCOPE OF EMPLOYMENT.
The answer is false just took the test
Answer:
Asset Allocated cost
Land $58,000
Building $188,500
Equipment $43,500
Debit Assets $290,000
Credit Note payable $290,000
Being entries to recognize the purchase of assets by note payable.
Explanation:
The cost of each asset (land, building, and equipment) will be allocated to them based on the market value. The higher the market value, the higher the cost apportioned to each asset from the single amount paid for all the assets.
Given that the market values are in the ratio of
64,000:208,000:48,000 for land, building and equipment respectively. This is equivalent to ratios 4:13:3.
Hence, where the total amount paid is $290,000, cost apportionment
Land
= 4/20 × $290,000
= $58,000
Building
= 13/20 × $290,000
= $188,500
Equipment
= 3/20 × $290,000
= $43,500
When an asset is purchased with a note payable signed, the asset is debited and the note payable is credited.