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wolverine [178]
3 years ago
6

"K has a $10,000 traditional whole life policy with a loan outstanding" of $1,000 and a 5% interest charge. At the end of the fi

rst year of the loan, K did not pay the loan interest. What is the result of K's inaction?
Business
1 answer:
lyudmila [28]3 years ago
8 0

Answer:

The result of K's inaction causes an increase in the outstanding loan by $50

Explanation:

<em>Step 1: Determine the interest amount</em>

The interest amount can be determined as follows;

I=PRT

where;

I=interest amount

P=principal amount

R=annual interest rate

T=time

In our case;

I=unknown

P=$1,000

R=5%=5/100=0.05

T=1 year

replacing;

I=1,000×0.05×1=$50

<em>Step 2: Determine the total loan amount</em>

This can be expressed as;

A=P+I

where;

A=total loan amount

P=principal amount

I=interest amount

In our case;

A=unknown

P=$1,000

I=$50

replacing;

A=1,000+50=1,050

The loan amount due after a year=$1,050

The result of K's inaction causes an increase in the outstanding loan by $50

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Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations:
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$10,700

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Variable cost of goods sold = 8,400 × $75 = $630,000

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Eclipse Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Fact
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Answer:

Eclipse Solar Company

a. Factory overhead rate for Factory 1 is $23.13

b. Factory overhead rate for Factory 2 is $35.20

c. Journal Entries:

August 31:

Debit Work in Process Factory 1 $1,491,885

Credit Factory Overhead $1,491,885

Debit Work in Process Factory 2 $3,696,000

Credit Factory Overhead $3,696,000

d. Balances of the factory overhead accounts:

Factory 1 $23,915 underapplied

Factory 2 $89,700 overapplied

Explanation:

a) Data and Calculations:

                                                 Factory 1           Factory 2

Overhead application basis  machine hrs  direct labor hrs

Estimated overhead costs      $18,500,000 $44,000,000

Direct labor hours                       800,000

Factory overhead rate               $23.125    

Machine hours                                                 1,250,000

Factory overhead rate                                        $35.20

August:

Actual overhead costs              $1,515,800    $3,606,300

Actual direct labor

 hours for August                         64,500

Actual machine hours for August                     105,000

Application of overhead to production for August:

Factory 1 = $1,491,885 (64,500 * $23.13)

Factory 2 $3,696,000 (105,000 * $35.20)

Factory overhead accounts:

                                           Factory 1           Factory 2

Actual overhead costs      $1,515,800        $3,606,300

Applied overhead costs    $1,491,885        $3,696,000

Under/(Over)-Applied            $23,915            $89,700 Overapplied

4 0
3 years ago
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