Answer:
$169,521
Explanation:
The computation of long-term debt is shown below:-
Total asset = Cash + Inventory + Goodwill + Net plant and equipment + Receivables + Current assets
= $23,015 + $213,100 + $78,656 + $710,100 + $141,258 + $11,223
= $1,177,352
Long-term debt = Total asset - Account payable - Common stock - Retained earnings - Short term notes
= $1,177,352 - $163,257 - $311,300 - $512,159 - $21,115
= $169,521
Hence, we have applied the above formula for determining the long term debt.
Hey! Let's do this together.
An entitlement is a provision made in accordance with a legal framework of a society.
That shows us that we can sum up our answer to "A".
Hopefully you understand, if not we can work on it some more :)
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Answer:
True
Explanation:
The net revenue or net loss would be expressed in the retained earnings account statement.
The computation of the ending retained earning balance is shown below:
The ending balance of retained earning = Opening balance of retained earnings + net income or net loss - cash dividend paid
These are the closing entries which are shown below:
Income summary A/c Dr
To Retained earning
(Being the difference is credited to retained earning)
Retained earnings A/c Dr
To Cash Dividend A/c
(Being dividend account is closed)
Answer:
Job K818 selling price is $363,30
Explanation:
The first thing we have to do is to calculate the fixed overhead rate. So if the company predetermined fixed manufacturing over cost is $162,000 and we calculate the rate based on direct labor-hours and direct labour hours are 60,000, the fixed overhead rate would be $2.7 per hour ($162,000/60,000 hours)
Job K818 consists of 10 units.
It used $920 in materials and cost $1400 in direct labor.
It took 50 labour hours. So overhead is:
Variable: 50*$2.8=140
Fixed: 50*$2.7=$135
Total cost of Job K818 is $920+$1400+$140+$135= $2595
Unit cost of Job K818= $259,50
Price of Job K818= $259.5*1.4= $363.30
