If you use a credit card what are you creating

What law created the federal reserve system?

S_A_V [24]

Federal reserve act D

4 0

2 years ago

Assume that Roth’s accountants are expected to work a total of 8,000 direct labor hours in 2018. Roth’s estimated total indirect

xz_007 [3.2K]

Answer:

$12 and $180

Explanation:

The computation of the predetermined overhead rate is shown below:

As we know that

The predetermined overhead rate is

= Estimated total indirect cost ÷ expected direct labor hours

= $96,000 ÷ 8,000

= $12

And, the indirect cost is

= Predetermined overhead rate × number of hours

= $12 × 15

= $180

We simply applied the above formula

8 0

2 years ago

The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale

solong [7]

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Dr, $400,000

To Common Stock capital $400,000

(Being cash is recorded)

2. Equipment Dr, $60,000

To Cash $15,000

To Note payable $45,000

(Being equipment is recorded)

3. Inventory Dr, $122,000

To Accounts payable $122,000

(Being purchase of inventory is recorded)

4. Accounts receivable $170,000

To Sales revenue $170,000

(Being sales revenue is recorded)

Cost of goods sold Dr, $102,000

To Inventory $102,000

(Being cost of goods sold is recorded)

5. Rent expenses Dr, $5,500

To Cash $5,500

(Being rent expenses is recorded)

6. Prepaid Insurance Dr, $6,550

To Cash $6,550

(Being insurance is recorded)

7. Accounts Payable Dr, $102,000

To Cash $102,000

(Being accounts payable is recorded)

8. Cash Dr, $76,500

To Accounts receivable $76,500

(Being cash is recorded)

9. Depreciation expenses Dr, $1,500

To Accumulated depreciation $1,500

(Being depreciation expenses is recorded)

6 0

2 years ago

Ice Cream Corporation uses the weighted-average method in its process costing system. Data concerning the first processing depar

Svetllana [295]

Answer:

Ice Cream Corporation

The cost per equivalent unit for materials for the month in the first processing department is closest to: __________

= $17.97.

Explanation:

a) Data and Calculations:

Units Materials Conversion

Beginning work in process inventory 900 $13,000 $5,100

Degree of completion 75% 20%

Units started into production 9,600

Total units in production 10,500

Units completed and transferred 8,500 100% 100%

Ending work in process inventory 2,000 90% 30%

Units Materials Conversion

Beginning work in process inventory 900 $13,000 $5,100

Costs added during the month $172,100 $242,100

Total production costs for the month $185,100 $247,200

Equivalent units of production:

Units Materials Conversion

Units completed and transferred 8,500 8,500 (100%) 8,500 (100%)

Ending work in process inventory 2,000 1,800 (90%) 600 (30%)

Total equivalent units 10,300 9,100

Cost per equivalent unit:

Materials Conversion

Total production costs $185,100 $247,200

Total equivalent units 10,300 9,100

Cost per equivalent unit $17.97 $27.16

6 0

1 year ago

On May 3, 2017, Leven Corp. negotiated a short-term loan of $685,000. The loan is due October 1, 2017, and carries a 6.86% inter

Semmy [17]

Answer:

704076 $

Explanation:

Exact statement of the question is:

<em>May 3, 2007, Leven Corp. negotiated a short-term loan of $685,000. The loan is due October 1, 2007, and carries a 6.86% interest rate. Use ordinary interest to calculate the interest. What is the total amount Leven would pay on the maturity date? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)</em>

Solution:

Fro 3rd May to October 1st. 2017 there are 151 days

But 365 days = 1 year

==> 151 days = 151× 1/365 =0.414 years

But we use 1 year as one term

==> 1year = 1T

==> T = 0.414

R= 6.86

P= 685000

A=?

We use formula for the term:

A= P $(1+ \frac{R}{100} )^{T}$

Where A= ammount at the end of term

P= Loan amount

R= Rate of interest

T= No. of terms

Putting values in this formula;

==> A= 685000× $(1+\frac{6.86}{100}) ^{0.414}$

==> A= 685000 × 1.02784938489=704076 $

6 0

2 years ago