You should respect the adults and be very professional around them. Don't act immature or goofing around otherwise you'll get fired
Answer:
a. Issuance of note:
Date Account title Debit Credit
XX-XX Accounts Payable $84,000
Notes Payable $84,000
b. The payment of the note at maturity, including interest. Assume a 360-day year.
Interest payment = 84,000 * 5% * 120/360
= $1,400
Date Account title Debit Credit
XX-XX Note Payable $84,000
Interest payable $1,400
Cash $85,400
Answer:
D $88410
Explanation:
Work in progress includes all the raw materials, direct labour and conversion costs incurred so far excluding cost of goods sold .
WIP= Intial WIP +Manufacturing costs incurred- Cost of goods sold.
The WIP inventory at the begining of the period is given as nil.
WIP during the period = (95000*80%)+56000+13600+107000
=252600(but it was given that 65% of the Process was completedi.e., finished goodswhich are not the part of the WIP inventory ; hence the remaining 35% is the Work in process inventory)
=$ 88410.
Further the remaining raw material 20% = 95000*20% shall not comprise a part of the WIP as it has not been brought into process itself , it shall lie in raw materials inventory itself.It shall be counted into the WIP once it is brought into the manufacturing assembly line.
Answer:
The amount of depreciation expense that should be recorded for the second year is $28,600
Explanation:
The computation of the depreciation per units or bolts under the units-of-production method is shown below:
= (Original cost - residual value) ÷ (estimated production bolts)
= ($206,520 - $11,000) ÷ (752,000 bolts)
= ($195,520) ÷ (752,000 bolts)
= $0.26 per bolt
Now for the second year, it would be
= Production units in second year × depreciation per bolts
= 110,000 units × 0.26
= $28,600
Answer: C
Explanation: C. Holds reserve balances for depository institutions; The Federal Reserve Bank. The Federal Reserve operates with a sizable balance sheet that includes a large number of distinct assets and liabilities. The Federal Reserve's balance sheet contains a great deal of information about the scale and scope of its operations. For decades, market participants have closely studied the evolution of the Federal Reserve's balance sheet to understand more clearly important details concerning the implementation of monetary policy. Over recent years, the development and implementation of a number of new lending facilities to address the financial crisis have both increased complexity of the Federal Reserve's balance sheet and has led to increased public interest in it.
Each week, the Federal Reserve publishes its balance sheet, typically on Thursday afternoon around 4:30 p.m. The balance sheet is included in the Federal Reserve's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," available on this website. The various tables in the statistical release are described below, an explanation of the important elements in each table is given, and a link to each table in the current release is provided. The Federal Reserve System is composed of several layers. It is governed by the presidentially appointed board of governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks, located in cities throughout the nation, regulate and oversee privately owned commercial banks.[15][16][17] Nationally chartered commercial banks are required to hold stock in, and can elect some of the board members of, the Federal Reserve Bank of their region. The Federal Open Market Committee (FOMC) sets monetary policy. It consists of all seven members of the board of governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote at a time (the president of the New York Fed and four others who rotate through one-year voting terms). There are also various advisory councils. Thus, the Federal Reserve System has both public and private components.
