Answer:
See Explanation
Explanation:
(a)
Journal entry to record the transaction is,
Particulars Debit Credit
Land and Building (460000 + 520000) $980,000
Cash Paid $360,000
Mortgage Payable (980,000 - 360,000) $620,000
We assume that 4% interest is chargeable each semiannual payment and that each subsequent payment is charged 4% on the remaining amount of principal minus any preceding principal payments.
(b)
First installment = Principal + Interest payable
= 31,000 + (620,000 * 0.04) = $55,800
(c)
Second payment = 31,000 + [(620,000 - 31000) * 0.04] = $54,560
Since the chart of accounts is not provided you can confirm the the account headings.
Hope that helps.
Answer:
The output growth rate is 3%.
Explanation:
Use the growth accounting equation as follow
ΔA% = ΔY% - αΔK% - βΔL%
Where
∆A = change in productivity = 2%
∆K = growth in capital =
∆L = growth in labor =
α = elasticity of capital = 0.2
β = elasticity of labor = 0.8
∆Y = change in output = ?
Placing values in the formula
2% = ΔY% - ( 0.2 x 1% ) – ( 0.8 x 1% )
2% = ΔY% - 1%
ΔY% = 2% + 1%
ΔY% = 3%
Hence, the output growth rate is 3%.
True. A company will develop a standard cost for each product type if it produces many different products.
The process cost system should be used when manufacturing is efficient and continuous. This system's equivalent units method successfully represents the challenging problem of determining how much work the Work in Process entails.
Process costing explains how to use the concept of equivalent units to assign manufacturing costs to the units produced. Businesses may create and market various goods, or at the very least, multiple versions of the same product. Most of the time, manufactured goods are connected in terms of consumption or production. The firm's output and pricing decisions must consider the relationships between the items when they are related.
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