Nouvelle cuisine
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Answer:
March 1
Account Debit Credit
Cash $323,000
Common Stock $153,000
Paid-In Capital in Excess
of Par Value $170,000
April 1
Account Debit Credit
Cash $87,000
Common Stock-no par value $87,000
April 6
Account Debit Credit
Inventory $56,000
Common Stock $56,000
Machinery $170,000
Paid-In Capital in Excess of
Common Stock $170,000
Note Payable $92,000
Cash $92,000
Answer:
Instructions are below.
Explanation:
Giving the following information:
Susan:
Annual deposit= $5,000 for 10 years
Lumo-sum for 30 years
Interest rate= 8.5%
Jane:
Annual deposit= $5,000 for 30 years.
<u>First, we will calculate the future value of Susan:</u>
<u></u>
First 10 years:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {5,000*[(1.085^10)-1]}/0.085
FV= $74,175.50
Last 30 years:
FV= PV*(1+i)^n
FV= 74,175.50*(1.085^30)
FV= $857,050.14
<u>Jane:</u>
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
FV= {5,000*[(1.085^30)-1]}/0.085
FV= $621,073.63
<u>Earnings difference= 857,050.14 - 621,073.63= $235,976.51 in favor of Susan.</u>
December because it's between the months of October and February
Answer:
Date Account Title Debit Credit
April Factory Overhead $16,720
Indirect materials $10,500
Wages payable $4,000
Utilities payable $ 500
Accumulated Depreciation $ 620
Small tools $ 370
Equipment rental $ 730
