Answer:
Work in progress inventory A/c
Explanation:
The journal entry to record the overhead cost applied is shown below:
Work in progress inventory A/c Dr XXXXX
To Factory overhead A/c XXXXX
(Being applied overhead is recorded)
For recording the applied overhead cost, we debited the work in progress inventory and credited the factory overhead account so that the correct posting can be done with the correct item
Buyers of milk, recognizing that the price ceiling is good for them, have pressured policymakers into imposing the price ceiling.
The business plan's strategy deals with information like promotion, price, and distribution, as well as how the company will contact customers in its target market.
<h3>How do a business reach their target market?</h3>
A marketing strategy is a company's "overall game plan" for reaching out to "prospective customers" or consumers and converting them into customers of their products or services.
A marketing plan includes the "value proposition" of the organization, key brand message, statistics on target customer "demographics, and other high-level elements."
Therefore, strategy is the correct answer.
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Answer:
The correct answer is letter "A": If there is an error on your credit report, you are more likely to have higher interest rates or even get rejected for the loan altogether
Explanation:
Dealing with errors in your credit report is a disadvantage because financial institutions will have doubts about your credit history. In front of loan requests, banks are likely to increase the rate of interest they could charge you or even reject the loan at all because they will consider <em>the risk of lending you money is higher due to the inaccuracies on your credit report</em>.
Answer: The amount applied to the principal balance is <u>$1174.43</u>.
We first calculate the Equated Monthly Instalment (EMI) of the loan by using the following formula:
![\mathbf{PV = EMI * \left [\frac{1-(1+r)^{-n}}{r} \right]}](https://tex.z-dn.net/?f=%5Cmathbf%7BPV%20%3D%20EMI%20%2A%20%5Cleft%20%5B%5Cfrac%7B1-%281%2Br%29%5E%7B-n%7D%7D%7Br%7D%20%5Cright%5D%7D)
where
r = Interest rate per period ; n = number of periods
Substituting these in the formula above we get,
![\mathbf{295000 = EMI * \left [\frac{1-(1+\frac{0.0425}{12})^{-180}}{\frac{0.0425}{12}}\right]}](https://tex.z-dn.net/?f=%5Cmathbf%7B295000%20%3D%20EMI%20%2A%20%5Cleft%20%5B%5Cfrac%7B1-%281%2B%5Cfrac%7B0.0425%7D%7B12%7D%29%5E%7B-180%7D%7D%7B%5Cfrac%7B0.0425%7D%7B12%7D%7D%5Cright%5D%7D)
Solving we get,
Once we get the EMI, we calculate the amount that applies to the principal balance as follows:
Interest is calculated on the outstanding balance of each month. In the first month, the entire principal in outstanding. Hence we calculate interest on $295,000.
