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3 years ago

The journal entry to record direct labor used in process costing is a(n):___________

Business

1 answer:

Degger [83]3 years ago

3 0

Answer:

b. increase in assets and an increase in liabilities.

Explanation:

The journal entry to record the direct labor cost used is shown below:

Work in process Dr

To wages payable

(Being the direct labor cost used is recorded)

Here the work in process is debited as it increased the assets and credited the wages payable as it also increased the liabilities

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Answer:

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Explanation:

given data

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Annual Interest Rate = 7.2%

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last withdrawal = 2025

solution

we consider equal sized annual withdrawals = x

so we can say that Amount Deposited amount will be as

$5,000 = $\frac{x}{(1+0.72)^5} + \frac{x}{(1+0.72)^6} + \frac{x}{(1+0.72)^7} + \frac{x}{(1+0.72)^8} + \frac{x}{(1+0.72)^9} + \frac{x}{(1+0.72)^{10}}$ ..........1

we take common here $\frac{x}{(1+0.72)^{4}}$

$5,000 = $\frac{x}{(1+0.72)^{4}} \times ( \frac{1}{(1+0.72)^1} + \frac{1}{(1+0.72)^2} + \frac{1}{(1+0.72)^3} + \frac{1}{(1+0.72)^4} + \frac{1}{(1+0.72)^5} + \frac{1}{(1+0.72)^{6}} )$

solve it we get

x = $1,393.87

so that annual withdrawals is $1,393.87

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