I need to solve this question with a formal

On May 7, Jernigan Company purchased on account 510 units of raw materials at $18 per unit. During May, raw materials were requi

Paladinen [302]

Answer and Explanation:

The journal entry to record the purchase is shown below;

Materials (510 units × $18) $9,180

To Accounts payable $9,180

(To record the purchases)

Here the material is debited as it increased the assets and credited the account payable as it also increased the liabilities

Therefore the above journal entry should be passed

3 0

3 years ago

Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant, design a marketing strategy to c

romanna [79]

Answer:

the journal entries:

to record the contract

Dr Accounts receivable 96,000

Dr Bonus receivable 2,400

Cr Service revenue 98,400

to record adjustment of bonus receivable at month 5:

Dr Service revenue 6,400

Cr Bonus receivable 6,400

to record service revenue for the fifth month:

Dr Accounts receivable 96,000

Dr Bonus receivable 800

Cr Service revenue 96,800

to record getting the bonus:

Dr Cash 32,000

Cr Bonus receivable 6,400

Cr Service revenue 25,600

Explanation:

total value of the contract:

[($96,000 x 8) + $32,000] x 0.8 = $640,000

[($96,000 x 8) - $32,000] x 0.2 = $147,200

total expected value = $787,200

expected value of the bonus = $787,200 - ($96,000 x 8) = $19,200, monthly bonus receivable $19,200 / 8 = $2,400

the adjustments required during the fifth month:

[($96,000 x 8) + $32,000] x 0.6 = $480,000

[($96,000 x 8) - $32,000] x 0.4 = $294,400

total expected value = $774,400

expected value of the bonus = $774,400 - ($96,000 x 8) = $6,400, monthly bonus receivable $6,400 / 8 = $800

5 0

3 years ago

You just started your first job today. Besides your 401K, you are planning to save $3,000 a year for 40 years for your retiremen

umka21 [38]

Answer:

The correct answer is 777.169.56.

Explanation:

According to the scenario, the given data are as follows:

Payment per year (PMT) = $3,000

Time (N) = 40 years

Rate of interest (R)= 8%

So, the future value of the following can be calculated by using the following formula:

Future value = PMT × $\frac{((1+r)^{n} -1)}{R}$

Now, put the value of the following in the formula. then,

= 3,000 × $\frac{((1+8/100)^{40} -1)}{8/100}$

= 3,000 × 259.0565

= 777,169.56

Hence, the value in the account after 40 years will be 777,169.56.

6 0

3 years ago

In a traditional economy, which group is most responsible for producing the goods people in society need?

romanna [79]

Answer:

B. Family members

Explanation:

A traditional economy is based upon the customs, beliefs, and history of the community. Age-old traditions and beliefs guide economic decisions of production and distribution. The traditional economy is motivated by the social well being of its members and not by profits.

The main economic activities under the traditional economy revolves are subsistence farming, fishing, and hunting. These activities are carried out in family settings. In other words, family members provide labor for economic activities.

6 0

3 years ago

Read 2 more answers

You are planning your retirement in 15 years. You plan to retire with $3,000,000 and your retirement account earns 4.8% compound

Maslowich

Answer:

The retirement fund will last for 33 years and 7 months

Explanation:

We need to solve for time in an ordinary annuity

$C \times \frac{1-(1+r)^{-time} }{rate} = PV\\$