Amount = Principal ( 1 + interest rate) ^ years
$1000 = $600 ( 1 + .07 ) ^ years
$1000 / $600 = 1.07 ^ years
1.66667 = 1.07 ^ years
years = 8
Answer: $20,000
Explanation: This question deals with Compensated Absence.
A compensated absence refers to paid holidays and other paid time off. According to accounting principles, expenses are recognized in the same period they are incurred. When it comes to compensated absences that are deferred to a later year (or period), the amount must be recorded as a liability in the year they are incurred.
Because of this, $40,000 (an average of $800 per week for a total of 500 vacation weeks) will be charged to 2021 expense as a liability.
The amount of salaries expense related to 2022 compensated absence is the average 5% pay rise in 2022.
The amount is therefore 5% X $800 X 500 weeks = $20,000
Answer:a debit to Cost of Goods Sold and a credit to Merchandise Inventory for $217
( The answer Is not in the options given)
Explanation:
The Perpetual inventory is a method of accounting for inventory which immediately records when an inventory is sold or purchased using the available point-of-sale software systems of the particular business.
In that regard , the entry to record cost of merchandise sold
Account titles Debit Credit
Cost of goods (Merchandise sold) $217
Merchandise Inventory $217
Answer:
c) 48,000
Explanation:
<em>Equivalent Units</em>
To apportion cost between work in progress and completed units in a particular period, we use equivalent units. Equivalents units are notional whole units which represent incomplete work and are used to apportion cost between completed units and work in progress
<em>Equivalent Units = Degree of Completion × Units of products</em>
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<em>Item units workings E.U</em>
Finished products 45,000 100% × 45,000 = 45,000
Closing WIP 5000 3/5 × 5000 = 3,000
Total equivalent unit 48,000
Equivalent unit for the conversion cost= 45000 +3000= 48,000
Answer:
Correct options are: (D), (E), (F).
Explanation:
Since the dog seller does not pay taxes, he is evading tax and is therefore conducting illegal transactions. Illegal transactions are excluded from GDP.
Mowing the law does not have an imputed market value and is excluded from GDP.
Government spending on food stamps is a transfer payment since no value gets added in return, therefore is excluded.