Answer:
$1585
Explanation:
Interest for the first year = 6.5% of principal due at the beginning of the year
= 6.5% of $10,000
= $ 650
Principal repayment at the end of the year = $1000
Principal due at the beginning of the second year = $10,000 - $1000= $9000
Interest payable at the end of the second year = 6.5% of principal outstanding at the beginning of the second year = 6.5% of 9000
= $ 585
Principal repayment at the end of the second year = $1000
Hence total payment at the end of the second year = $1000 + $585= $1585
Answer:
$45,990
Explanation:
The Weighted Average Cost Method, calculates a new Unit Cost with every purchase that is made. This is applicable to perpetual Inventory method. In this case we are required to use the <u>periodic Inventory method</u> (<em>Sheffield does not maintain perpetual inventory records</em>). Thus our Unit Cost is calculated from Inventory available for Sale.
Step 1
<u>Units Available For Sales Calculation :</u>
Opening Balance 9,200
Add Purchases (6,400 + 7,900) 14,300
Units Available for Sale 23,500
Less Units Sold (7700 + 11300) (19,000)
Ending Inventory Units 4,500
Step 2
<em>Unit Cost = Total Cost ÷ Units Available for Sale</em>
= ($89,516 + $65,984 + $84,609) ÷ 23,500
= $10.22
Step 3
<em>Ending Inventory = Units in Stock × Unit Cost</em>
= 4,500 × $10.22
= $45,990
The policy owner normally pays the premium whilst the insured could technically be himself or also another person he is paying the insurance for. For example a father paying medical insurance for the entire family. THere he would be policy owner but also the rest of the family would be insured.
Answer:
$1,032,260
Explanation:
Dove's unappropriated retained earnings balance as of December 31, 2016 = Unappropriated retained earnings balance on January 1, 2016 + Net income - Dividends distributions.
= 796,010 + 386,250 - 150,000.
= $1,032,260
Unappropriated retained earnings balance of Dove corporation as on December 31, 2016 is $1,032,260
