Nami is very good at research, is skilled at developing instructional materials, and knows about libraries and

Universal Travel Inc borrowed $500,000 on November 1, 2018 and signed a twelve month note bearing interest at 6% Principal and i

horrorfan [7]

Answer:

Interest will be $5000

So option (A) will be correct option

Explanation:

We have given principal amount P = $500000

Rate of interest = 6 %

Time is November 1 to December 31

So time = 2 months = 0.1666 year

Interest is given by

Interest $=\frac{principal\ amount\times rate\times time}{100}=\frac{500000\times 6\times 0.1666}{100}=$5000$

So option (a) will be correct option

4 0

2 years ago

Interest you receive from a bank is not considered income<br> True or False?

bulgar [2K]

Any interest that you receive from a bank is taxable income, so I guess its false

6 0

2 years ago

Read 2 more answers

Garcia Co. sells snowboards. Each snowboard requires direct materials of $100, direct labor of $30, and variable overhead of $45

jeka57 [31]

Answer:

Selling Price per unit = $287.5 per unit

Explanation:

Provided quantum of sales = 10,000 units

Cost statement for 10,000 units

Direct material = $100 $\times$ 10,000 = $1,000,000

Direct Labor = $30 $\times$ 10,000 = $300,000

Variable Overhead = $45 $\times$ 10,000 = $450,000

Fixed Overhead Costs = $635,000

Fixed Selling and administrative Cost = $115,000

Total = $2,500,000

Add: Profit mark up 15% = $375,000

Total Selling Value = $2,875,000

Selling Price per unit = $2,875,000/10,000 = $287.5 per unit

6 0

3 years ago

Several line items and account titles are listed below. For each, indicate in which of the following financial statement(s) we w

Ainat [17]

Answer:

a. Cash asset - Balance Sheet (BS) and Statement of Cash Flows (SCF)

Cash is recorded as an asset in the balance statement and derived from the statement of cash flows.

b. Expenses - Income statement (IS)

Expenses are deducted from revenue in the income statement to come up with Net Income.

c. Non-cash assets - Balance Sheet (BS)

Non-cash assets are recorded in the balance sheet as all assets are.

d. Contributed capital - Balance Sheet (BS) and Statement of stockholders' equity (SE)

Contributed capital from shareholders will appear in the equity section of the balance sheet and in the statement of equity.

e. Cash outflow for capital expenditures - Statement of Cash Flows (SCF)

This is a Cashflow statement entry under Investing activities.

f. Retained earnings - Balance Sheet (BS) and Statement of stockholders' equity (SE)

Retained earnings will go into the balance sheet and the statement of equity.

g. Cash inflow for stock issued - Statement of Cash Flows (SCF) and Statement of stockholders' equity (SE)

Cash inflow from stock issued will be recorded in the financing section of the cashflow statement as well as in the statement of stockholder equity.

h. Cash outflow for dividends - Statement of Cash Flows (SCF) and Statement of stockholders' equity (SE)

Cash outflow from dividends issued will be recorded in the financing section of the cashflow statement as well as in the statement of stockholder equity.

i. Net income - Income statement (IS), Statement of Cash Flows (SCF) and Statement of stockholders' equity (SE)

Net income is derived from the Income statement and used in the statement of cashflow as well as the equity statement.

6 0

3 years ago

Palace Company has two service departments and two user departments. The number of employees in each department is:Personnel 10C

joja [24]

Answer:

$3,483.17

Explanation:

Calculation for the amount of cost allocated to the Cafeteria under the step method

Using this formula

Allocation to Cafeteria=[Cafeteria/(Cafeteria+Producing Department A+Producing Department B)]×Budgeted costs

Let plug in the formula

Allocation to Cafeteria=[25/(25 + 308 + 287)] x $72,450

Allocation to Cafeteria=(25/520)×$72,450

Allocation to Cafeteria=0.0480769231×$72,450

Allocation to Cafeteria=$3,483.17

Therefore the amount of cost allocated to the Cafeteria under the step method would be $3,483.17

8 0

2 years ago