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2 years ago

5

Seven Co. owns a coal mine with an estimated 1,000,000 tons of available coal. It was purchased for $300,000 and has $50,000 sal

vage value. During the current period, Seven mined and sold 200,000 tons of coal. Depletion expense for the period will be how much

1 answer:

Nezavi [6.7K]2 years ago

7 0

Answer:

50,000

Explanation:

(300,000-50,000)/1,000x200,000=50,000

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Swifty Inc. manufactures two products: car wheels and truck wheels. To determine the amount of overhead to assign to each produc

Katen [24]

Answer:

$10.60 per direct labor hour

Explanation:

Calculation for the overhead rate

First step is to calculate the Direct labor hours for car wheels using this formula

Direct labor hours for car wheels = Estimated wheel produced * Direct labor hour per wheel

Let plug in the formula

Direct labor hours for car wheels= 40,000 * 1

Direct labor hours for car wheels= 40,000 hours

Second step is to calculate Direct labor hours for Truck wheels using this formula

Direct labor hours for Truck wheels = Estimated wheel produced * Direct labor hour per wheel

Let plug in the formula

Direct labor hours for Truck wheels= 10,000 * 3

Direct labor hours for Truck wheels= 30,000 hours

Third step is to calculate the Total direct labor hours

Total direct labor hours = 40,000 + 30,000

Total direct labor hours=70,000 hours

Now let calculate the Overhead rate using this formula

Overhead rate = Total estimated overhead costs / Total direct labor hours

Overhead rate= $742,000 / 70,000 hours

Overhead rate= $10.60 per direct labor hour

Therefore Overhead rate is $10.60 per direct labor hour

8 0

2 years ago

PLZ HELP FOR A TEST!!

Romashka [77]

Answer:

monopoly

Explanation:

In a monopoly market, a single firm sells a product with no close substitutes in a large market. It means that the single firm has no business competitors in the market. Without competition, the firm has the power to set prices, quality, and quantity without worrying about how customers will react.

In a monopoly market, customers have no choice since competition is absent. Customers have to do with high prices, limited varieties, and limited innovation, unlike in market structures that have business competition. Competition results in increased innovation, quality products, and a variety of products at fair prices.

6 0

2 years ago

Read 2 more answers

Indigo Corporation began operations in 2017 and reported pretax financial income of $228,000 for the year. Indigo’s tax deprecia

emmainna [20.7K]

Answer:

Deferred Tax Liability = $11,400 Credit

Explanation:

given data

pretax financial income = $228,000

Indigo’s tax depreciation = $38,000

tax rate = 30 %

solution

we know here that Income Tax Expense is

Income Tax Expense = $228,000 × 30%

Income Tax Expense = $68400 Dr

so as that

Deferred Tax Liability will be here

Deferred Tax Liability = $38000 × 30%

Deferred Tax Liability = $38000 × 0.30

Deferred Tax Liability = $11,400 Credit

7 0

3 years ago

When you deposit $50 in currency at Old National Bank, A. its liabilities decrease by $50. B. its reserves increase by less t

Eddi Din [679]

Answer:

B

Explanation:

Its reserve increase by less than 50 because of reserve requirement

5 0

2 years ago

15. You have just purchased a car and taken out a $50,000 loan. The loan has a 5-year term with monthly payments and an APR of 6

monitta

Answer:

find answers below

Explanation:

First and foremost, we need to determine the payment on a monthly basis in order to proceed further as shown thus:

PV(loan amount)=monthly payment*(1-(1+r)^-n/r

loan amount=$50,000

the monthly payment is the unknown

r=monthly interest rate=6%/12=0.5%

n=number of monthly payments in 5 years=5*12=60

50,000=monthly payment*(1-(1+0.5%)^-60/0.5%

50,000=monthly payment*(1-(1.005 )^-60/0.005

50,000=monthly payment*(1-0.74137220 )/0.005

50,000=monthly payment*0.25862780 /0.005

monthly payment=50,000*0.005/0.25862780 =$966.64

first month:

amount paid $966.64

interest=0.5 %*$50,000=$250

principal paid=monthly payment-interest=$966.64-$250=$716.64

loan balance=$50,000-$716.64=$49,283.36

second month:

amount paid $966.64

interest =0.5%*$49,283.36=$246.42

principal paid=$966.64-$246.42 =$720.22

6 0

2 years ago