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2 years ago

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Dooling Corporation reported balances in the following accounts for the current year: Beginning Ending Inventories $600 $300 Acc

ounts payable $300 $500 Cost of goods sold was $7,500. What was the amount of cash paid to suppliers

1 answer:

irina1246 [14]2 years ago

4 0

Answer:

$7,000

Explanation:

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You are looking at a one-year loan of $12,000. The interest rate is quoted as 8.4 percent plus two points. A point on a loan is

Debora [2.8K]

Answer:

Explanation:

Mortgage rates are influenced by many different factors including demand from homebuyers and homeowners for new loans, current economic conditions, inflation, and demand from investors to buy mortgage loan debt

Mortgage interest rates have a very significant impact on the overall long-term cost of purchasing a home through financing. On the one hand, mortgage borrowers are seeking the lowest possible rates; on the other, mortgage lenders must manage their risk through the interest rates they charge. The lowest mortgage interest rates are only available to borrowers with the most solid finances and stellar credit histories.

While the financial health of borrowers affects how good an interest rate they can get, larger economic factors and government financial policy affect the whole mortgage rate universe. You can boil it down to these five important factors. All represent basic rules of supply and demand in one form or another. It's a little technical, but learning these principles will give you a good way to think about what you're paying now and what could be coming

Answer a.

Effective Annual Rate of a loan is 8.92%

Answer b.

Effective Annual rate R is 12.27%

Answer is not affected by Loan amount as certain percentage of loan that is deducted as points.

Explanation:

Answer a

Points deducted = 2 or 2%

April = 8.4%

Monthly rate (i)= 8.4%/12= 0.007

Months in a year = 12

Effective Annual Rate of a loan =( (1+(i/(1-points)))^months in year)-1

((1+(0.007/(1-2%)))^12)-1

=0.08916311096 or 8.92%

So Effective Annual Rate of loan is 8.92%

Answer b

quoted interest rate = 11.4%

Monthly rate (i)= 11.4%/12=0.0095

Months in year = 12

points deducted= 2 or 2%

EAR of loan =((1+(i/(1-points))) ^months in year)-1

((1+(0.0095/ (1-2%))) ^12)-1

=0.1227334817 or 12.27%

Answer is not affected by Loan amount as certain % of loan is deducted as points.

5 0

3 years ago

Sheridan Corp. had total variable costs of $224,200, total fixed costs of $143,500, and total revenues of $380,000. Compute the

Ira Lisetskai [31]

Answer:

$350,000

Explanation:

Computation for the required sales in dollars to break even.

First step is to calculate the Contribution margin

Revenues $380,000

less Variable costs $224,200

Contribution margin $155,800

Contribution margin ratio = 155,800 / 380,000= 41%

Break even sales in dollars = Total fixed costs / CM Ratio = $143,500/ 41% = $350,000

Therefore the required sales in dollars to break

even is $350,000

5 0

3 years ago

cribb corporation uses direct labor-hours in its predetermined overhead rate. at the beginning of the year, the estimated direct

drek231 [11]

Overhead applied to jobs by Cribb corporation is $12800 with estimated direct labor-hours as 42000 hours and estimated manufacturing overhead as $210000.

<h3>Give a brief account on absorption costing.</h3>

To keep track of all costs associated with creating a certain product, "absorption costing," also known as "full costing," is a managerial accounting technique. This plan includes for all costs, direct and indirect, including rent, insurance, direct materials, and direct labor.

The cost base for absorption costing includes everything that is a direct cost of producing a good. Under absorption costing, fixed overhead costs are also included in the product costs. A few expenses associated to product manufacturing include wages paid to employees who physically make a product, raw materials needed for production, and all overhead costs (such as all power bills spent during production).

To solve the question :

Given,

Estimated direct labor-hours = 42000 hours

Estimated manufacturing overhead = $210000.

Actual Hours Worked = 42800 hours

Actual Overhead = $226800

Budgeted Manufacturing Overhead rate

= total estimated manufacturing overhead / estimated direct labor-hours

= $210000 / 42000 hours

= $ 5 per hr

Actual Hours Worked = 42800 hours

Applied Overhead = Actual Hours Worked / Budgeted Manufacturing Overhead rate

= 42800 hours x $ 5 = $214000

Actual Overhead = $226800

Overhead = Actual overhead - Applied Overhead

= $226800 - $214000

= $12800

Hence, Overhead applied to jobs by Cribb corporation is $12800.

To know more about, absorption costing, visit :

brainly.com/question/13781960

#SPJ4

5 0

1 year ago

On December 15, 2021, Rigsby Sales Co. sold a tract of land that cost $3,300,000 for $5,000,000. Rigsby appropriately uses the i

luda_lava [24]

Answer:

$153,000

Explanation:

Under an installment sales method, the seller defers the recognition of gross profit on sale arising out of a transaction, unless money is actually received for such a transaction.

Rate of profit earned by Rigsby Sales Co. for sale of tract of land

= Sales proceeds - Cost

= $5,000,000 - $3,300,000

= $17,00,000

Rate of profit earned = $\frac{Profit}{Sales\ of\ Land}$ = $\frac{1,700,000}{5,000,000}$ = 34%

Money received during current year i.e 2021 =

Down payment of $450,000

Thus, the revenue to be recognized and to be reported as per installment sales method for year ending on Dec 31, 2021 would be,

= Rate of profit earned on the transaction × Receipts during the period

= 34% × $450,000

= $153,000

3 0

3 years ago

Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2017, Skybox sold inventory costing $

serious [3.7K]

Answer:

Please see attachment

Explanation:

Please see attachment

6 0

3 years ago