Direct labor and overhead costs incurred to change raw materials into finished products are known as

the document that states that the bank will pay a specified sum of money to a beneficiary, normally the exporter, on presentatio

yuradex [85]

The letter of credit is the financial document which tells that a bank will pay a specified sum of money to a beneficiary

Letter of credit is also called documentary credit or bankers commercial credit.

The financial document called "Letter of credit" is a a letter written by a financial institution which authorizing another institution to pay someone a sum of money.

This document is usually a mode of payment used for the importation of visible goods.

In conclusion, the document called "letter of credit" is the financial document which tells that a bank will pay a specified sum of money to a beneficiary

Read more about letter of credit

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3 0

2 years ago

Trial Balance September 30, 2022

Sergeeva-Olga [200]

Answer:

T- accounts:

Cash

Date Account Title Debit Credit

Oct. 1 Balance $23,640

Oct. 5 Accounts receivable 1,310

Oct. 15 Salaries $1,110

Oct. 17 Service Revenue 580

Oct. 20 Accounts Payable 1,830

Oct. 29 Dividend 250

Oct. 31 Utilities 420

Accounts Receivable

Date Account Title Debit Credit

Oct. 1 Balance $7,040

Oct. 5 Cash $1,310

Oct. 10 Service Revenue 5,410

Supplies

Date Account Title Debit Credit

Oct. 1 Balance $4,270

Equipment

Date Account Title Debit Credit

Oct. 1 Balance $10,170

Accounts Payable

Date Account Title Debit Credit

Oct. 1 Balance $9,240

Oct. 20 Cash 1,830

Unearned Service Revenue

Date Account Title Debit Credit

Oct. 1 Balance $3,270

Common Stock

Date Account Title Debit Credit

Oct. 1 Balance $19,440

Retained Earnings

Date Account Title Debit Credit

Oct. 1 Balance $13,170

Service Revenue

Date Account Title Debit Credit

Oct. 10 Accounts receivable $5,410

Oct. 17 Cash 580

Salaries Expense

Date Account Title Debit Credit

Oct. 15 Cash $1,110

Dividend

Date Account Title Debit Credit

Oct. 30 Cash $250

Utilities Expense

Date Account Title Debit Credit

Oct. 30 Cash $420

Explanation:

a) Data and Calculations:

Trial Balance September 30, 2022

Account Title Debit Credit

Cash $23,640

Accounts Receivable 7,040

Supplies 4,270

Equipment 10,170

Accounts Payable $9,240

Unearned Service Revenue 3,270

Common Stock 19,440

Retained Earnings 13,170

$45,120 $45,120

b) Journal Entries:

Oct. 5:

Debit Cash $1,310

Credit Accounts Receivable $1,310

To record cash receipts from customers.

Oct. 10:

Debit Accounts Receivable $5,410

Credit Service Revenue $5,410

To record service revenue.

Oct. 15:

Debit Salaries Expense $1,110

Credit Cash Account $1,110

To record payment of salaries.

Oct. 17:

Debit Cash Account $580

Credit Service Revenue $580

To record performance of services for cash.

Oct. 20:

Debit Accounts Payable $1,830

Credit Cash Account $1,830

To record the payment of cash on account

Oct. 29:

Debit Dividend $250

Credit Cash Account $250

To record the payment of cash dividend.

Oct. 31:

Debit Utilities $420

Credit Cash Account $420

To record the payment for Utilities.

8 0

3 years ago

The Bretton woods system of exchange rates relied on A. Fixed exchange rates with no mechanism for changing them. B. Fixed or pe

aleksklad [387]

The Bretton woods system of exchange rates relied on "fixed or pegged exchange rates, with occasional orderly adjustments to the rates."

The Bretton Woods arrangement of money related administration built up the rules for business and monetary relations among the United States, Canada, Western Europe, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods framework was the principal case of a completely arranged financial request expected to administer money related relations among free states. The central highlights of the Bretton Woods framework were a commitment for every nation to embrace a fiscal approach that kept up its outer trade rates inside 1 percent by binds its money to gold and the capacity of the IMF to connect transitory uneven characters of installments. Likewise, there was a need to address the trouble among different nations and to anticipate focused depreciation of the monetary forms also.

6 0

3 years ago

Kotrick Company has beginning inventory of units and expected sales of units. If the desired ending inventory is units, how man

saw5 [17]

Answer: $26,000

Explanation:

Ending Inventory = Beginning Inventory + Units to be produced - Sales

18,000 = 15,000 + Units to be produced - 23,000

Units to be produced = 18,000 + 23,000 - 15,000

Units to be produced = $26,000

7 0

3 years ago

Without buying points, a monthly mortgage payment will be $958. Buying 1 point at closing would reduce the payment to $948. 75.

d1i1m1o1n [39]

The time taken to break even at buying 1 point will be in 9 years.

Given,

Monthly mortgage payment =$958
Monthly payment will be reduced to buy 1 point =$948.75
Cost of each point =$1,000

Computation:

1. The computation of the reduced amount in the monthly mortgage payment:

$\begin{aligned}\text{Reduced Amount}&=\text{Original Payment}-\text{Reduced Payment}\\&=\$958-\$948.75\\&=\$9.25\end{aligned}$

2. The computation of yearly mortgage payment:

$\begin{aligned}\text{Yearly Mortgage Payment}&=\text{Reduced Amount}\times\text{Total Months in a Year}\\&=\$9.25\times12\\&=\$111\end{aligned}$

3. The computation of the number of years for the break-even by buying 1 point:

$\begin{aligned}\text{Number of Years}&=\dfrac{\text{Cost of Point}}{\text{Amount og Yearly Mortgage Payment}}\\&=\dfrac{\$1,000}{\$111}\\&=9.00\;\text{Years}\end{aligned}$

Therefore, to break even by buying 1 point the holder requires 9 years to reach.

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4 0

2 years ago