Answer:
Debit income summary $30,00
Explanation:
Closing entries are used to move balances from temporary accounts to permanent baccounts so that a business can recognise income or loss made during an accounting period.
2/3 profit and loss is for Dana, that is (2/3)* 30,000= $20,000
1/3 of profit is assigned to Emile that is (1/3)* 30,000= $10,000
So the close out entries will be
A debit to income summary of $30,000
A credit to Dana of $20,000
A credit to Emile of $10,000
Answer:
Total direct manufacturing cost= $25,090
Explanation:
Giving the following information:
Production 3,600 units:
Direct materials $6.85
Direct labor $2.80
<u>The direct manufacturing costs are direct material and direct labor.</u>
To calculate the total direct manufacturing cost, we need to use the following formula:
Total direct manufacturing cost= 2,600*(6.85 + 2.8)
Total direct manufacturing cost= $25,090
<u>Because the number of units is between the relevant range, the average variable cost per unit remains constant.</u>
Answer:
<em>Confidentiality duty to Kim has been violated by Greg</em>.
Explanation:
Remember Greg is acting as agent or real estate agent to Kim.
According to law he owed a duty of confidentiality to Kim which involves not disclosing any information of benefit which he may have gotten from his client (Kim) to third parties (buyers) without permission from Kim.
Therefore, Greg was not suppose to mention that Kim would have accepted less for her home.
<span>Yes,
an informal economy is not taxed or monitored by government and hence
is not included in calculations for GDP and inflation. An example is the
market for illegal drugs, amongst many others.
(Hope this helps!!!)
</span>
Answer:
1. $360.51
2. 9.38%
Explanation:
1. Calculation for What is the monthly loan payment
Based on the information given we would be
Using TVM financial calculator to find the monthly loan payment
PMT = [PV = $20,000, FV = 0, N = 72 months, I = 0.09/12]
PMT = $360.51
Therefore the monthly loan payment will be $360.51
2. Calculation for the loan's EFF%
EFF%= (1 + 0.09/12)^12 - 1
EFF% = 9.38%
Therefore the loan's EFF% will be 9.38%