Answer:
Interest for second year $2,114.08
Explanation:
given data
loan Amount = $40,000.00
Interest rate r = 6.00%
time period t = 7
solution
we get here first Equal Monthly Payment EMI that is express as
EMI = 
................1
here P is Loan Amount and r is rate and t is time period
put here value and we get
EMI = 
EMI = $7165.40
now
we get here interest for second year that is
Closing balance at year 1 = opening balance + Interest - EMI Payment
Closing balance at year 1 = $40,000 + $2400 - $7165.40
Closing balance at year 1 = $35234.60
so Interest for second year $2,114.08
Answer:
$170,000
Explanation:
Given that,
Travis Corporation begins the year with $50,000 of tire inventory that means inventories in the beginning of the year.
Purchases of tires during the year = $150,000
At the end of the year,
Purchase cost of remaining inventory = $30,000
Therefore,
Cost of goods sold:
= Beginning inventories + Purchases - Ending inventories
= $50,000 + $150,000 - $30,000
= $200,000 - $30,000
= $170,000
Answer:
Mr Curtis can deduct his total property taxes of $ 7,810.00 as well as the Indiana state income tax of $8,120.00 ,since this exceeds the Indiana state sales tax on consumer goods and services of $2,890.00 paid by Mr Curtis during the year.
Finally,the remaining are not deductible
Explanation:
In other words the following taxes are not deductible:
1.Federal income tax $72,250.00
2.Federal gift tax $361
3.The Federal payroll tax for housekeeper $1,301
4.Indiana sales tax on consumer goods and services$2,890
Lastly the property taxes deductible is computed thus:
Principal residence $3,980.00
Vacation home $2,530.00
Two automobiles $1,300.00
Total $ 7,810.00
$8,000,000 - corporate issued
5 % - annual interest
30 % - income tax rate
Annual net cash cost - ?
Formula and Solution - (8,000,000 x 0.05) x 0.7 = 280,000
Answer: The Annual net cash cost - $280,00
Answer: completed in the period
Explanation:
Job order costing system refers to the system when small batches of the products are ordered by the customers. It is useful in knowing the cost that's used in the manufacturing of each product.
It's usually used when different products are being produced and the cost for each individual job need to be calculated. Under a job-order costing system, the dollar amount transferred from Work in Process to the finished goods will be the sum of the costs that's charged to all jobs that are completed in the period.
