Answer:
$38,851 approx
Explanation:
As per the information provided in the question, the minimum annual rate of return would be at-least equal to the usual rate of return the investor (here uncle) earns. Here it is 9% per annum.
Anything earned below this rate of return will not satisfy the investor since this represents the minimum required rate of return.
A=
Where A= Amount
P= Principal
r= Annual Rate Of Interest
n= period of loan
Therefore, A=
A= $38,850.87 or $38,851 approx.
Answer:
$185,947
Explanation:
Answer:
Clayborn Company
The adjusted cash account balance (debit) should be:
$23,150
Explanation:
a) Data and Calculations:
Cash account balance (debit) $24,525
Bank Statement balance $21,800
Reconciliation issues:
Deposit in transit $ 7,450
Outstanding checks $ 6,100
Bank service fees, not yet recorded by company $ 100
A NSF check from a customer, not yet recorded by the company $ 1,275
b) Adjusted Cash balance:
Cash account balance (debit) $24,525
NSF check (1,275)
Bank service fees (100)
Adjusted cash balance (debit) $23,150
c) Adjusted Bank Statement balance:
Bank Statement balance $21,800
Deposit in transit 7,450
Outstanding checks (6,100)
Adjusted bank statement $23,150
The adjusted cash balance is calculated by adjusting the company's book balance for deposits in transit and outstanding checks, and then subtracting the bank service fees and the amount of the NSF check. The final adjusted cash balance for Clayborn Company on May 31 is $24,500.
To determine the adjusted cash balance for Clayborn Company, we must consider the cash balance according to the company's books, the deposit in transit, the outstanding checks, the bank service fee, and the NSF check. The books report a debit balance of $24,525, but we need to adjust this amount for the deposit in transit and the outstanding checks. Adding the deposit in transit of $7,450 gives us $31,975. Subtracting the outstanding checks of $6,100 results in an adjusted balance of $25,875.
Next, we have to account for the bank service fees and the NSF check from a customer, both of which were not yet recorded by the company. The bank service fees of $100 and the NSF check of $1,275 decrease our balance, so subtracting these from the $25,875 gives us the final adjusted cash balance of $24,500.
#SPJ3
Units in beginning inventory 300
Units produced 15,000
Units sold ($300 per unit) 12,700
Variable costs per unit:
Direct materials $20
Direct labor $60
Variable overhead $12
Fixed costs:
Fixed overhead per unit produced $30
Fixed selling and administrative $140,000
Required:
1. How many units are in ending inventory?
$ _______ units
2. Using variable costing, calculate the per-unit product cost.
$_____________
3. What is the value of ending inventory under variable costing?
$___________
Answer:
1. Ending inventory = Beginning inventory + Production - Sales
= 300 units + 15,000 units - 12,700 units
= 2,600 units
2. Per unit Product Cost Using Variable Costing
$
Direct material 20
Direct labor 60
Variable overhead 12
Product cost 92
3. Value of ending inventory under variable costing
= 2,600 units x $92
= $239,200
Explanation:
The units of ending inventory is calculated as beginning inventory plus production minus sales.
Per unit product cost is the aggregate of variable cost per unit. This includes direct material cost, direct labour cost and variable overhead.
Value of ending inventory is the product of units of ending inventory and per unit product cost.
Answer:
Tarrow Corporation
a) Amount of change in millions and the percent of change:
Amount Percentage Direction
of Change of Change of Change
Revenue $30,972 8.7% Increase
Operating expenses 23,634 7.8% Increase
Operating income $7,338 13.8% Increase
b) During the recent year, revenue and operating expenses increased by 8.7% and 7.8% respectively. As a result, the operating income increased by 13.8%, from the prior year.
Explanation:
a) Data and Calculations:
Tarrow Corporation:
Recent Year Prior Year Change Percentage
Revenue $386,972 $356,000 $30,972 8.7% Increase
Operating expenses 326,634 303,000 23,634 7.8% Increase
Operating income $60,338 $53,000 $7,338 13.8% Increase
Answer:
The Cost of Manufactured Goods 9,998,145
Explanation:
The question is to determine Choco-rama's Cost of Goods Manufactured for the 2016 Fiscal Year.
CHOCO RAMA COST OF GOODS MANUFACTURED FOR THE 2016 FISCAL YEAR
Description Amount ($) Amount ($)
Opening Inventory of Raw materials 42,385
Add: Purchase of raw materials 387,521
Direct raw materials available 429,906
Subtract: Closing raw materials (44,299)
Raw materials in Production 385,607
Add:
Direct labour ($388,400 x $23.60) 9,166,240
Manufacturing overhead 451,850
The total manufacturing costs 10,003,697
Add: Opening Work-in-Progress 22,655
10,026,352
Subtract: Closing work-in-progress (28,207)
The Cost of Manufactured Goods 9,998,145