Answer: labor
Explanation:
Answer:
$2,960,000
Explanation:
Raw Material Used in production:
= Raw Material Inventory Beginning + Purchases of Raw Material - Raw Material Inventory Ending
= $30,000 + $1,500,000 - $60,000
= $1,470,000
Total Manufacturing Cost:
= Raw Material Used in production + Direct Labor + Manufacturing Overhead applied to Work in process
= $1,470,000 + $690,000 + (225,000 + 75,000 + 500,000)
= $1,470,000 + $690,000 + $800,000
= $2,960,000
Machine B: The recorded cost of this machine was $180,000. Evers estimates that the useful life of the machine is 4 years with a $9,800 salvage value remaining at the end of that time period.
Prepare the following for Machine A. (Round answers to 0 decimal places, e.g. 5,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
(1) The journal entry to record its purchase on January 1, 2017.
(2) The journal entry to record annual depreciation at December 31, 2017.
Answer:
Please see the solution below:
Explanation:
Machine A:
(i) Total Machine A Cost
Purchase Price = $37,500
Sales Tax = $3,600
Shipping Cost = $100
Insurance during shipping = $50
Installation and Testing Cost = $120
Total Machine A cost = $41,370
(ii) Depreciation
Recorded Cost = $41,370
Less: Salvage Value = $5,950
Useful Life = 5 years
Straight Line Method is used to find depreciation per yer will be:
Depreciation = $7,084
(1) The Journal Entry to record purchase of equipment (Machine A)
January 1, 2017
Dr. Equipment $41,370
Cr. Cash $41,370
(2) The Journal Entry to record annual depreciation (Machine A)
December 3, 2017
Dr. Depreciation $7,084
Cr. Accumulated Depreciation - Equipment $7,084
The total cost of Machine A is recorded as $41,370. The depreciation expense for the year end 2017 is calculated to be $7,084.
The subject matter involves the calculation and recording of purchase and depreciation of assets, a core part of business accounting.
First, to figure out the cost of machine A, we add up the related costs to the purchase price: $37,500 + $3,600 + $100 + $50 + $120 = $41,370. The cost of lubricants is not included as it is an operational cost, not a purchase cost.
(1) Therefore, the journal entry on January 1, 2017, is Debit: Machinery (account title) for $41,370 which is the total cost of machine A.
To calculate annual depreciation, we use the straight-line method. Take the total cost of the machine ($41,370), subtract the salvage value ($5,950), and then divide by the useful life of the machine (5 years): ($41,370 - $5,950) / 5 = $7,084 (rounded to the nearest dollar).
(2) The journal entry on December 31, 2017, to record annual depreciation is Debit: Depreciation Expense for $7,084, and Credit: Accumulated Depreciation for $7,084.
#SPJ3
Answer:
c. Internal Service Fund
Explanation:
Internal Service Fund -
It refers to the sum of amount required to track the motion of any goods and services from one department to another , is referred to as internal service fund .
The amount spend on the internal service fund is used to determine the complete cost of providing the services and goods .
For example , maintenance is an example of the internal service fund .
Hence , from the given information of the question ,
The correct answer is c. Internal Service Fund .
Answer:
A staff managerial accountant is part of the mid-level accounting management.
The top position in the chain of command is the Chief Financial Officer, who is in charge of all financial matters within the firm, especially of presenting accurate financial information at the end of the accounting year to management, stockholders, and potential investors.
Directly below him is the controller, an important position in charge of reporting financial statements during the year, and helping gather information for auditors during external audtis.
Below a staff managerial accountant would be lower level accounting who are in charge of bookeeping on a daily basis.
Answer:
$2960 yearly savings
Explanation:
From the values given and from mathematical manipulation, he or she needs a contribution of at least $2900 every year in order to achieve his goal of $50,000.
EXPLANATION
You will need to contribute approximately $2,615.97 each year to your college fund to achieve your goal of $50,000 in 13 years, starting with $5,000 and earning 2% interest compounded annually.
To calculate how much you need to contribute every year to have $50,000 in a college fund for your daughter in 13 years with an existing $5,000 at a 2% annual interest rate, we need to use the future value of an annuity formula:
The future value of an annuity formula is FV = P × {[(1 + r)^n - 1] / r}, where:
Since you already have $5,000, we first need to find out how much this amount will grow to in 13 years at an annual interest rate of 2%. That's calculated using the compound interest formula:$5,000(1 + 0.02)^{13} = $6,727.09
Now, subtract this future value of your initial savings from the goal:$50,000 - $6,727.09 = $43,272.91
This is the amount that needs to be reached with the annual contributions. Plugging this back into the future value of an annuity formula, we solve for P:$43,272.91 = P × {[(1 + 0.02)^{13} - 1] / 0.02}We can now solve for P, which is the annual contribution required:P = $43,272.91 / {[(1 + 0.02)^{13} - 1] / 0.02} = $2,615.97
Therefore, you'd need to contribute approximately $2,615.97 each year to reach your $50,000 college fund goal in 13 years, assuming a 2% annual rate.
Answer:
Option a is the answer i.e $0
Explanation:
Basically, Mr Carl who has a salary of $91,500 and interest income of $11,000.
From the US system, one is not allowed or simply put it is not mandatory on you to have a contribution towards your educational savings, IT IS NOT. such action is dependent on individuals volition, it is the individual who has a better plan will think of having a savings for education by way of attending college.
Moroever, in the US, students are enttled to financial aid to support their education while in college. If financial aid is available for students, then there wont be any need for them to have a savings towards their education.
Llike I said, having an educaional savings account is depenedent on the individual and his plans towards college. Hence, Mr Carl has no rule or law that says he must have a maximum or minimum in his educational savings account and as such the answer is 0$.