Use the actuarial method to find the payoff amount for the loan paid in full before its due date. Amount Financed: Regular Monthly Payment. $18902 Total Number of Payments scheduled: 60 Loan repaid in full instead of making: 12th payment $9000
Q: freight out/transportation out included in the calculation of cost of goods manufactured?
A: Solution Concept Freight out Freight out is the cost that is incurred in selling the goods . it is b...
Q: Accrued Interest Payable The following is a list of outstanding notes payable as of Decemb Maker Dat...
A: Accrued interst payable The amount of interest recognised as a cost by the borrower but not yet paid...
Q: e payments are $382.74/month. If Henry pay 5% of his income to taxes and insurance, can e afford thi...
A: Solution Working note Calculation of total income Income per hour =13.67 Hours worked p...
Q: On December 31,2019, Innovation Company sold a machinery costing P5,200,000 whicl a carrying amount ...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: On February 3, Smart Company sold merchandise in the amount of $4,800 to Truman Company, with credit...
A: Note: I have provide you the correct Journal entry, but I guess the correct option is not uploaded. ...
Q: equirement 1. What is the variable utilities cost per machine hour? t's begin by determining the for...
A: To find out the fixed cost and variable cost from mixed cost, one of the methods used is a high-low ...
Q: Ryan Company deposits all cash recelpts on the day they are received and makes all cash payments by ...
A: Bank reconciliation statement shows the reconciliation of bank statement with its cash books.
Q: Compensation of key management personnel: Group 2014 2013 Parent 2014 2013 Short-term employee benef...
A: Compensation to key management personnel An entity is required to disclose compensation to key manag...
Q: Inventories Thor company included the following items in inventory: 1,960,000 280,000 Raw materials ...
A: Raw Material 1,960,000 Advance for material ordered 0 Goods in Process 910,000 Unexpired...
Q: b. Crilically cfiscuss the conporation's kverage pusiticn ancd profitatility perfonance for i: finan...
A: Leverage position refers to the ability of the company to pay off its debt I,e. the ability of the c...
Q: he Blaine Company is a highly automated manufacturer. At an activity level of 6,000 machine setups, ...
A: solution Concept High low method Formula Variable cost using high low method =(cost at high point ...
Q: Find the interest on a used car loan of $5000 at a rate of 16% for a period of 8 months.
A: Interest rate = 16% Loan amount = $ 5000 Period = 8 months Interest on loan = Loan amount * Interest...
Q: hen Harry Old's Corporation announces a 4-for-1 split down/reverse, it has 500,000 common stocks wit...
A: Solution Concept 4 for 1 stock split means that one share is split into 4 shares For example if a co...
Q: Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 E...
A: Cost of goods manufactured is the total amount of cost incurred on manufacturing of goods. We are gi...
Q: Exercise 6-13 (Algo) Depreciation calculation methods LO 3 Millco Inc., acquired a machine that cost...
A: Straight line depreciation Cost of the asset - residual value / useful life of asse Accumulated dep...
Q: Using the indirect method, calculate the amount of cash flows from operating activities from the fol...
A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the...
Q: If estimated production overhead in the printing department is $120,000 and actual overhead is $1i16...
A: Pre-determined overhead rate refers to calculation of overhead rate based on estimated cost and the ...
Q: 4. Statement 1: The newly formed partnership is still allowed to use any of the book of the sole pro...
A: Meaning of Partnership: A partnership is a formal arrangement by two or more parties to manage and o...
Q: Metaverse has become one of the most noticed innovations by leaders who consider themselves capable ...
A: The Metaverse is a type of virtual assistance. Innovative technology that is implemented into the bu...
Q: Question 2 Modise Ltd had a gross income of R200 000 and expenses of R300 000 for the year For the 2...
A: The basic income on which tax is charged is referred to as taxable income. It incorporates some or a...
Q: calssify the following expenses between selling expenses and general and administrative expenses. re...
A: Indirect expenses can be classified into three part: (1) Factory expenses (2) Office and administra...
Q: A company's normal selling price for its product is $25 per unit. However, due to market competition...
A: Introduction: First in, first out (FIFO) is an accounting approach in which assets purchased or acqu...
Q: The following units of a particular item were available for sale during the calendar year: Jan. 1 In...
A:
Q: Landis is an employee of a startup venture and he is entitled to 2000 phantom stocks provided by the...
A: Phantom Stocks also known as Shadow Stock entitles an employee the right to receive cash payments at...
Q: Which of the following is the best definition of product costs? a. Product costs are those costs tha...
A: Cost refers to amount or value which has to be incurred in order to purchase or produce a product ir...
Q: How to calculate selling price, markups, markdown, stockturn rate, and return on investment.
A: Financial Ratio: A financial ratio, or bookkeeping proportion, is the general size of two chosen mat...
Q: A company purchased $9,900 of merchandise on June 15 with terms of 3/10, n/45. On June 20, It return...
A: Lets understand the basics. For attracting early payments, seller gives the discount to the buyer. T...
Q: anufacturer is: a. factory insurance b. sales office salaries c. sales commissions d. materials hand...
A: Labour cost are of two types : Direct and Indirect Direct labour cost can be directly assigned to th...
Q: The following data pertaining to the cash transactions and bank account of ABC Company for May 2022 ...
A: Adjustment in cash Balance at Bank Particulars Amount Bank statement, May 31, 2022 - 95,874 ...
Q: Suppose Alexa has a weekly paycheck with gross earnings of $1,234.00 and is single with no dependent...
A: Payroll refers to the payment to be made by the employer to the employees for the services rendered ...
Q: Journal Entries (Note Received, Discounted, Dishonored, and Collected) Received a 120-day, 6% note i...
A: The first step in the accounting and bookkeeping process is to make a journal entry. During this ste...
Q: On January 1, 2020, Blue Company purchased P500,000 8% bonds for P475126 (including broker’s commiss...
A: INITIAL RECOGNITION YEAR CASH FLOWS PVF @ 9% 2020 40000 0.9174 36696 2021 40000 0.8417 3366...
Q: The Baldwin Company, originally established 16 years ago to make footballs, is now a leading produce...
A: Income statement: It is a financial statement that calculates the net income generated by a company ...
Q: Smith Taylor Co. was sued by a competitor for P5,000,000 for infringement of patent. They carried a ...
A: Accrued liability -These are those business expense that has been incurred but are not paid by by bu...
Q: A company is considering investing £46,000 in a machine that will be operated for 4 years, after whi...
A: Annual profit= Cashflow- Depreciation
Q: A loan of $2500 was repaid at the end of 39 weeks with a check for $2812.50. What annual rate of int...
A: Loan amount (P) = $2500 Repayment after 39 weeks (A) = $2812.50 Interest Paid = (A - P) = $2812.50 -...
Q: 3. Beginning 4. How many units should ABM Company produce in order to fulfill the expected sales of ...
A: Budgeted production refers to a form of budget which shows the number of units of a specific product...
Q: SportsWorld paid $140,000 for a property. The property included land appraised at $67,500, land impr...
A: Lets understand the basics. When any property is purchased for a single amount of consideration then...
Q: Crimson Inc. recorded credit sales of $750,000, of which $600,000 is not yet due, $100,000 is past d...
A: Allowance for Doubtful Accounts - Allowance Account is a contra assets prepare to record provision m...
Q: Determine the activity rate for each of the four activity cost pools. 3. Using the activity rates an...
A: Solution Concept Under traditional costing the overhead is allocated using a single overhead recover...
Q: Which of the following is not a cause of mistakes in model building? Choices: A.Sub-optimal choic...
A: There are numerous mistakes in planning stage of model building. Unclear vision, lack of resources, ...
Q: Valley Spa purchased $8,000 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 12% p...
A: Account receivables are considered negotiable instruments. It is classified in the balance sheet und...
Q: Using the attached T-account template or a spreadsheet with proper classifications and account names...
A: Sales Taxes Collection = $10,000,000 Sales Taxes Collection is been transferred to General Fund ( ...
Q: Problem 4-3: Recording investment and valuing debt & equity investments At the beginning of the year...
A: Journal entries are the first step in process of accounting which refers to recording of financial d...
Q: Birk applies overhead to jobs at a predetermined rate of 80% of direct labour cost. The total manufa...
A: Overhead cost = 80% of direct labour cost = £2,000 x 80% = £1,600
Q: What is the AFTER-TAX MONTHLY INCOME for the SALES position?
A: Gross income is the income which an employee earns during the year or month and on which there has n...
Q: Pendragon Inc. has an operating loan with a balance of $52,000 on September 1 with interest set at p...
A: The answer is stated below:
Q: The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next...
A: Cash Increase ( Decrease ) = Total Cash receipts - Total Cash payments Cash balance at the end = Cas...
Q: [ CLO 3] In accounting analysis, the following is NOT among the criteria for recognizing assets. O R...
A: Recognition of assets and liabilities is essential to preparation and presentation of financial stat...
Q: Journalize the entries for these
A: Journal entries refers to the official book of a company which is used to record the day to day tran...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan include a repayment of principal in eight, equal installments, paid annually from the April 1 date. The annual interest rate on the loan is 5%, recognized on December 31. (Round answers to the nearest cent, if needed.) A. Compute the interest recognized as of December 31 in year 1. B. Compute the principal due in year 1.A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?
- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseScrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
- Campus Flights takes out a bank loan in the amount of $200,500 on March 1. The terms of the loan include a repayment of principal in ten equal installments, paid annually from March 1. The annual interest rate on the loan is 8%, recognized on December 31. (Round answers to the nearest whole dollar if needed.) A. Compute the interest recognized as of December 31 in year 1 rounded to the whole dollar. B. Compute the principal due in year 1.Cost of Bank Loan On March 1, Minnerly Motors obtains a business loan from a local bank. The loan is a 25,000 interest-only loan with a nominal rate of 11%. Interest is calculated on a simple interest basis with a 365-day year. What is Minnerlys interest charge for the first month (assuming 31 days in the month)?Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
- Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for 15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?