rew deposited $1000 in a savings account that pays 8% interest co. quarterly, planning to use it to finish the last year of college. Eighteen (18) months later, Drew decided to go to the Rocky Mountains to become a ski instructor rather than continue in school, so Drew closed out the account. How
Q: The Southern Corporation manufactures a single product and has the following cost structure: ...
A: Absorption costing, also known as "full costing," is a management accounting method that accounts fo...
Q: ABC Corporation is authorized to issue $500,000 of 6 percent, 10-year bonds dated July 1, 2003, with...
A: 16) Premium on bonds = Proceeds from issuance of bonds - Value of bonds with interest Interest month...
Q: Sales revenue- P500,000 · Cost of Goods Sold- P350,000 · Operating Expenses- P55,000 ...
A: Answer Comprehensive income =$117000 Correct answer option A)117000 Comprehensive income is the sum...
Q: 14. Electricity costs that were incurred by a company's production processes should be debited to: a...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [...
A: Over-applied / Under-applied overhead = Total Overhead cost - Actual Overhead cost applied Overhead ...
Q: Job no. C12 was completed in November at a cost of P18,500, subdivided as follows: direct material, ...
A: Answer) The correct answer in the given question is: Account Titles and Explanation Debit ...
Q: Jimin Corp. is preparing the interim financial statements for the quarter ended March 31, 2022. Sale...
A: Variable expenses = Sales x 20% Advertisement expense = Total advertisement expense for one year x 3...
Q: . ABC Company was engaged in leasing machinery. The following were obtained from the incomplete reco...
A: Solution: Total collection of rent = Accrued rent income Dec 31, 2020 + Rent income recognized - Acc...
Q: Ismail and Sameer are opening a paint store. There are no competing paint stores in the area. They m...
A: The meaning of partnership business is two or more persons bringing the capital to form the business...
Q: Work in Process 20,000 Oct. 31 Goods finished 96,700 201,000 Oct. 1 Balance 31 Direct materials 31 D...
A: Factory overhead: A manufacturing business's factory overhead, sometimes referred to as manufacturin...
Q: View Policies Current Attempt in Progress On November 1, 2021, Golden Valley Inc. accepted a three-m...
A: >Note receivables are the current asset. >It can be accepted in case of: --when goods ...
Q: Dewey Company purchased a machine that was installed and placed in service on January 2, 2001, at a ...
A: Double declining balance method is a method of depreciation under which depreciation is being charge...
Q: The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, a...
A: Common Stock , Ending balance = Common stock , beginning balance + Issued common stock Retained earn...
Q: The sale of a depreciable asset resulting in a loss indicates that the proceeds from the sale were a...
A: Since you have asked multiple questions, we will solve the first question for you . If you want any...
Q: Use the following information for the Exercises below. (Algo) [The following information applies to ...
A: A contribution margin income statement is one that deducts all variable expenses from sales to arriv...
Q: Don Williams wants to buy a boat five years from today. He will need $40,000. Don wants you to calcu...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: Atty. Bruno Madrigal maintain the accounting records of his law office on a cash basis. For the year...
A: Answer The correct answer option D)P3059100 Under cash basis of accounting method revenue and expens...
Q: Lulu Company and its divisions are engaged solely in manufacturing operations. The following data pe...
A: Answer: Option D. 6
Q: A business pays weekly salaries of 20,000 on Friday for a five-day week ending on that day. The adj...
A: Per day salary = Total salary / Number of days salary Total Salary = 20000 Number of days salary = ...
Q: . Dale Company, which applies overhead at the rate of 190% of direct labor cost, began work on job n...
A: Total Applied overhead = Direct Labor cost x Overhead rate
Q: The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, a...
A: Net Income = Total revenue - Total expenses Retained earnings , ending balance = Retained earnings b...
Q: Santos started a retail merchandise business on January 1, 2021. During the year ended December 31, ...
A: Inventory purchases can be computed by Adding payments to trade creditor and account payable balance...
Q: On January 1, 2021, your company sold $400,000 of 5%, 10 year bonds when the market rate was 6%. The...
A: Part E Bonds sold on Aug 1, 2021 Interest paid annually on July, 31 The year ends December 31 Dat...
Q: Taehyung Company provided the following data: On January 1, the company’s account receivable and acc...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: Given the two machines' data Machine A Machine B First Cost P8,000.00 P14,000.00 Salvage value Annua...
A: Entity have two option to buy machine, machine A and machine B Following is the calculation
Q: Osprey Cycles, Inc. projected sales of 59,813 bicycles for the year. The estimated January 1 invento...
A: Budgeted production for the year = Projected sales + Desired ending inventory - Beginning inventory
Q: Compute the basic earnings per share and diluted earnings per share.
A: Earnings per share is calculated using net income and weighted average number of shares outstanding....
Q: 25
A: The time between an injury and the receipt of benefit payments is referred to as the elimination per...
Q: 12. Costs that are treated as assets until the product is sold are called: a. product costs b. perio...
A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are allow...
Q: Average Cost per Unit Direct materials Direct labor Variable manufacturing overhead Fixed manufactur...
A: Introduction: Variable cost: Variable cost is not fixed in nature. It varies according to the change...
Q: The following data relate to store equipment of ABC Company for 2021: · Store Equipment at co...
A: Ending accumulated depreciation = Opening balance + depreciation expense for the period - accumulate...
Q: On February 12, Laker Company purchased a tract of land as a factory site for $175,000. An existing ...
A: calculation of cost of complete factory building are as follows
Q: value is $10,000 dth of a percent.
A: The question is based on the concept of Financial Management. An annual percentage rate (APR) is a c...
Q: We live in a perfect Modigliani Miller World without frictions. Vencidario Inc. has a mixed capital ...
A: The Modigliani-Miller theorem states that, regardless of capital structure, a company's market value...
Q: 7. Metro Corporation uses a predetermined overhead rate of P20 per machine hour. In deriving this fi...
A: Predetermined Overhead Rate: It is possible to compute the predetermined overhead rate by dividing t...
Q: Maintenance $34,600 + $1.25 DLH Power $0.50 DLH Indirect labor $68,200 + $2.30 DLH Rent $31,100 Requ...
A: The overhead costs can be classified as variable or fixed costs. The total variable costs changes wi...
Q: The Asian Transmission Co. produces certain items at a labor cost of P 115 each, material cost of P ...
A: Break even point is the point which shows the number of units required to sold to cover the company'...
Q: 34. Unearned rent: Balance beginning of the year P11,000 Balance end...
A: Answer: d. Debit Unearned Rent and Credit Rent Income P5,000 Explanation: Beginning balance of unea...
Q: machine-hours. If Job Cost of Goods Sold per shirt was:
A: Selling and Shipping cost will not be included in COGS. COGS covers direct material cost , Direct la...
Q: ABC Company was engaged in leasing machinery. The following were obtained from the incomplete record...
A: Accrual system of accounting means where the cash received or paid is not important but the income a...
Q: 1: Sold a car for P1,200 to the uncle of Keka 's finance director. Transaction 2: Sold goods to the...
A: Related party is a party entity that is related to the reporting entity. Related party may be due t...
Q: Open general ledger accounts for Allowance for Uncollectible Accounts and Uncollectible-Accounts Exp...
A: 1. Allowance from Uncollectable accounts Date Particulars Amount Date Particulars Amou...
Q: Given the two machines' data Machine A Machine B First Cost P8,000.00 P14,000.00 Salvage value Annua...
A: Equivalent annual cost refers to the annualized cost of owning, operating and maintaining an asset o...
Q: 10. Mabanglo charges manufacturing overhead to products by using a predetermined appiication rate, c...
A: Predetermined overhead rate = Budgeted overhead cost/Total budgeted machine hours It is pertinent t...
Q: Crispin Santos started a retail merchandise business on January 1, 2021. During the year ended Decem...
A: A purchase is the practice of obtaining possession of a specific asset, property, item, or right by ...
Q: Yeontan Company is engaged in a small export business. The company maintain limited records. Most of...
A: Net Purchases = Cash purchases + Cash payment to trade creditors - Decrease in Accounts payable - De...
Q: DCI & Co. reported the following 2021 balances: January 1 P2,175,000 P375,000 December 31 P1,950,000...
A: Cost of goods sold is the amount paid as a cost directly related to sale of products. This is being ...
Q: Hudson Company reports the following contribution margin income statement. HUDSON COMPANY Contributi...
A: Break even units = Fixed costs /Contribution margin per unit where, Contribution margin per unit = S...
Q: b. Debits: Accounts Receivable, Cost of Goods Sold; credits: Sales options correctly expresses the a...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: June 1 – Hazel prepaid for insurance for the remaining 7 months of the year. The total premium paid ...
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into debi...
Drew deposited $1000 in a savings account that pays 8% interest co. quarterly, planning to use it to finish the last year of college. Eighteen (18) months later, Drew decided to go to the Rocky Mountains to become a ski instructor rather than continue in school, so Drew closed out the account. How much money will Drew receive?
Step by step
Solved in 2 steps
- Kate deposits P5,000 to her bank account every year when she was in highschool for four years to prepare for her college degree. She took an engineering course and since then, she stopped depositing to her bank account. Right after graduation (she graduated ontime), she got a job that pays P250,000ayear. If she continues to deposit to the same bank account P50,000 every year for 10 years, calculate the future worth after 30 years if the deposits are made at the end of each year and the bank pays 2% interest per yearLindsey sold stationery to her family and her mother’s friends. She deposited the $125 she earned in a savings account. The account earns 5.18% interest annually. If she does not deposit or withdraw any money for 18 months, how much will she have in her account?18. Isla is given $100,000 for college expenses. She deposits the money in a bank account that doesn't pay any interest on the money, and she makes no further deposits into the account. Two weeks after the start of each semester, Isla withdraws $8,500 to pay her tultion. Suppose it takes Isla a total of 10 semesters to complete her college degree, and each semester costs $8,500. What sequence represents the amount of money left in Isla's bank account at the beginning of each semester? Is there money left in her account after she graduates? Explain. Bi U Font Family - AA A F.E
- a. A friend of yours, Grace, wants to purchase a house in five years. To save for the house, Grace decides to deposit $138,000 in a savings account on January 1 of this year. The savings account will earn 7 percent annually. Any interest earned will be added to the fund at year-end (rather than withdrawn). b. At the end of each year, a different friend, Claire, plans to deposit $10,300 in a savings account. The account will earn 10 percent annual interest, which will be added to the fund balance at year-end. Claire will make her first deposit at the end of this year. (FV of $1, PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Required: 1. In (a), how much will be available at the end of five years? What is the total interest earned over the five years? 2. In (b), what will be the balance in the savings account at the end of the 8th year (i.e., after 8 deposits)? What is the interest earned on the 8 deposits?Jharold need P4,000 per year for four years to go to college. His father invested P5,000 in 7% account for his education when he was born. If he withdraw P4,000 at the end of year 17th, 18th, 19th and 20th birthday, how much money will be left in the account at the end of the 21st year?Jason W. bought a Mercedes when he came to UTM as an engineering student. The Mercedes was purchased by taking a loan that was to be paid off in 20 equal, quarterly payments. The interest rate on the loan was 12%. Four years later, after Jason made his 16th payment, he got married (no more dating!) and sold the Mercedes to his buddy Houston S. Houston made arrangements with Jason's bank to refinance the loan and to pay Jason's unpaid balance by making 16 equal, quarterly payments at the same interest rate that Jason was paying. Houston flunked out of UTM (too many dates!) 3¼ years later, after having made his 13th payment; he then sold the car to Jeff M. Jeff paid the bank $2000 cash (he had a good summer job!) to pay the loan balance. How much had Jason borrowed to buy the new Mercedes?
- Jennifer is planning to attend college when she graduates from high school 4years from now. She anticipates that she will need $20,000 at the beginning of each college year to pay for tuition and fees andhave some spending money. Ashley has arranged with her fatherto work in the evenings in his gas-station and he would deposit $15,000 at the end of each year for the next 4years in a bank account paying 12percent interest, compounded daily. Will there be enough money in the account for Jennifer to pay for her college expenses on the day she starts College? Assume the rate of interest stays at 12 percent(compounded daily)throughout these years.Assume there are 365 days in a year.Marilyn wishes to retire at age 65 with $2,000,000 in the bank. At the age 21, she decides to begin depositing money into an account with an APR of 11%. What is the monthly payment Marilyn must make in order to make this happen?Jacob's friend, Devan, wants to go to business school. While his father will share some of the expenses, Devan still needs to put in the rest on his own. But Devan has no money saved for it yet. According to his calculations, it will cost him $25,641 to complete the business program, including tuition, cost of living, and other expenses. He has decided to deposit $4,200 at the end of every year in a mutual fund, from which he expects to earn a fixed 10% rate years for Devan to save enough money to go to business school. of return. It will take approximately 4.25 years 6.25 years 5.00 years 6.75 years Dlavor
- A student saved $3,000 per year from 1986 to 2001 (15 years) in an account with 8% interest. He stopped depositing money after year 2001, but the money was kept in the same account earning interest. In 2007 he withdrew $20,000 for down payment toward purchase of a new house. In 2012 he received an inheritance as a single payment of $50,000, which he deposited in the same account. What is the current balance of the account (2021)?Douglas needs to borrow $15,600 today for his tuition bill. He agrees to pay back the loan in a lump-sum payment five years from now, after he is out of college. He bank states that the payment will need to be $19, 683. If Douglas borrows the $15,600 from the bank, what interest rate is he paying on his loan?Juanita Domingo is starting college in three months. Her parents want to establish a college trust for her today which will provide 16 payments throughout the next four years as well as the cost of a graduation trip when she completes college four years from now. They want her to be able to make withdrawals of $2,500 at the end of every quarter for the next four years. Additionally, she will withdraw an extra $5,000 on the same day as the last regular $2,500 withdrawal. If money is worth 6.1%, compounded quarterly, how much must be deposited now to provide for this trust? (Round your answer to the nearest cent.) $