Answer:
Overhead= $12,420
Explanation:
Giving the following information:
Wolf Company used $5,940 of indirect raw materials and $6,480 of indirect factory labor during the period.
Factory overhead costs are the costs that can't be directly assigned to a product, service or job. This is why companies assigned overhead using manufacturing overhead rates.
In this case, the overhead is the sum if indirect material and indirect labor:
Overhead= 5,940 + 6,480= $12,420
Answer:
Explanation:
Journal entry
a. Dr Cash 100750
Cr Capital- Kacy spade 100750
(Investment in company)
b. Dr Office supplies 1250
Cr Cash 1250
(to purchase office supplies on cash)
c. Dr Office equipment 10050
Cr Accounts payable 10050
( To record purchase of office equipment)
d. Dr Cash 15500
Cr Service fee income 15500
( To record service provided to customer)
e. Dr Accounts payable 10050
Cr Cash 10050
( To record payment of office equipment purchase)
f. Dr Account receivable 2700
Cr Service revenue 2700
(To record service revenue)
g. Dr Rent expense 1225
Cr Cash 1225
( To record rent expense on cash)
h. Dr Cash 1125
Dr Account receivable 1125
( To record partial collection of receivable )
i. 1) Dr Retained earning 10000
Cr Dividend payable 10000
( To record dividend yet to be to shareholder )
2.) Dr Dividend payable 10000
Cr cash 10000
( To record Payment of cash dividend)
Cash capital-kacy spade
Dr____________Cr___ ___ DR ___________Cr
100750 --- 1250 --100750
15500 ---10050
---1225
1125-- 10000
Office supplies Office equipment
Dr ____________Cr__ __ Dr _____________Cr
1250-- 10050---
Accounts payable Service fee income
Dr_____________Cr_ __ Dr ___________Cr_
10050 ---- 10050 ---- 10050
---2700
Service revenue Account receivable
Dr_____________Cr__ _ Dr ______________Cr
-- 2700----1125
rent expense retained earning
Dr____________Cr__ _ Dr __________Cr__
1225-- 10000 ---- 10000
Dividend payable
Dr_______________Cr
10000 --- 10000
Trial Balance
Cash 94850 100750 Capital-Kacy spade
Salary expense
Rent expense 1225 Account payable
Office Equipment 10050 Retained earning
Prepaid insurance 12750 Service revenue
office supplies 1250 Dividend payable
Account receivable 1575
total 108950 = 108950
• Car loan, 6% interest rate, $10,000 balance, $295 per month
• Department store card, 28% interest rate, $600 balance, minimum payment 5% of balance
• Discover Card, 12% interest rate, $2,000 balance, minimum payment 2% of balance
• VISA Card, 13% interest rate, $3,000 balance, minimum payment 2% of balance
• MasterCard 1, 14% interest rate, $4,000 balance, minimum payment 2% of balance
• MasterCard 2, 14% interest rate, $0 balance, minimum payment 2% of balance
• Gasoline card, 21% interest rate, $300 balance, minimum payment 5% of balance
Assume all credit cards will assess a $35 late fee and ongoing penalty interest of 8% above the currentrate if you miss a payment. Your recent VISA card statement came with a blank cash advance check(for up to $10,000) with terms of 23.99% APR and a fee of 3% if you use it. Your recent MasterCard 2statement came with a balance transfer oFer (up to $4,000) with no fee and 0% APR for 12 months,after which the normal interest rate applies. You recently found an incorrect amount charged on yourVISA card from a store you frequent often. You’d like to come up with a plan to eliminate all of yourcredit card debt.
In general, is it a good idea to make only minimum payments on your credit cards?
Yes, you can invest the money saved each month to earn interest.
No, it will cause your interest rate to go up.
No, the small payment requirement is mathematically guaranteed to keep you in debt for manyyears.
Yes, this allows you more ±exibility in your cash budget.
Assuming you have $1,500 in your budget this month with which to pay down your credit cards, howmuch should you pay on each card?
CardInterestrateOutstandingRequired minimumRecommendedbalancepayment(%)payment($)debtrepaymentamount
store card
Discover Card12%2,0008%
VISA Card13%3,00010%
MasterCard 114%4,0008%
MasterCard 214%010%
Gasoline card21%30015%
Total$9,900$1,500
Answer:
1) In general, is it a good idea to make only minimum payments on your credit cards?
All you have to do is analyze the interest rates charged by the credit card companies and it is really difficult for any investment to match those interest rates.
2) Assuming you have $1,500 in your budget this month with which to pay down your credit cards, how much should you pay on each card?
I would start with the cards that charge the highest interest rates. I would pay the full balance of the department store card and the gasoline card = $600 + $300 = $900
Since I have $600 left, I would then pay the minimum payments for the cards that charge the least interest rates. I would pay $40 to Discover card and $60 to VISA.
The remaining $500 would be used to pay MasterCard 1 card and lower its balance.
It's not best practice to only make minimum payments on credit cards, as it results in long-term debt due to the compounding of interest. Prioritize your $1,500 payment towards cards with higher interest rates first and consider using the balance transfer offer on MasterCard 2 judiciously.
This question pertains to managing credit cards and consumer loans. In this specific scenario, it's generally not a good idea to only make minimum payments on credit cards. Only making minimum payments could keep you in debt for many years due to the compounding effect of interest.
To prioritize debt repayment with an available budget of $1,500 to pay down on credit cards this month, you should start by paying off the credit card with the highest interest rate first. This strategy is known as the avalanche method. So, you would begin with the Department store card (28% interest rate) and gasoline card (21% interest rate), and then move on to MasterCard 1 (14% interest rate), VISA card (13% interest rate), and Discover Card (12% interest rate).
The balance transfer offer from MasterCard 2 could be beneficial. As it offers a 0% APR for 12 months, you could transfer some of the balance from the cards with high interest rates to MasterCard 2. However, this should only be done if you are confident that you can pay off the transferred balance within the promotional period of 12 months, as otherwise, interest would revert to the regular rate.
#SPJ12
• a description of the career
• the history of this career: When was it created? What resources does it use? Was there new technology or
innovation involved?
• the training necessary for the career
• information about why the career interests you
This is an overview of each section of the selected career which is medicine, and one can then expand on those points to create one's paper.
1. Description of the Career - Medicine: Medicine is a field focused on diagnosing, treating, and preventing illnesses in humans. Medical professionals, such as doctors and surgeons, work to improve patients' health and well-being through various methods, including medication, surgery, and preventive care.
2. History of the Career - Creation, Resources, and Innovation: The practice of medicine dates back to ancient civilizations, with the earliest records found in ancient Egypt and Mesopotamia. Throughout history, medicine has evolved significantly, especially during the Renaissance when scientific advancements contributed to a better understanding of anatomy and diseases. Resources used in medicine include medical instruments, drugs, and diagnostic tools. Innovations like the stethoscope, X-rays, and recent advancements in telemedicine have revolutionized patient care.
3. Training Necessary for the Career: Becoming a medical professional requires extensive education and training. It typically involves completing a bachelor's degree, followed by medical school. Medical school includes classroom learning, hands-on clinical experience, and rotations in various specialties. After medical school, aspiring doctors undertake residency programs to gain practical skills in a specific field of medicine.
4. Why the Career Interests You: The opportunity to make a positive impact on people's lives and contribute to advancements in healthcare makes the field of medicine deeply intriguing. The constant evolution of medical knowledge and technology creates an environment of continuous learning and growth, which aligns with my passion for lifelong learning and helping others.
learn more about medicine: brainly.com/question/12646017
#SPJ3
Explanation:
can you explain us what to do so we can help you with that
Answer:
$688,800
Explanation:
Calculation for the what should be the total sales commissions at a sales volume of 41,000 units
First step
Using this formula for Sales commission per unit
Sales commission per unit = Total sales commissions ÷ Unit sales
Let plug in the formula
Sales commission per unit= $646,800 ÷ 38,500 = $16.80
Second step is to calculate for the Total Sales commission by using this formula
Total sales commission = Sales commission per unit × Unit sales
Total sales commission= $61.80 × 41,000
Total sales commission =$688,800
Therefore the Total sales commission will e $688,800
Depreciation expense 12,500
Gain on sale of land 8,000
Increase in merchandise inventory 2,550
Increase in accounts payable 6,650
a. $37,400.
b. $13,150.
c. $94,400.
d. $14,150.
e. $29,400.
Answer:
c. $94,400
Explanation:
Net cash provided or used by operating activities is computed as see below;
Net cash provided or used by operating activities = Net income + Depreciation expense - Gain on sale of land - Increase in merchandise inventory + Increase in accounts payable
Net cash provided or used by operating activities = $85,800 + $12,500 - $8,000 - $2,550 + $6,650
Net cash provided or used by operating activities = $94,400
1. Define the data, uncontrollable inputs, and decision variables that influence total inventory cost.
2. Develop mathematical functions that compute the annual ordering cost and annual holding cost based on average inventory held throughout the year in order to arrive at a model for total cost.
3. Implement your model on a spreadsheet.
4. Use data tables to find an approximate order quantity that results in the smallest total cost.
5. Use Solver to verify your result.
6. Conduct what-if analyses to study the sensitivity of total cost to changes in the model parameters.
7. Explain your results and analysis in a memo to the vice president of operations.
Answer:
Annual Demand = 15,000 units
Cost of each unit = $ 80
Holding Cost = 18% of unit value
Ordering Cost = $ 220 per order
For implementation of a good decision model regarding inventory after considering all type costs assisted to it such as: holding cost and ordering cost, concept of EOQ is applied.
EOQ = ((2 * Annual Demand* Ordering Cost) / (Holding Cost))1/2
= ((2 * 15000 * 220) / (80*18%))1/2
= 677 units
Hence this quantity states that this manufacturing company should reorder the quantity when it has 677 units.
2)Mathematically, costs related to inventory are computed in the following manner:
1) Annual ordering cost = Ordering cost per order * Number of orders in a year
= 220 * 15000/677 = 220 * 22 = 4840
2) Holding cost = Holding cost per unit * Average inventory throughout the year
Average inventory throughout the year = 15,000/12 = 1250 units
Holding cost = 18%* 1250 = 225
Total cost = 4840 + 225 = 5065