Answer:
A. $1,635
B. $48,424
Explanation:
Using the formulae P (1+r)^t, where P= $50; the principal, r= 0.03 or 3%; the interest rate, and t= 118 (1998-1880).
Hence, at 3% each would be entitled
=50 (1+0.03)^118
=50 (1.03)^118
= $1,635
At 6% each would be entitled
= 50 (1+06)^118
= 50 (1.06)^118
= $48,424
Therefore, since the granddaughters also claimed that they were entitled to compound interest, they would be entitled $1,635 at 3% interest rate and $48,424 if the interest rate was 6%.
Answer:
Hence, the manufacturing margin for Part A is $1,400,000
Therefore, the correct option is B i.e $1,400,000
Explanation:
The manufacturing margin is somewhat same like contribution margin. SO, here we applying the formula of contribution margin.
For computing the manufacturing margin for Part A, the calculation is shown below.
Manufacturing margin = (Selling Price per unit × Number of units) - (Variable manufacturing cost per unit × Number of units)
= (5,000 × $800) - ($5000 × $520)
= $4,000,000 - $2,600,000
= $1,400,000
Hence, the manufacturing margin for Part A is $1,400,000
Therefore, the correct option is B i.e $1,400,000
The manufacturing margin for Part A is calculated by subtracting variable costs per unit from the selling price per unit and multiplying the result by the total number of units sold. Therefore, the manufacturing margin for Part A is $1,000,000.
The manufacturing or contribution margin is the difference between the selling price per unit and the variable costs per unit. In this case, the selling price per unit is
$800 and variable manufacturing cost per unit is $520. The sales commission per unit for Part A is $80. Therefore, the manufacturing margin per unit equals $800 - $520 - $80 which is $200. When you multiply this margin per unit by the total units sold which is 5,000 units, we get the total manufacturing margin. Hence, the manufacturing margin for Part A is $200 * 5,000 =
$1,000,000
.
#SPJ2
Melissa's capital gain tax from the sale of her Bitcoin in 2021 for a long-term capital gain of $200,000, and as Head of Household is $30,000.
Data and Calculations:
Long-term capital gain = $200,000
Total taxable income = $450,000
Assumed long-term capital tax rate = 15%
Thus, the tax on Melissa's capital gain tax from the sale of her Bitcoin in 2021 for a long-term capital gain of $200,000, and as Head of Household is $30,000 ($200,000 x 15%).
Learn more about long-term capital gain here: brainly.com/question/25117603
Answer:
hi so im thinking its $250,000 dollors probaly
Explanation:
Answer:
A) cost of goods manufactured schedule
Factory Insurance 4,700
Factory Utilities 29,100
Factory Machinery Depreciation 19,000
Direct Labor 147,750
Plant Manager`s Salary 65,600
Indirect Labor 26,560
Factory Property Taxes 9,810
Factory Repairs 1,600
Add Beginning Work in Process Inventory 26,800
Less Closing Work in Process Inventory (22,300)
Cost of Goods Manufactured $308,620
B) income statement through gross profit
Sales Revenue 564,000
Less Sales Discounts (4,700)
Net Sales 559,300
Less Cost of Goods Sold :
Finished Goods Inventory 98,200
Add Cost of Goods Manufactured 308,620
Less Closing Finished Goods Inventory (26,100) (380,720)
Gross Profit 178,580
C) current assets section of the balance sheet at June 30,2017
Current Assets
Raw Materials Inventory 46,000
Work in Process Inventory 22,300
Finished Goods Inventory 26,100
Accounts Receivable 27,100
Cash 35,600
Total Current Assets 157,100
Explanation:
Raw Materials Consumed in Production Calculation
Open a Raw Materials T - Account as follows :
Debit :
Opening Balance $51,100
Purchases $97,500
Totals $148,600
Credit :
Closing Balance $46,000
Requisitioned for Production (Balancing figure) $102,600
Totals $148,600
Answer:
$168,000
Explanation:
Depreciation expense using the double declining method = Depreciation factor x cost of the asset
Depreciation factor = 2 x (1/useful life)
Depreciation factor = 2 x (1/10) = 0.2
depreciation expense in year 1 = 0.2 x $1,050,000 =$210,000
book value at the beginning of year 2 = $1,050,000 - $210,000 = $840,000
depreciation expense in year 2 = 0.2 x $840,000 = $168,000
Buildings $28,210,000
Less: Accumulated depreciation-buildings 13,200,000 15,010,000
Equipment 48,670,000
Less: Accumulated depreciation-equipment 4,980,000 43,690,000
Total plant assets $62,680,000
During 2020, the following selected cash transaction occurred.
April 1 Purchased land for $2,200,000
May 1 Sold equipment that cost $840,000 when purchased on January 1, 2016. The equipment was sold for $504,000
June 1 Sold land purchased on June 1, 2010 for $1,450,000. The land cost $399,000
July 1 Purchased equipment for $2,480,000
Dec. 31 Retired equipment that cost $491,000 when purchased on December 31,2010. The company received no proceeds related to salvage.
-Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
-Record adjusting entries for depreciation for 2020. Credit account titles are automatically indented when the amount presented in the problem. If no entry is required, select "No Entry for the account titles and enter 0.
Answer:
April 01 2020
Land Debit $ 2,200,000
Cash Credit $2,200,000
To record purchase of land
May 01 2020
Cash Debit $ 504,000
Allowance for depreciation equipment Debit $ 363,720
Equipment Credit $ 840,000
Gain on sale of equipment Credit $ 27,720
To record sale of equipment and to recognise gain on sale
June 01 2020
Cash Debit $ 1,450,000
Land Credit $ 399,000
Gain in sale of land Credit $1,051,000
To record sale of land and gain on the sale
July 01 2020
Equipment Debit $ 2,480,000
Cash Credit $ 2,480,000
To record purchase of equipment
December 31 2020
Allowance for depreciation Debit $ 491,000
Equipment Credit $ 491,000
To record retirement of equipment
The adjusting entry for depreciation is as follows:
December 31 2020
Depreciation expense - Equipment Debit $ 4,985,000
Depreciation expense - Buildings Debit $ 578,200
Allowance for depreciation - Equipment Credit $ 4,985,000
Allowance for depreciation - Buildings Credit $ 578,200
Explanation:
Computation for Depreciation expense for the year
Equipment Jan 01 2020 $ 48,670,000 for 4 months @ 10 %
Sales - May 01 2020 $( 840,000)
Adjusted balance May 01 2020 $ 47,830,000 for 2 months @ 10 %
Purchases July 01 2020 $ 2,480,000
Adjusted balance July 01 2020 $ 50,310,000 for 6 months @ 10 %
Depreciation expense for 4 months = $ 48,670,000*10 % *4/12 = $1,622,333
Depreciation expense for 2 months = $ 47,830,000*10 % *2/12 = $ 797,167
Depreciation expense for 6 months = $ 51,310,000*10 % *6/12 =$ 2,565,500
Total depreciation equipment $ 4,985,000
Depreciation on buildings $ 28,910,000 * 2 % $ 578,200
Depreciation has to be recorded for full year on assets retired on December 31 2020
Computation of gain and loss on sale of equipment
Cost of equipment purchased on January 1 2016 $ 840,000
Depreciation rate 10 %
Equipment sold on May 01 2020
Depreciation charged for 4 years and 3 months @ 10 %
$ 840,000 * 4.33 *10 % $ 363,720
Net book value of equipment disposed on May 01 2020 $ 476,280
Sale value of equipment $ 504,000
Gain on sale of equipment $ (27,720 )
The gain on sale of land is the difference between the cost and sales proceeds since land is not depreciated
Sale proceeds - Cost = $ 1,450,000 - $ 399,000 = $ 1,051,000
The assets that was retired on Dec 31 2020 was purchased on December 31 2010 and was considered for depreciation for 10 years and was fully depreciated and had ni book value on the date of retirement
Answer:
C. Robert is an Alcoholic
Explanation: