Does Joe have enough in savings to pay for the down payment and all of the closing costs? Solution Plan: Complete the following questions based upon the information in the video and other information provided in the worksheet. 1. Joe figures that with overtime he will average 40 hours a week for 52 weeks a year. If his current wage is $15.00 per hour, how much will he make per year?15*40*52= $31,200.00 annually 2.
Acct Unit 1 Homework Assignment 06/12/15 Question 1: Brady Brothers, a partnership, has total assets of $350,000 and $100,000 of owners’ equity. What are the partnership’s total liabilities? $350,000 – Liabilities = $100,000 $350,000 - $100,000 = $100,000 - $100,000 Answer: $250,000 = Liabilities Question 2: During the first month of operation, Brady Brothers made sales to customers totaling $12,000 but received only $6,000 from customers in cash. Brady Brothers incurred $8,000 for operating expense but only paid $5,000 in cash for those expenses. What was Brady Brothers cash basis income?
One of the items was sold during the year. Required: Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory, assuming use of: a. LIFO b. FIFO c. Weighted average (total cost/total number) | |Cost of goods sold |Ending inventory | |LIFO |700 |800 | |FIFO |800 |700 | |Weighted Average |750 |750 | Problem 2. Teague Company purchased a new machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an eight-year life and a $15,000 salvage value. The machine is expected to produce 675,000 finished products during its eight-year life.
Show your work. d. Find the number of minutes that she went over the time that the plan allows. Answer: she went over 64 minutes M= over minutes 45+ __M 45+ .15M 54.60= 45+.15M 54.60- (45) = 45- (45) +.15M Which equals 9.6= .15M 9.6/ (.15) = .15M/ (.15) That changes into 64= M. (5 points) |Score | | | 3. Lori wants to deposit money into a bank account that earns 3.5% simple annual interest. Use the formula to find the amount of money that she should deposit so that she earns $7000 in interest after 5 years.
Name:_______________ Part I Open-ended question (10 points; 20% of exam) ID:____________ For Quick Start the first month in business has ended. In the last days of December 2005, they already received contributed capital of € 6,000 and they obtained a five-year bank loan of € 24,000 at an annual rate of interest of 10 percent. Interest has to be paid each year on October 31. On December 31, 2005 various store equipment was purchased at a total cost of € 12,000, paid in cash. It is expected that the equipment has to be replaced after five years.
During the current year, Bruce bought inventory costing $52,000 and then sold it to Luffman for $80,000. At year-end, all of the merchandise had been sold by Luffman to other customers. What amount of unrealized inter-company profit must be deferred by Luffman? | | | Student Answer: | | $0 | | | | $8,400 | | | | $28,000 | | | | $52,000 | | | | $80,000 | | | | Points Received: | 2 of 2 | | Comments: | | | | 4. | Question : | (TCO 1) A company should always use the equity method to account for an investment if | | | Student Answer: | | It has the ability to exercise significant influence over the operating policies of the investee | | | | It owns 30% of another company's stock | | | | It has a
Based on the assumptions contained in this plan, I estimate that the businesses will break-even in its first year of operations. Cash Flow Statement As the owner of Chagadama Christian Bookstore, I will invest $60,000. This money will be used to cover startup costs of $12,725 and initial operating costs. Fixed costs are limited to our office space and equipment lease at $1,800 per month, which includes a 1,000 square foot store on Main Street, a telephone system, and two photocopiers. As continued positive cash flows permit, the amounts I invested will be repaid.
She will only take four years to complete her degree. Currently, tuition and housing costs at top private schools total $35,000 per year, which are paid at the beginning of each school year. These expenses are expected to increase at the rate of inflation which will run at 4% annually for the next 25 years. In each year through her 18th birthday, Mary’s parents will make a deposit into the college fund so
LIT1 Task 1 Dennis Marceaux 07/10/2015 Situation A Family Medical Leave Act (FMLA) of 1993: The purpose of the FMLA is to allow employees up to 12 wks. per yr. of unpaid leave for the purpose of managing personal/family issues without negative company recourse. The employee requirements are that he/she must be a full time employee (>24hrs/wk. ), with at least 1 year of service and more than 1250 worked hours from the prior year. Companies with at least 50 employees in a 75 mile radius are required to adhere to the law.
According to the Fair Labor Standards Act of 1938, an employee who works more than the maximum of forty hours per weeks must be paid no less than 1.5 times his/her regular pay rate for all hours over forty (Hollowell & Miller, 2012). The FLSA takes concern in child labor laws, minimum wages, and overtime provisions. Overtime is usually referred to as “time and a half”, which means you are paid one and a half times the hourly rate for each hour worked over the forty hour limit. In this case, I only achieved more than forty hours for the first two weeks. Since I am a non-exempt employee, I have to be paid minimum wage: $7.25 as of July 24, 2009 (Hollowell & Miller, 2012).