The net income for the month was $5,400 1. Service revenue- 9,500 2. Rent-(800) 3. Salaries-(3,000) 4. Utilities-(300) E3-9 The May transactions of StepAside Corporation were as follows.
2. Norton Co., a U.S. corporation, sold inventory on December 1, 2011, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: For what amount should Sales be credited on December 1? A. $5,500.
Estimates regarding each project are provided below: Project A Project B Initial Investment $800,000 $650,000 Annual Net Income $50,000 45,000 Annual Cash Inflow $220,000 $200,000 Salvage Value $0 $0 Estimated Useful Life 5 years 4 years The company requires a 10% rate of return on all new investments. Part (a) Calculate the payback period for each project. Part (b) Calculate the net present value for each project. Part (c) Which project should Jackson Company accept and why? 12.
B) fixed expenses decrease. C) variable expense per unit increases. D) variable expense per unit decreases. 7. A company has provided the following data: Sales 3,000 units Sales price $70 per unit Variable cost $50 per unit Fixed cost $25,000 If the sales volume decreases by 25%, the variable cost per unit increases by 15%, and all other factors remain the same, net income will: A) decrease by $31,875.
A- What is the finance charge on this loan? $50 + $5 = $55 B- Dave borrowed $500 on January 1, 2006 & paid it all back at once on Dec 31, 2006. What was the APR? $55 on $500 or 11% APR C- If Dave paid the $500 in 12 equal monthly payments, what is the APR? 20.3% 4.
1 1. If the beginning balance of retained earnings equals $12,000, the ending balance of retained earnings equals $15,000, and dividends for the year equal $1,000, then net income for the year equals: A. B. C. D. $3,000 $4,000 $2,000 $1,000 2. A company receives a $50,000 cash deposit from a customer on October 15 but will not provide services until November 20. Which of the following statements is true?
1. A company's payroll information for the month of May follows: Administrative salaries | $2,000 | Sales salaries | 3,500 | Shop wages | 4,000 | FICA taxes withheld | 700 | Federal income taxes withheld | 1,300 | Medical insurance premiums withheld | 415 | Union dues withheld | 205 | | | On May 31 the company issued Check No. 335 payable to the Payroll Bank Account to pay for the May payroll. It issued payroll checks to the employees after depositing the check. (1) Prepare the journal entry to record (accrue) the employer's payroll for May.
revenues. 5. (TCO C) Jamie Company recorded the following cash transactions for the year: Paid $70,000 for salaries. Paid $20,000 to purchase office equipment. Paid $6,000 for utilities.
At an annual interest rate of five percent, how long would it take for your savings to double? Answer: Future Value Factor = (1 + i)^n or, FVF = (1 + .05)^14.21 or, FVF = 2.000322: Where $1,000 * 2.000322 = $2,000.3221 or, rounded to the nearest whole dollar it would take 14.21 years with a 5% APR to double one’s savings. 3. In the mid-1990s, selected automobiles had an average cost of $12,000. The average cost of those same motor vehicles is now $20,000.
| | 17 | Recorded cash received for services rendered during the week, $5,000. | | 20 | Paid for the remainder of the equipment purchased on May 6. | | 21 | Received $240 in advance of cleaning and boxing a wedding gown. | | 23 | Performed $390 of dry cleaning services for Tuxedos Unlimited. It will remit payment in three days.