Based on the account balances of Hunter Company, the closing entry for revenue and expenses are shown below:
Date General Journal Debit Credit
Dec. 31 2021 Fees income $53,750
Income summary $53,750
Date General Journal Debit Credit
Dec. 31 2021 Income summary $30,000
Depreciation expense $2,750
Salaries expense $17,000
Supplies expense $3,000
Telephone expense $2,600
Utilities expense $4,650
How to make the closing entries?Closing entries aim to close off temporary accounts such as revenue and expenses. To close off the revenue account, the fees income account for service companies is debited by the income summary account.
The various expense accounts would then be sent to the income summary account. This happens why debiting those expense accounts and then crediting the income summary account.
In conclusion, expenses and revenue are closed to the income summary account.
Rest of the question is:
Record the closing entry for revenue and expenses.
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identify the advantages of the corporate form of business. (check all that apply.) multiple select question. continuous life ease of capital accumulation government regulation corporate taxation limited liability of stockholders
Some advantages of the corporate form of business includes:
Ease of capital accumulationLimited liability of stockholdersContinuous LifeWhat is a corporate form of business?The corporate form of business is better known as a corporation. This form of business means the legal entity that is separate and distinct from its owners. It possess many of the same rights & responsibilities as individuals because they can enter contracts, loan and borrow money, sue, be sued, hire employees, own assets, pay taxes etc.
It is also known that a corporation offers the strongest protection to its owners from personal liability. although a demerit is that the cost to form a corporation is higher than other structures.
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The __________ __________ saw the development of continuous manufacturing, sophisticated transportation and communications systems, advanced construction practices, and improved education and leisure time.
The industrial revolution saw the development of continuous manufacturing, sophisticated transportation and communications systems, advanced construction practices, and improved education and leisure time.
In the field of history, the industrial revolution is categorized as one of the biggest revolutions through which agriculture and handwork societies moved towards more advanced industrial processes for revenue.
Before the industrial revolution, people lived more in rural areas and focused on agriculture. However, during the industrial revolution, people moved toward cities in order to find better jobs. The industries manufactured various products for the benefit of humans, iron and steel industries came into existence, proper methods of communication were set up, and new machines were invented along with various other advancements during the industrial revolution. The quality of education was also improved.
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a stock has an expected return of 11.4 percent, the risk-free rate is 3.7 percent, and the market risk premium is 7.1 percent. what must the beta of this stock be?
The beta of the stock be 1.08
It is calculated as:
Expected return = risk free rate + beta *(market risk premium)
11.4% = 3.7% + beta*(7.1%)
11.4%-3.7% = beta*(7.1%)
7.7% = beta*(7.1%)
7.7%/7.1% = beta
1.08 = beta
The concept of beta is used in the capital budgeting while calculating capital asset pricing model which is used to determine the required return that investor expects from its stock. Beta is considered the coefficient which depicts the impact on the stock of the changes in the market.
Higher the value of beta , high will be risk involved.
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you plan to purchase a $370,000 house using either a 25-year mortgage obtained from your local savings bank with a rate of 8.25 percent, or a 15-year mortgage with a rate of 7.25 percent. you will make a down payment of 20 percent of the purchase price. a. calculate the amount of interest and, separately, principal paid on each mortgage. what is the difference in interest paid? b. calculate your monthly payments on the two mortgages. what is the difference in the monthly payment on the two mortgages?
Calculate the amount of interest and, separately, principal paid on each mortgage. what is the difference in interest paid? b. calculates your monthly payments on the two mortgages. what is the difference in the monthly payment on the two mortgages are:
1.=370000*(1-20%) *(7.25%/12)/(1-1/(1+7.25%/12)^(12*15))*12*15-370000*(1-20%) =190373.343
2.=370000*(1-20%)*(8.25%/12)/(1-1/(1+8.25%/12)^(12*25))*12*25-370000*(1-20%)=404143.7196
3.=370000*(1-20%)*(8.25%/12)/(1-1/(1+8.25%/12)^(12*25))*12*25-370000*(1-20%)-(370000*(1-20%)*(7.25%/12)/(1-1/(1+7.25%/12)^(12*15))*12*15-370000*(1-20%))=213770.3766
4.=370000*(1-20%)*(7.25%/12)/(1-1/(1+7.25%/12)^(12*15))=2702.074128
5.=370000*(1-20%)*(8.25%/12)/(1-1/(1+8.25%/12)^(12*25))=2333.812399
6.=370000*(1-20%)*(7.25%/12)/(1-1/(1+7.25%/12)^(12*15))-370000*(1-20%)*(8.25%/12)/(1-1/(1+8.25%/12)^(12*25))=368.2617292
A loan price is commonly made of 4 components: principal, interest, taxes and insurance. The principal component is the quantity that can pay down your superb mortgage amount. Interest is the price of borrowing cash.
A loan is a settlement among you and a lender that offers the lender the proper to take your house in case you fail to pay off the cash you have borrowed plus interest. Mortgage loans are used to shop for a domestic or to borrow cash in opposition to the cost of a domestic you already own.
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Luna company accepted credit cards in payment for $6,000 of services performed during july. The credit card company charged luna a 4 percent service fee; it paid luna as soon as it received the invoices. Required based on this information alone, what is the amount of net income earned during the month of july?.
The net income earned is $240
The term net income refers to a company's net earnings. It is determined by subtracting total expenses from total receipts. The term total expenditure can refer to taxes, business expenditures, interest payments, fees, and depreciation. The calculation of shareholders' earnings per share is aided by net income.
1.
Dr. Account Receivable $5,760
Dr. Service charges $240
Cr. Service revenue $6,000
2.
Dr. Cash $5,760
Cr. Accounts receivable $5,760
Working Notes
Assuming all the sales are performed on the account first, cash is received after issuing the invoice.
Service revenue $6,000
Less: Credit card expenses $ (240)
Net income $5,760
Service charges = $6,000 x 4% = $240
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nicholai is the director of human resources for a small film production firm. he has a strong personal interest in technology and is known throughout the firm as the one with the most knowledge about new kinds of audio equipment. if the firm decides to upgrade its audio equipment, nicholai will probably function in what role in the firm's buying center?
Nicholai is the director of human resources for a small film production firm. If the firm decides to upgrade its audio equipment, Nicholai will probably function in influencer role in the firm's buying center.
The movie business is the same. In fact, the movie industry may have more influencers than any other sector of the global economy. There is a wide variety of talent available because film is such a widely accessible art form. Many people have opinions regarding the industry, including producers, film stars, and editors of film magazines. It might be challenging to distinguish apart in an industry where so many people are well-known.
A leader or executive who inspires or encourages others or subordinates through their methods, strategies, knowledge, innovations, and thoughts is known as an influencer. They guide and aid others in their activities, encouraging them to be responsible and showing empathy for them.
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You need to decrease your spending to balance your budget. Which budget category is simplest to target for spending cuts?
O Entertainment
O Housing
O Transportation
O Utilities
The entertainment budget category is the simplest to target for spending cuts. Thus option A is correct.
What is the budget?A budget is a financial plan that projects future earnings and costs. A budget, put simply, forecasts future finances in addition to anticipated revenues and expenditures. Calculating the company's earnings and costs for a set period of time is the procedure for creating a budget.
Include them in your internet bill if you frequently purchase scratch cards, play mobile games, or buy stuff, movies, or other TV shows. Your budget won't be made or broken by these modest costs. The easiest budget item to minimize expenditure is entertainment. This was to be made sure that the entertainment is helped in the cuts that the person is spending on.
Therefore, option A is the correct option.
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imagine you are a project manager leading agile adoption at an organization. why is it important that you find an executive sponsor to support the change? select all that apply.
As a project manager that is leading the agile adoption at an organization, it is important to find an executive sponsor to support the change because:
b. It increases your chances of successfully shifting organizational culture.c. It helps to create a sense of ownership for the change you are creating.Who is a project manager?A project manager is the manager involved in a project management, which involves the planning, organization and cordination of a company's resources to move a specific task, event, or duty towards completion. This managers are also involve a one-time project, ongoing activity and resources managed including the personnel, finances, technology, intellectual property etc.
Furthermore, the project managers does everything from putting together groups of skilled workers to designing the structure and schedule of the project. They often have an undergraduate degree in management and some have a master's degree, internships, on-the-job training or experience in other areas of business management.
Therefore, the Option B & C is correct.
Missing options "a. It guarantees an increase in the project's budget. b. It increases your chances of successfully shifting organizational culture. c. It helps to create a sense of ownership for the change you are creating. d. It helps to answer your team’s questions about what’s working and what’s not working right now."
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Pinnacle corp. Is going through the new product development process and is selecting ideas with the greatest potential for development for further review. Pinnacle is in which phase of the new product development process?.
Pinnacle is in the phase of the new product development process known as idea screening stage as it is selecting ideas with the greatest potential for development for further review.
What is a new product development?In marketing, a new product development refers to the process of bringing a new product to market, renewing an existing product or introducing a product in a new market. The central aspect of the new product development is product design with other various business considerations.
In marketing, the 7 stages of new product development are classified into:
Idea Generation.Idea Screening.Concept Development & Testing.Market Strategy/Business Analysis.Product Development.Deployment.Market Entry/Commercialization.Read more about New product development
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you're trying to save to buy a new $180,000 ferrari. you have $48,000 today that can be invested at your bank. the bank pays 5.5 percent annual interest on its accounts. how long will it be before you have enough to buy the car?
It will take around 2.46 years to buy the Ferrari worth $180,000 with investment of $48,000 today at 5.5% annual rate of interest.
Amount needed to but the car = $180,000
Investment amount= $ 48,000
annual rate of interest (r) = 5.5%= 0.055
Let the total number of years required = n
Amount= Principal(1+r) ^n
180,000 = 48000 (1.055) ^n
180,000/48000 = (1.055) ^n
3.75 = (1.055) ^n
using log both sides
log (3.75)/log (1.055) =n
0.5740/0.2325 = n
2.46 years.
The amount invested today i.e. $48,000 is the present value whereas amount required in the future to buy the Ferrari in known as its future value.
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Tylenol products have extensive instructions for users to prevent accidental overdose and associated liver function complications. This is an example of which type of benefit that packaging can provide?.
As Tylenol products have extensive instructions for users to prevent accidental overdose and associated liver function complications hence this is an example of communication benefits.
In the field of business, the communication benefit is an effective strategy that allows a business to express more about their product so that customers find it easier to use and are attracted more towards it.
Tylenol products are representing communication benefits when they provide extensive instructions so that accidental overdose of the product can be eliminated. They also express about the liver function complications that can arise due to overdose.
Hence, Tylenol products are using a communication benefit strategy to help customers better understand their products.
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Rental cost for offices spaces have been going up at 6. 2% per year compounded annually for the past 5 years. If office space rent is now at a rate of $32 per square foot per month, what were the rental rates 5 years ago?.
The rental rate was $23.70 per square foot per month five years ago if the rental costs have been going up at 6.2% per year compounded annually.
The compound interest formula can be used to solve the rental rates of the office space 5 years ago.
It is given as;
A = P (1 + r/n)^nt
In this formula; P is the initial balance
A is the final amount ($32)
r is the interest rate (6.2% = 0.062)
n is the number of times interest was applied per time period (1)
t is the time periods elapsed (5)
Therefore,
32 = P (1 + 0.062)^5
32 / (1.062)^5 = P
P = $23.70
Therefore, $23.70 is calculated to be the rental rate five years ago provided that the current rent is $32 per square foot per month.
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in a competitive rivalry sense, explain the actions (strategic and/or tactical) you believe walmart and costco will take to respond to aldi’s intentions to have 2,500 u.s. stores by 2020.
The two most well-known stores in the world are still Walmart and Costco. Both businesses are still highly renowned for their affordable rates, carefully chosen merchandise, and distinctive products.
Founded in 1962, Walmart today runs more than 5,000 stores worldwide, while Costco manages more than 800 warehouses. In recent years, the rivalry has intensified as people contrast Walmart's extensive presence with Costco's explosive growth.
Food Courts at Costco Walmart provides dining options
Members can frequently stop by the counter for some post-shopping goodies in the well-liked Costco food court. These cherished menu items, which include the pizza, onion crank, and $1.50 hot dogs, continue to be customers' favorites throughout its warehouses.
Walmart functions somewhat differently. You may be welcomed by a restaurant that is housed inside the store after you enter or exit depending on which side of the store you enter. Wendy's, Frutta Bowls, Saladworks, and even the fast-casual Shawarma Press have joined the Walmart market and have taken up residence inside its stores.
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stock a has a standard deviation of 22% and an expected return of 12%. stock b has a standard deviation of 25% and an expected return of 10%. jami's fund is a simple investment product that consists of 40% stock a and 60% stock b. calculate the expected return of jami's fund. choose the best answer.
The expected return on Jami's fund which includes stock A and stock B will be 6.048 %
Information given
Stock A:
Standard deviation of 22%
Expected return of 12%
Weight = 0.40
Stock B:
standard deviation of 25%
expected return of 10%
Weight = 0.60
Expected return= (stock A weight * expected return) + (Stock b weight *expected return)
= 0.40*0.12 +0.60*0.10
= 6.048%
A stock, also recognized as ownership, is a financial product that represents ownership of a portion of the company that issued. Shares are components of stock that authorizes the holder to a percentage of the company's assets and revenues based on the number of stocks they own.
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jackson company is a publicly held corporation whose $1 par value stock is actively traded at $64 per share. the company issued 3,000 shares of stock to acquire land recently advertised at $200,000. when recording this transaction, barton company will
Jackson company is a publicly held corporation whose $1 par value stock is actively traded at $64 per share. The barton company will debit land for $192,000.
Given that
Par value of stock = $1
Actively traded per share = $64
Number of shares issued = 3,000 shares
Acquired value of land = $200,000
By considering the above information, the calculation would be done as follows
Land value would be
= Number of shares issued × actively traded per share
= 3,000 shares × $64 per share
= $192,000
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Why is it important for o evaluate your advertising campaign when it is complete?
Answer:
A well-documented evaluation of your campaign builds credibility and respect. It helps determine if your ads are hitting the target audience, and what are their opinions and feedback on it.
Explanation:
The evaluation of your advertisement campaign helps in enhancing transparency and the report showcases the achievements you have attained during this and also helps showcase the entire campaign to every key stakeholder. It helps in building trust across the various departments in the company and enables them to measure the strengths and weaknesses of the campaign, in order to adjust for future campaign drives.
if you examine various barriers to entry facing firms that might wish to enter the airline industry, this would be most helpful in assessing which of the five forces in that industry?
Threats of new entrants would be helpful in assessing the five forces in that industry.
What are threats of entrants?The Threat of Entrants, one of the forces in Five Forces industry defines the framework, refers to the threats that new competitors pose to current players acting within an industry. It is one of the type of forces that builds the competitive landscape of an industry, and it helps to defined the attractiveness of the industry.
What are the five forces in the airline industry?The five forces in the airlines industry includes
(1) rivalry among current competitors,
(2) bargaining power of the buyers,
(3) bargaining power of the suppliers,
(4) threat of substitutes, and
(5) threat of new entrants (barriers to entry)
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explain why a marginal rate of substitution between two goods must equal the ratio of prices of the goods for the consumer to achieve maximum satisfaction. part 2 a consumer achieves maximum satisfaction when the marginal rate of substitution is equal to the ratio of prices because
The marginal rate of substitution between two goods must be equal the ratio of prices of the goods the consumer to achieve maximum satisfaction. A consumer achieves maximum satisfaction, when the MRS is equal to the ratio because otherwise the consumer could trade one good for another at market prices to obtain a higher level of satisfaction.
If new items meet customers' needs equally, the marginal rate of substitution in economics measures the quantity of new goods consumers are willing to buy compared to a comparable good.
The change in good X (dx) divided by the change in good Y is the marginal rate of substitution formula (dy). Since it is always negative, the amount of good that is sacrificed is good X. Gained in exchange is always positive Y.
The marginal rate of substitution (MRS), which assumes that two items give the same level of value and satisfaction, establishes whether or not a consumer would switch from one good or service to another.
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jordan is a certified yoga instructor and nutrition coach. he started offering yoga lessons and nutrition workshops at his friend’s businesses on the weekends. based on the buzz created by his new business, several other local businesses want to hire jordan. what is one area where he may struggle in managing his new business? multiple choice he may lack the flexibility to adapt to changing market demands. he may get fired by his boss. he may lack the skills and experience to make good management decisions. he may require a lot of money to start his business. he may get stuck in a market niche.
If Jordan is a certified yoga instructor and nutrition coach. he started offering yoga lessons and nutrition workshops at his friend’s businesses on the weekends. one area where he may struggle in managing his new business is: option D. he may lack the skills and experience to make good management decisions.
What is skills?Skills can be defined as what a person acquired through training and learning although skills can be inbuilt skills and acquired skills.
Management decision can be defined as the ability of a person to effectively makes decisions that will benefit their own company or the company they work for.
Bases on the scenario he may find it hard to makes a management decision in a situation were he lacks skills and experience that is needed for the business.
Therefore the correct option is D. he may lack the skills and experience to make good management decisions.
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a method of scheduling that considers limited resources when creating a project schedule and includes buffers to protect the project completion date is using:
The scheduling that considers limited resources when making a project schedule and includes buffers to protect the project completion date is using critical chain scheduling.
Critical chain scheduling may be a strategy centered on resource leveling. A technique such as the basic way may be exceedingly effective in situations, where there's no asset deficiency.
Even though subordinate errands, for the most part, characterize the venture timelines, asset utilization plays a key part.
The critical chain of an extension is the subordinate assignments that characterize the lower constraint of conceivable lead time. In this manner, it is secure to accept that the basic chain is made of sequenced subordinate errands.
In basic chain planning (CCS), these subordinate assignments are planned in the most viable and useful way.
When it comes to basic chain planning, conditions are utilized to decide the basic chain. In this case, two sorts of conditions are utilized: hands-off conditions and asset conditions.
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on jan. 2, callie company performed $800 worth of services for a client. the client paid $100 immediately, but promised to pay the balance next month. the journal entry to record this transaction in callie company's books would include a
On Jan. 2, Callie Company performed $800 worth of services for a client. The client paid $800 immediately, The journal entry to record this transaction in Callie Company's books would include a "Debit to the Cash account"(debit/credit) to the Cash account; and a "Credit to the Service Revenue account"(debit/credit) to the Service revenue account.
This is further explained below.
What is it about Journal entries?Generally, The customer made an initial payment of $800, This transaction would be recorded in the books of Callie Firm as a "Debit to the Chequing account" (debit/credit) to a Cash book, and as a "Credit to the Service Revenue account" (debit/credit) to the Service revenue account, as part of the journal entry that would be used to record this transaction.
In conclusion, Based on the following accounting rules, record a debit entry in the Cash account and a credit entry in the Service Revenue account:
The service revenue account should be credited after all profits and income have been credited and all costs and losses have been debited.Deduct everything that comes in and everything that goes out, which will result in the cash being debited.Read more about Journal entries
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CQ
On Jan. 2, Callie Company performed $800 worth of services for a client. The client paid $800 immediately, The journal entry to record this transaction in Callie Company's books would include a ___________ (debit/credit) to the Cash account; and a _______ (debit/credit) to the Service revenue account.
You are buying an old "go to work" pickup with a price tag of $1,600. you apply a down payment of $200.00. sales tax is 6.5%. you will have to borrow $1,504 at 8% interest for one year to complete the purchase. what will your full purchase price be with principal, tax and interest. (assume you need to borrow to make the tax payment also.)
Answer:
full purchase price of the pickup= $1,824.33
an individual has $25,000 to invest: $16,000 will be put into a low-risk mutual fund averaging 6.7% interest compounded monthly, and the remainder will be invested in a high-yield bound fund averaging 9.1% interest compounded continuously. (a) write an equation for the total amount, a, in the two investments after t years.
The total value of the investment is [$16,000 x (1.00558)^12t] + [9000t e^0.091].
What is the total value of the investment?The total amount of the investment after t years is the sum of the total value of the amount invested in the low-risk mutual fund and the amount invested in the high-yield bound fund.
FV = P (1 + r)^nm
Where:
FV = Future value P = Present value R = interest rate : 6.7 / 12 = 0.558%m = number of compoundingN = number of years$16,000 x (1.00558)^12t
The formula for calculating future value when there is continuous compounding is : A x e^r x N
Where:
A= amount invested = $25,000 - $16,000 = $9,000e = 2.7182818 N = number of years r = interest rate9,000 x e^0.091 x t
9000t e^0.091
Total value of the investment = [$16,000 x (1.00558)^12t] + [9000t e^0.091]
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how does jonah define a bottleneck? group of answer choices the stage of a process that causes the entire process to slow down or stop completely. any point of congestion or blockage in a process. any resource whose capacity is equal to or less than the demand placed on it. the plant resource which produces the most unnecessary inventory. the slowest workstation in the plant.
The definition that has been given by Jonah in the context of a bottleneck is that it is the stage of a process that causes the entire process to slow down or stop completely. Hence, Option A is correct.
What is a bottleneck?An assembly line or computer network bottleneck is a location of congestion that causes a manufacturing system to halt or move very slowly.
A "bottleneck" in an operation is a work stage that, even while operating at maximum throughput, is unable to achieve the production quota, causing the flow of activities to be slowed down or stopped.
Therefore, Option A is correct.
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n the context of codes of ethics, the purpose of a written code is to: a. give employees the information they need to make ethical decisions across a range of situations b. provide employers with strategic plans when they wish to contribute to society in a proactive manner c. help employees who view ethics as relative to justify their unethical actions. d. guide employers in decision making related to green washing
In the context of codes of ethics, the purpose of a written code is to: A. give employees the information they need to make ethical decisions across a range of situations.
What are ethics?Ethics can be defined as a set of both written and unwritten principles, values, or rules of moral conduct that guides and governs human behaviors.
What is a code of ethics?A code of ethics can be defined as a set of rules, agreed behaviors, ideals, accepted practices, norms, and responsibilities set aside for the members of a group or business organization such as in hospitals.
This ultimately implies that, a code of ethics refers to a strategic policy that explicitly outlines the principles, rules, ideals, and standard which the members and other third parties acting on behalf of a group or business organization must always adhere to in all circumstances.
In this context, we can reasonably infer and logically deduce that the purpose of a written code is to provide the necessary and needed information for employees that are working in a particular organization in order to enable them make ethical decisions across a range of different situations.
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you are bullish on telecom stock. the current market price is $20 per share, and you have $2,000 of your own to invest. you borrow an additional $2,000 from your broker at an interest rate of 7.5% per year and invest $4,000 in the stock.
The rate of return is 10.5%. The percentage of the invested sum that is profit would be the rate of return.
What is stock price and market price?The cost of one sellable equity share of a corporation, or "share," represents its current market value. In simple terms, the stock price is the maximum price that a buyer will accept for the stock or the lowest price at which it can be purchased.Market forces affect stock prices every day. By this, we imply that changes in share prices are a result of supply and demand. A stock's price increases if there are more buyers than sellers.The combination between supply and demand determines market pricing. The balance between supply and demand determines an equilibrium price. Unless certain aspects of supply or demand alter, prices have a tendency to return to this equilibrium.The Capital gain on stock = The stock price at the end - The stock price at the beginning
The Units of stock purchased = $4000/$20 = $200
The Stock price at the end= 109% × $20 = 21.8
The Capital gain = (21.8 - $20) × $200 = $360
The Cost of fund = the interest rate × the amount borrowed
Amount borrowed = $2000
The Cost of fund= 7.5% × $2000 = 150
The Rate of Return = The Capital gains - The cost of funds /(Total cost - amount borrowed)
The Rate of return= ($360 - $150)/($4000-$2000)× 100 = 10.5%
The Rate of return = 10.5%
Hence, the rate of return is 10.5%.
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When considering sales and operations planning for services, a strategy to vary workforce levels, where additional full-time or part time employees are hired during peak demand periods while a smaller, permanent staff is maintained year-round is known as?.
When considering sales and operations planning for services, a strategy to vary workforce levels, where additional full-time or part time employees are hired during peak demand periods while a smaller, permanent staff is maintained year-round is known as tiered workforce.
What do you mean by tiered workforce?Tiered Employment acts as a free resource for hiring by offering employers a continual stream of recommendations from social services and training organizations. Tiered employment also stabilizes a company's personnel, which lowers the expense of turnover.
What is the workforce of a company?Workforce, or the entire number of individuals working for a particular organization or on a certain project, is referred to as the workforce. Additionally, as implied by the phrase itself, the idea of workforce management is strongly tied to the enhancement of employees' productivity.
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corporate-level managers/executives are responsible for making decisions that impact profitability and the short-term and long-term success of an organization. to get the information they need, managers rely on output provided from
Corporate-level managers/executives are responsible for making decisions that impact profitability and the short-term and long-term success of an organization. To get the information they need, managers rely on output provided by Transaction Processing Systems (TPS).
A Transaction Processing gadget (TPS) is a form of facts gadget that collects, shops, modifies and retrieves the information transactions of a company.
Transaction processing structures additionally try to provide predictable response times to requests, although this is not as critical as for real-time structures.
Transaction processing systems include laptop hardware and software web hosting a transaction-oriented utility that performs the ordinary transactions important to conduct commercial enterprise.
Examples encompass systems that manager income order access, airline reservations, payroll, employee information, manufacturing, and shipping.
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big rig delivery service has the following plant assets: communications equipment: cost, $3,840 with useful life of 8 years; delivery equipment: cost, $17,712 with useful life of 12 years; and computer: cost, $12,960 with useful life of 4 years. assume the residual value of all the assets is zero and the straight-line method is used.
If the big rig delivery service communications equipment: cost, $3,840 with useful life of 8 years. Assume the residual value of all the assets is zero and the straight-line method is used. Big Rig's monthly depreciation journal entry will include a : Credit to Accumulated Depreciation - Equipment of $443.
Accumulated depreciationGiven data:
Equipment: cost = $3,840
Useful life = 8 years
Delivery equipment: cost =$17,712
Useful life = 12 years
Computer: cost = $12,960
Useful life = 4 years
Hence,
In order to determine the accumulated depreciation we would have to find the total annual depreciation.
Total annual depreciation :
Total annual depreciation = (3840/8)+(17,712 /12)+(12,960/4)
Total annual depreciation = 480+1476+3240
Total annual depreciation = 5196
Now let determine the Depreciation expense per month
Depreciation expense per month = 5304/12 months
Depreciation expense per month = $443
Therefore we can conclude that the company monthly depreciation journal entry will include Credit to Accumulated Depreciation - Equipment of the amount of $443.
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The complete question is:
big rig delivery service has the following plant assets: communications equipment: cost, $3,840 with useful life of 8 years; delivery equipment: cost, $17,712 with useful life of 12 years; and computer: cost, $12,960 with useful life of 4 years. assume the residual value of all the assets is zero and the straight-line method is used. Big Rig's monthly depreciation journal entry will include a :
At the time of retirement a couple has $250,000 in account that pays 8. 4% compounded monthly. If the couple decides to withdraw from the account monthly for 10 years, how much should they withdraw every month if they don’t want any money in the account after those 10 years?.
Main Answer:
The couples should withdraw $ 3086.29 every month if they don’t want any money in the account after the 10 years?.
Explanation:
PV of Annuity = Annuity payment * [ 1 - [(1+r)^-n]] /r
r - Int rate per period
n - No. of periods
Particulars Amount
PV Annuity $ 250,000.00
Int Rate 0.7000%
Periods 120
Annuity Payment = PV of Annuity / [ 1 - [ ( 1 + r ) ^ -n ] ] / r
= $ 250000 / [ 1 - [ ( 1 + 0.007 ) ^ -120 ] ] / 0.007
= $ 250000 / [ 1 - [ ( 1.007 ) ^ -120 ] ] /0.007
= $ 250000 / [ 1 - 0.432976 ] / 0.007
= $ 250000 / [ 0.567024 / 0.007 ]
= $ 250000 / [ 81.00347 ]
= $ 3086.29
Annuity payment is $ 3086.29
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The amount that the couple can withdraw each month is the payout annuity and it is $3,086.29
The situation can be seen as payout annuity problem.
The formula is:
P = PMT. [1 - (1 + i)⁻ⁿ] / i
Where:
P = present value
PMT = payout annuity
i = interest rate per period
n = number of periods
Parameters from the problem:
P = $250,000
i = 8.4%/12 = 0,007
n = 12 x 10 years = 120
Hence,
250,000 = PMT. [1 - (1 + 0,007)⁻¹²⁰] / 0.007
PMT = 250,000 × 0.007 / 0.567
= 3086.29
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