<span>You are given Nigel's current balance of $668.47 in an account he has held for 15 years. Also you are given an initial deposit of $497. You are asked to find the simple interest rate on the account. You will use the simple interest formula, F = P(1 + rn) were F is the current balance, P is the principal amount deposited, r is the rate and n is the number of years.
</span>F = P(1 + rn)
668.47 = 497(1 + r(15))
r = 0.023 or 2.3%
Answer:
Bond Price - Zero Coupon Bond = 260.8460 rounded off to 260.85
Explanation:
A zero coupon bond is a kind of bond which pays no periodic interest of coupon payments. Instead it is offered at a discount and it pays the par/face value at maturity. The difference between the par/face value and the issue price is the interest rate which is embedded in price of the bond. Thus, the formula to calculate the price of a zero coupon bond is as follows,
Bond Price - Zero Coupon Bond = Face Value / (1+r)^n
Where,
- r is the required rate of return
- n is the number of periods till maturity
Bond Price - Zero Coupon Bond = 1000 / (1+0.0695)^20
Bond Price - Zero Coupon Bond = 260.8460 rounded off to 260.85
Answer:
Please see below
Explanation:
With regards to the above, we need to compute first the predetermined overhead rate in order to ascertain whether it is over or under applied overhead
Predetermined overhead rate = Estimated overhead cost / Direct labor cost
= $115,500 / $125,300
= 0.92
We can now compute the under or over applied overhead as seen below;
= Actual direct labor cost × predetermined overhead rate - Actual overhead
= $118,000 × 0.92 - $107,700
= $108,560 - $107,700
= $860
Because the above amount is positive, is over applied overhead and the journal entry would be;
Manufacturing overhead account Dr $860
To Costs of goods sold account Cr $860
(Being over applied overhead closed)
Answer:
Tony is not required to file a tax return because his gross income is below the filing requirement.
Explanation:
As per 2019 tax rules, the tax filing is not mandatory toa single filer if the gross income is below $12,200, it is standardized.
Answer:
$2,857
Explanation:
Cost of goods sold (COGS) refers to the relevant cost incurred to acquire or produce the products being sold a company during a particular period.
The formula for calculating the COGS is as follows:
COGS = Beginning inventories + Purchases - Ending inventories
From the question, we have the following for 2012:
Beginning stock = $590
Purchases = $2,770
Ending inventory = 503
Therefore, we have:
COGS for 2012 = $590 + $2,770 - $503 = $2,857
Therefore, Jacob should record $2,857 as Cost of Goods Sold (COGS) on its 2012 income statement.
