How long will it take payment of $500 per quarter to amortize a loan of $8,000 at 16% compounded quarterly? Approximate your answer in terms of years and months. How much less time will it take if loan payments are made at the beginning of each quarter rather that at the end?
In: Finance
North Dakota Electric Company estimates its demand trend line (in millions of kilowatt hours) to be: D = 77.0 + 0.45Q,
where Q refers to the sequential quarter number and Q=1 for winter of Year 1. In addition, the multiplicative seasonal factors are as follows:
| Quarter | Factor (Index) |
|---|---|
| Winter | 0.72 |
| Spring | 1.25 |
| Summer | 1.45 |
| Fall | 0.58 |
In year 26 (quarters 101-104), the energy use for each of the quarters beginning with winter is (round your response to one decimal place):
| Quarter | Energy Use |
|---|---|
| Winter | |
| Spring | |
| Summer | |
| Fall |
In: Other
Martinez Fabrics manufactures shirts each of which requires the following:
Direct materials standard 2.5 yards at $8 per yard
Direct manufacturing labor standard 6 hours at $12
Actual results in the third quarter included production of 2,000 shirts which cost $35,000 and used 4,500 yards of fabric. There were 7,000 actual direct labor hours, with an actual cost of $70,000.
Required:
a. Compute the direct materials price and efficiency variances for the quarter.
b. Compute the direct manufacturing labor price and efficiency variances for the quarter.
In: Accounting
A family wants to have a $130,000 college fund for their children at the end of 16 years. What contribution must be made at the end of each quarter if their investment pays 7.2%, compounded quarterly?
(a) State whether the problem relates to an ordinary annuity or an annuity due.
ordinary annuity due
(b) Solve the problem. (Round your answer to the nearest cent.)
2
If $5500 is deposited at the end of each quarter in an account
that earns 5% compounded quarterly, after how many quarters will
the account contain $100,000? (Round your answer UP to the nearest
quarter.)
quarters
In: Accounting
An S&L pays 5% per annum compounded quarterly. Bert and Bertha are now 50 years old. They will deposit $200 per quarter at the end of each quarter until they are 65 years old.
In: Finance
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31:
| Amount | ||
| Sales | $ | 1,376,000 |
| Selling price per pair of skis | $ | 430 |
| Variable selling expense per pair of skis | $ | 47 |
| Variable administrative expense per pair of skis | $ | 15 |
| Total fixed selling expense | $ | 150,000 |
| Total fixed administrative expense | $ | 110,000 |
| Beginning merchandise inventory | $ | 70,000 |
| Ending merchandise inventory | $ | 110,000 |
| Merchandise purchases | $ | 295,000 |
Required:
1. Prepare a traditional income statement for the quarter ended March 31.
2. Prepare a contribution format income statement for the quarter ended March 31.
3. What was the contribution margin per unit?
Prepare a traditional income statement for the quarter ended March 31.
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In: Accounting
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31:The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31:
| Sales | $1,125,000 |
| Selling price per pair of skies | $450 |
| Variable selling expense per pair of skis | $48 |
| Variable administrative expense per pair of skis | $18 |
| Total fixed selling expense | $145,000 |
| Total fixed administrative expense | $120,000 |
| Beginning merchandise inventory | $60,000 |
| Ending merchandise inventory | $115,000 |
| Merchandise purchases | $305,000 |
Required:
1. Prepare a traditional income statement for the quarter ended March 31.
2. Prepare a contribution format income statement for the quarter ended March 31.
3. What was the contribution margin per unit?
In: Accounting
Mercury Bag Company produces cases of grocery bags. The managers at Mercury are trying to develop budgets for the upcoming quarter. The following data have been gathered. Projected sales in units 1,220casesSelling price per case$240 Inventory at the beginning of the quarter 150casesTarget inventory at the end of the quarter 100casesDirect labor hours needed to produce one case 2hoursDirect labor wages$10per hourDirect materials cost per case$8 Variable manufacturing overhead cost per case$6 Fixed overhead costs for the upcoming quarter$220,000
a. Using the above information, develop Mercury's sales forecast in dollars and production schedule in units.
b. What is Mercury's budgeted variable manufacturing cost per case?
c. Prepare Mercury's manufacturing cost budget.
d. What is the projected ending value of the Inventory account?
In: Accounting
TG manufactures Product Z. Its standard selling price is $55. The production and sales budget for the quarter ended 31 March 20X3 was 7,500 units. The standard specification per unit of Product Z comprises: Direct labour 4 standard hours at $6/hour Direct material 1.2 kg at $10/kg Standard variable overhead 4 standard hours at $1/hour Budgeted fixed overhead $75,000 At the end of the quarter the management accounts showed the following:
Production and sales of product Z in units: 7700
Actual sales revenue: $424270
Actual direct labour (31,750): $192577
Actual direct material (8855 kg) : $89436
Actual fixed overhead: $72400
(a) Prepare a statement reconciling budgeted and actual profit in the quarter, using absorption costing.
(b) Prepare a statement reconciling budgeted and actual profit in the quarter, using marginal costing.
In: Accounting
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In: Accounting