Simple Interest
Determine the exact simple interest on P 1,000,000 invested
for the period from October 24, 1987 to January 7, 1990, if the
rate of interest is 17%.
In: Economics
In: Economics
On October 5, 2019, you purchase a $12,000 T-note that matures
on August 15, 2031 (settlement occurs two days after purchase, so
you receive actual ownership of the bond on October 7, 2019). The
coupon rate on the T-note is 5.750 percent and the current price
quoted on the bond is 105.59375 percent. The last coupon payment
occurred on May 15, 2019 (145 days before settlement), and the next
coupon payment will be paid on November 15, 2019 (39 days from
settlement).
a. Calculate the accrued interest due to the
seller from the buyer at settlement.
b. Calculate the dirty price of this
transaction.
In: Finance
On October 5, 2019, you purchase a $10,000 T-note that matures on August 15, 2031 (settlement occurs two days after purchase, so you receive actual ownership of the bond on October 7, 2019). The coupon rate on the T-note is 4.375 percent and the current price quoted on the bond is 105.250 percent. The last coupon payment occurred on May 15, 2019 (145 days before settlement), and the next coupon payment will be paid on November 15, 2019 (39 days from settlement). a. Calculate the accrued interest due to the seller from the buyer at settlement. b. Calculate the dirty price of this transaction.
In: Finance
Consider the following information for Maynor Company, which
uses a periodic inventory system:
| Transaction | Units | Unit Cost | Total Cost | |||||||
| January 1 | Beginning Inventory | 19 | $ | 69 | $ | 1,311 | ||||
| March 28 | Purchase | 29 | 75 | 2,175 | ||||||
| August 22 | Purchase | 38 | 79 | 3,002 | ||||||
| October 14 | Purchase | 43 | 85 | 3,655 | ||||||
| Goods Available for Sale | 129 | $ | 10,143 | |||||||
The company sold 43 units on May 1 and 38 units on October
28.
Required:
Calculate the company's ending inventory and cost of goods sold
using the each of following inventory costing methods.
FIFO
LIFO
Weighted Average
In: Accounting
Consider the following information for Maynor Company, which
uses a perpetual inventory system:
| Transaction | Units | Unit Cost | Total Cost | |||||||
| January 1 | Beginning Inventory | 10 | $ | 60 | $ | 600 | ||||
| March 28 | Purchase | 20 | 66 | 1,320 | ||||||
| August 22 | Purchase | 20 | 70 | 1,400 | ||||||
| October 14 | Purchase | 25 | 76 | 1,900 | ||||||
| Goods Available for Sale | 75 | $ | 5,220 | |||||||
The company sold 25 units on May 1 and 20 units on October
28.
Required:
Calculate the company's ending inventory and cost of goods sold
using the each of following inventory costing methods.
In: Accounting
On October 1, 2020, Monty Equipment Company sold a
pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a
cash payment Valco Brothers Farm gave Arden a 2-year, $193,200, 10%
note (a realistic rate of interest for a note of this type). The
note required interest to be paid annually on October 1. Monty’s
financial statements are prepared on a calendar-year basis.
Assuming Valco Brothers Farm fulfills all the terms of the note,
prepare the necessary journal entries for Monty Equipment Company
for the entire term of the note. Assume that reversing entries are
not made on January 1, 2021 and January 1, 2022.
(
In: Accounting
Consider the following information for Maynor Company, which
uses a periodic inventory system:
| Transaction | Units | Unit Cost | Total Cost | |||||||
| January 1 | Beginning Inventory | 21 | $ | 71 | $ | 1,491 | ||||
| March 28 | Purchase | 31 | 77 | 2,387 | ||||||
| August 22 | Purchase | 42 | 81 | 3,402 | ||||||
| October 14 | Purchase | 47 | 87 | 4,089 | ||||||
| Goods Available for Sale | 141 | $ | 11,369 | |||||||
The company sold 47 units on May 1 and 42 units on October
28.
Required:
Calculate the company's ending inventory and cost of goods sold
using the each of following inventory costing methods.
In: Accounting
Consider the following information for Maynor Company, which
uses a periodic inventory system:
| Transaction | Units | Unit Cost | Total Cost | |||||||
| January 1 | Beginning Inventory | 20 | $ | 70 | $ | 1,400 | ||||
| March 28 | Purchase | 30 | 76 | 2,280 | ||||||
| August 22 | Purchase | 40 | 80 | 3,200 | ||||||
| October 14 | Purchase | 45 | 86 | 3,870 | ||||||
| Goods Available for Sale | 135 | $ | 10,750 | |||||||
The company sold 45 units on May 1 and 40 units on October
28.
Required:
Calculate the company's ending inventory and cost of goods sold
using the each of following inventory costing methods.
In: Accounting
After evaluating Null Company’s manufacturing process, management decides to establish standards of 3 hours of direct labor per unit of product and $15 per hour for the labor rate. During October, the company uses 16,250 hours of direct labor at a $247,000 total cost to produce 5,600 units of product. In November, the company uses 22,000 hours of direct labor at a $335,500 total cost to produce 6,000 units of product.
1.Compute the direct labor rate variance, the direct labor efficiency variance, and the total direct labor cost variance for each of these two months.
2.Interpret the October direct labor variances.
In: Accounting