I am tasked with creating a Java application that used 2 synchronized threads to calculate monthly interest and update the account balance

This is the parameters for reference to the code. Create a class AccountSavings. The class has two instance variables: a double variable to keep annual interest rate and a double variable to keep savings balance. The annual interest rate is 5.3 and savings balance is $100.
• Create a method to calculate monthly interest. • Create a method to run two threads. Use anonymous classes to create these threads. The first thread calls the monthly interest calculation method 12 times, and then displays the savings balance (the balance in 12th month). After that, this thread sleeps 5 seconds. The second thread calls the monthly interest calculation method 12 times, and then displays the savings balance (the balance in 12th month). Before the main thread ends, these two threads must be completed. • Add your main method into the same class and test your threads. After these two threads are executed, the savings balance must remain same

I am getting an error when calling monthlyInterest method inside my runThread method. non-static method monthlyInterest() cannot be referenced from a static context and I cant seem to figure out how to fix the issue.

import static java.lang.Thread.sleep;

class AccountSavings {

    double annualInterest=5.3;
    double savings=100.00;
  
  

    public void monthlyInterest(){
    double monthlyRate;
    monthlyRate = annualInterest/12;
    double balance = 0;
    balance+=savings*monthlyRate;
    }
  
    public synchronized static void runThread(){
  
        Thread t1;
        t1 = new Thread(){
            AccountSavings accountSavings= new AccountSavings();
            @Override
            public void run(){
                for(int i=1;i<13;i++){
                    System.out.println("Balance after " + i + "month: " + monthlyInterest());
                }
                try{sleep(5000);}
                catch(InterruptedException e){e.printStackTrace();}
            }
        };
    Thread t2= new Thread(){
  
    AccountSavings accountSavings=new AccountSavings();
    @Override
    public void run(){
  
        for(int i=1;i<13;i++){
        System.out.println("Balance after " + i + " month: " + monthlyInterest(balance));
        }
        try{sleep(5000);}
        catch(InterruptedException e){e.printStackTrace();}  
    }
    };
    t1.start();
    t2.start();
  
    }

    public static void main(String[] args){
  
        runThread();
  
    }

}

Part 1: Summarize the current state of the economy. o Do this using economic data and reports. Be sure to interpret the data you present. o Be sure to use economic theory and models to help explain what is going on at this moment.

 Part 2: Discuss what you think the state of the economy will look like at the time of your last graduation (with your highest planned degree) and what that will mean for your job prospects and your income earning potential. o Do this by referring to published economic forecasts, or by making your own economic forecast. o Be sure to use economic theory and models to help explain why you think economic conditions will be as you predict. o Be sure to think about how your specific degree and profession will fit into the future labor market

 Part 3: Discuss one major financial goal you wish to accomplish in the next 10 years, set up a simple financial plan to reach that goal, then discuss how the performance of the economy and economic policies could affect your ability to reach that goal. o Start by stating your personal financial goal and briefly summarizing your financial plan.  Then discuss what assumptions you are making about the economy and your financesin your financial plan  Then use economic theory and models to explain what events/changes could accelerate or derail the pursue of your goal o Think about the probability of a recession, probability of unemployment in your profession, average return on investments, potential wage growth, inflation, etc… in the next 10 years.

Paper Requirements:  4 pages (typed double spaced)  Whenever you refer to a vocabulary term / concept / theory / principle from class you should bold and underline the text. o for example: "The economy isin a recessionwith the unemployment rate dramatically above the natural unemployment rate."  4 outside /verifiable references (APA or MLA style) with in-text citations and a full works cited section. o These references must be 4 different, outside sources from verifiable sources; no blogs, and no wikis. Your textbook does not count as one of your required citations.

In modern cosmology, it is commonly stated to the public that as we look deeper and deeper into space, we are seeing further into the past. CMB is the relic of the big bang after photon decoupling following recombination. However, if we pushed further back in our conceptualization, eventually we get to the period of inflation, and then to a period before that where energy density of the universe was some large value (possibly infinite).

So why would it be wrong to conceptualize the universe as being enclosed by an infinitely dense shell?

Update: For clarification, wikipedia has a good definition of observable universe, and answers in the affirmative on how every observer will see a different observable universe. This question is whether there are valid approaches in theories to avoid issues of big bang singularites.

Update2: I scaled back the question and accepted an answer, I think I was being overly vague in the write up and plan on asking the question again.

Would you put together a Cost of Goods Manufactured Statement for the following information?

On September 10 of the current year, all the inventory of Rawls Manufacturing was destroyed in a storm. We need help with the insurance claims on the company's losses. The following information was taken from a computer saved from the storm.

Inventories on August 31:

Materials inventory 20,000

Work in process inventory 4,000

Fininished goods inventory 14,000

Manufacturing activity from September 1 to 10:

Direct material requisitions 70,000

Direct materials purchased 66,000

Cost of goods sold 150,000

Prime costs used 80,000

Cost of goods manufactured 148,000

The overhead rate is 110% of direct materials costs.

Thank you!

Update:

All the quantities and rates are listed above. This is a problem given to our class by the instructor in a graduate level cost account ing class or course as a homework problem.  

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020

1. Sell product for $40,000 with historical cost of $32,000

What is the final amount in Retained Earnings?

Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars.

Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020

1. Borrow $52,000 from a bank
2. Purchase equipment for $48,000 in cash

What is the final amount in Cash?

Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars.

Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).

Presented below are selected transactions at Ridge Company for 2015.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2005. The machine cost $60,190 on that date. It had a useful life of 10 years with no salvage value.

June 30 Sold a computer that was purchased on January 1, 2012. The computer cost $37,090. It had a useful life of 5 years with no salvage value. The computer was sold for $14,160.

Dec. 31 Discarded a delivery truck that was purchased on January 1, 2011. The truck cost $37,100. It was depreciated based on a 6-year useful life with a $3,680 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2014.)

Crane Company had the following assets on January 1, 2017.

During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $14,640. The truck was discarded on December 31. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016.

Compute the gain or loss for each of the asset disposals that occurred in 2017. (Hint: Be sure to update depreciation for each asset from January 1, 2017, to disposal date.)

Choose one of the items listed below (you may not choose an item someone else has responded to unless all of them have been addressed.) Include the number of the item in the subject line of your posting. Indicate whether there are any Internal Control violations in the item. If there are, make a suggestion of how to improve the process.

Select Company is a retail company that sells plumbing supplies. It has both cash sales and sales on account. The procedures Select uses to handle cash and checks received for payments on account are described below:

# The checks themselves are sent to the controller’s office. The controller’s office creates the journal entry to update the accounts receivable and record the cash receipts.

# The controller prepares the deposit slip and sends the deposit to the bank. The controller then makes a journal entry to record the cash sales.

# When the bank statement is received, it is sent to the controller, who prepares the bank reconciliation.

Because each industry typically has a different method for recognizing income, revenue recognition is one of the most difficult tasks for accountants, as it involves a number of ethical dilemmas related to income reporting. To provide an industry-wide approach, Accounting Standards Update No. 2014-09 and other related updates were implemented to clarify revenue recognition rules. The American Institute of Certified Public Accountants (AICPA) announced that these updates would replace U.S. GAAP’s current industry-specific revenue recognition practices with a principle-based approach, potentially affecting both day-to-day business accounting and the execution of business contracts with customers.^{1 (Links to an external site.)}What are the requirements of the AICPA and the International Federation of Accountants (IFAC) for professional accountants in regards to new accounting rules and methods of accounting for different transactions, including revenue recognition.