Answer:
Annual depreciation (year 1)= $1,400
Explanation:
Giving the following information:
Buying price= $36,000.
Useful units= 300,000 units of product.
Salvage value= $6,000
During its first year, the machine produces 14,000 units of product.
To calculate the depreciation expense for the first year under the units of production method, we need to use the following formula:
Annual depreciation= [(original cost - salvage value)/useful life of production in units]*units produced
Annual depreciation= [(36,000 - 6,000)/300,000]*14,000
Annual depreciation= 0.1*14,000= $1,400
<span>The medicare rating system uses five stars to rate customer satisfaction with the plan. 5 being the highest performance and 1 being the lowest. The rating is based on the quality provided for by the care in various categories.The system helps the government to make improvements in the care plan by reviewing the ratings and making necessary adjustments. Complaints are also addressed.</span>
Answer:
Shellhammer Company
Ending inventory = $712
Cost of goods sold = $2,492
Explanation:
a) Data and Calculations:
Date Item Units Unit Cost Total Cost
September 1 Inventory 100 $3.34 $334.00
September 8 Purchases 450 3.50 1,575.00
September 18 Purchases 350 3.70 1,295.00
September 30 Total 900 $3,204.00
Ending inventory 200
Cost of goods sold 700
Weighted Average cost = Total cost of goods available for sale/Total units available for sale
= $3,204/900 = $3.56
Value of Ending Inventory = $3.56 * 200 = $712
Value of Cost of goods sold = $3.56 * 700 = $2,492
b) The weighted average inventory costing, under the period inventory system, used by Shellhammer is an assumption that the costs attributable to ending inventory and cost of goods sold are determined from the average cost per unit and that these the average cost is ascertained at the end of the period. Therefore, the cost of beginning inventory and purchases are accumulated and divided by the units of goods available for sale.
Deregulation is the process of taking government power out of a particular industry. If there were deregulations within the trucking industry there would be more competition within. Not only that, there would be less rules to make sure the truckers are following their weight limited, aren't carrying things that they shouldn't be or are illegal. if the trucking industry was not regulated there would be a tougher time in making sure stores were delivered goods as needed.
Answer:
The journal entry for J. Laney. to record this transaction is:
Legal Expenses $13,920 (debit)
Common Stock $2,900 (credit)
Share Premium $11,020 (credit)
Explanation:
The Common Stocks are carried at par value of $1. This means that any price paid in excess of the par value is accounted for in the Share Premium Account.
The Common stocks issued are measured at the price required to settle the legal expenses and are paid in excess of par value of $1.
Share Premium = ($4.80 - $1.00) × 2900 shares
= $3.80 × 2,900
= $11,020
