Answer:
The amount of job costs added to Work in Process Inventory during October is $26,950
Explanation:
Computation of manufacturing overheads is given below:
Manufacturing Overheads=Direct Labor × 200%
=($3,400 + $5,500) × 150%
=$8,900 × 150%
=$13,350
Job Cost = Direct Materials+ Direct Labor+ Overheads Cost
=($1,900+$2,400) + ($3,400+$5,900) + $13,350
=$4,300 + $9,300 + $13,350
=$26,950
Answer:
Assuming Simon’s AGI is $40,000.
Gambling losses are only deductible to the extent of gambling winnings. Thus,Simon cannot deduct any of the $4,300 gambling losses. The $3,160 transportation expenses are also nondeductible as they are deemed to be personal expenses. The $2,650 broker management fees are deductible as investment fees (miscellaneous itemized deductions subject to the 2% AGI floor), and the $1,030 tax return fees are also deductible as miscellaneous itemized deductions subject to the 2% AGI floor.
Thus, $2,650 + $1,030 – (2% x $40,000 AGI) = $2,880 deduction
Answer:
$3,850
Explanation:
The computation of the machine's second-year depreciation under the straight-line method is shown below:
= (Cost of the machine - salvage value) ÷ (estimated useful life)
= ($43,500 - $5,000) ÷ (10 years)
= ($38,500) ÷ (10 years)
= $3,850
In this method, the depreciation is the same for all the remaining useful life. Therefore, for the second year also, the depreciation expense is the same i.e $3,850
Answer:
$19,215.65
Explanation:
To the determine the amount to be invested, we have to find the present value of $22,000 at 7%
P= FV ( 1 + r) ^-n
FV = Future value = $22,000
P = Present value
R = interest rate = 7%
N = number of years = 2
$22,000(1.07)^-2 = $19,215.65
I hope my answer helps you
Answer:
B. The economy would have enjoyed a much higher level of output in the mid-2000s.
Explanation:
This choice is based on the theory of production capacity, which tries to explain that industrial capacity of companies increases with increased supply of production resources. Capital is one of the production resources which is increased with increased supply of US dollars. Increased money supply increases the capital which banks can lend out to companies to increase their production capacity.
On the other hand, where this to be based on the theory of inflation, a different answer would have been produced. The theory of inflation recognizes that the average inflation rate increases proportionately to a percentage increase in money supply, among other factors that influence inflation rates.
That the price level in 2005 would have been about 28 percent higher than what it actually reached in that year is highly speculative. And D is certainly not the correct option, because the economy's output is increased with increased production capacity caused by increased money supply.
