During its first year of operations, a company granted employees vacation privileges and pension rights estimated ata cost of $21,500 and $15,000 . The vacations are expected to be taken in the next year and the pension rights areexpected to be paid in the future 5–30 years. What is the total cost of vacation pay and pension rights to berecognized in the first year?
a. $15,000
b. $36,500
c. $6,500
d. $21,500
b
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Last year, Kirsten Corporation's variable costing net operating income was $63,400. Fixed manufacturing overhead costs released from inventory under absorption costing amounted to $10,700. What was the absorption costing net operating income last year?
A. $10,700 B. $52,700 C. $74,100 D. $63,400
Jeremy Stahl's credit card which has a 15% APR requires a minimum payment of 3% of the current balance each billing cycle. Jeremy's current balance is $368.79, and his credit card company uses the previous balance method and a monthly periodic rate for
calculating finance charges. What is the minimum payment due? If Jeremy makes the minimum payment, what will his balance be next month if he makes no additional purchases?
The amount of television viewed by today's youth is of primary concern to Parents
Against Watching Television (PAWT). Three hundred parents of elementary school-aged children were asked to estimate the number of hours per week that their child watches television. The upper quartile for the distribution was given as 20 hours. Interpret this value.
On January 1, 2016, Smalls, Inc. issued $60,000 of its 12-year 10% bonds for $52,584. Interest is payable annually and the effective yield was 12%. Costs connected with the issue totaled $3,200.Required: a.Prepare the entry to record the issuance of the bonds.b.Prepare the journal entry to record interest expense in 2017 using the effective interest method.c.Prepare the journal entry to record interest expense in 2017 using the straight-line method.
What will be an ideal response?